Our mortgage is with Chase. We hate Chase and we also want a lower interest rate - a bit over 3% lower to be exact.
We are doing a refi with a small local bank where we currently have our savings and checking account.
Here's how this works in today's world.
In the interest of "fairness", the federal government forced banks into giving out loans to people who could not afford the homes they were purchasing. The result was to be expected. Massive numbers of folks upside down and heading to foreclosure. So sad - too damn bad. So along comes upstanding hard working people like us whose credit rating is beyond sterling, and have, according to the appraisal, well over a 100K equity in our home, and an income to loan ratio that is glorious. Sounds like a slam dunk. Right? That would be a big no.
The local bank, complying with a gazillion new regs that have been instituted by the very people that caused the problem to begin with, has made a simple refi a nightmare.
Now we get to the latest, which may seem like a small thing, but has sent my rage-o-meter through the roof. We've had $30.00 added to this month's mortgage payment at Chase. What for? Glad you asked. Those slimy squids at Chase charged $30.00 to fax our pay-off figure to our small local bank. They punched a computer key, printed a piece of paper, and stuck it in a fax machine directed to our small local bank, which incidentally is directly across the street. And for that we have been charged $30.00.
Meantime, the feds are moving heaven and earth to make sure that brain-dead losers, who had no business buying a home in the first place, get all the help they need to stay in a home they still can't afford.
I'm 100% with Bob on this one:
The Lonely Conservative: Did Federal Reserve Policies Lead to the Huge Losses at JP Morgan?
The filthy squids plan on making it back $30.00 at a time...