We are trying to refinance our first and second mortgage together.The current lender of our second mortgage (Household Mortgage Services) told us(after getting a payoff demand from another lender) if we would allow them to consolidate the 2 they would give us something called a rate rollback?Anyone ever heard of this.?Rate would begin at 6.1% and roll back 1/4 % yearly for 5 years(90% LTV).The guy on the phone was a fast talker and I felt he was somewhat evasive regarding my questions about this program. His main concern was getting an official App. started TODAY and I did not feel at all comfortable with him. Any input on this one...... THanks,Janet
Yes, there is a lender out there that offers such a thing...providing you make your payments on time...it's a "bonus" for never being late. Check your pre pay penalty though...that's usually where they get ya.
And watch where they will go from a current Fixed rate and switch you to an adjustable rate, or a 3/1 arm and switch you to a 2/1 or 1/1 arm.
