Refinace

[ted mcmeekin]

We have 2 bank loans on wash which were fixed rate for 5 years them prime plus 0.75. The first loan was at 6.25 for 5 yrs (with 12 year term) which ends this Sep.. I did not want to wait till then and get stuck with higher rate so I called bank and they agreed to lock first loan at 6.25 for another 5 yrs. The second loan is at 7 % through 2010. The attorneys office made some errors on deed of trust which leaves bank with some real exposure. I told them to get me a letter explaining errors and I will go to attorney to get fixed--they have been unable to get resolved. They in turn will lock in second loan at 6.25 for another 5 yrs.

My point here is if you have good credit it may be a good time to see if you can improve your terms. I was surprised.

Ted