I just looked at refinancing my VR4. I've got a quote from Peoplefirst (which I found online through KellyBluebook) for a little over 6%. It dawned on me that some banks might be interested in VOLUME refinance deals. Would anyone be interested in refinancing at the same time I do, if we can bargain with them? Has anyone ever tried this before?
Group Refinance ?? Let's think about it.
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Paperwork arrived
FYI, my paperwork arrived today. I see no issues; it all looks good. The people I've dealt with were great - professional and intelligent. They sent a check, which I write out to the current financing institution and then it's a done deal.
I'm planning to do this very soon - I've had no responses yet so if any of you are interested in attempting to get in on a lower rate by grouping together, please respond soon. (I of course am hoping to lower the rate I'm being offered -- 6.75% for 60 months) I'll have to contact them and ask, but won't do if there's no interest.
Alternatively, if anyone thinks they know an institution which would offer lower rates (either to me or "us" as a group) please post their contact info here.
FYI, my paperwork arrived today. I see no issues; it all looks good. The people I've dealt with were great - professional and intelligent. They sent a check, which I write out to the current financing institution and then it's a done deal.
I'm planning to do this very soon - I've had no responses yet so if any of you are interested in attempting to get in on a lower rate by grouping together, please respond soon. (I of course am hoping to lower the rate I'm being offered -- 6.75% for 60 months) I'll have to contact them and ask, but won't do if there's no interest.
Alternatively, if anyone thinks they know an institution which would offer lower rates (either to me or "us" as a group) please post their contact info here.
Refinance is in the works
My old finance institution should receive the check soon. The new finance institution (Peoplefirst) cut a blank check, which I wrote for the payoff amount to the old bank. We mailed that 2 days ago (priority mail) and the old institution said it would take between 1 and 2 weeks to get the title back to me. Then, of course, it goes to Peoplefirst as the lienholder.
My loan is a simple interest loan for 60 months at 6.75% -- but hey, if we get several people, it's possible that could be a lower rate. There is no penalty for early payoff. They use automatic funds deducted from an account you specify. (So all you international bankers can use your Swedish Bank Accounts
)
I have used smaller credit unions in the past. However, the drawbacks were that they required membership (usually with small fees) and as I moved around I couldn't establish a history with the group. So I decided for my family that banks were better than unions at this time.
My old finance institution should receive the check soon. The new finance institution (Peoplefirst) cut a blank check, which I wrote for the payoff amount to the old bank. We mailed that 2 days ago (priority mail) and the old institution said it would take between 1 and 2 weeks to get the title back to me. Then, of course, it goes to Peoplefirst as the lienholder.
My loan is a simple interest loan for 60 months at 6.75% -- but hey, if we get several people, it's possible that could be a lower rate. There is no penalty for early payoff. They use automatic funds deducted from an account you specify. (So all you international bankers can use your Swedish Bank Accounts
)I have used smaller credit unions in the past. However, the drawbacks were that they required membership (usually with small fees) and as I moved around I couldn't establish a history with the group. So I decided for my family that banks were better than unions at this time.
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1,456 Posts
Don't wanna rain on your parade....
... but as a loan officer at a Credit Union, I know that you will be hard pressed to find ANY institution that would honor a "group rate" or discount for volume. Financing rates and loan limits are calculated on an individual basis based on a variety of factors including credit history, debt to income ratio, housing status, etc...
Good luck with your search, but I think in the end it may be a waste of time.
... but as a loan officer at a Credit Union, I know that you will be hard pressed to find ANY institution that would honor a "group rate" or discount for volume. Financing rates and loan limits are calculated on an individual basis based on a variety of factors including credit history, debt to income ratio, housing status, etc...
Good luck with your search, but I think in the end it may be a waste of time.
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1,456 Posts
I was just talking about the group thing..
If you can ever qualify to do a refinance, I would highly recommend it!! The rates are too good not to take advantage of a refi... especially for a home. What Credit Union are you a member of, Mobo? AFACU (I used to live in C. Springs)? You may want to see if they'll refinance your loan with them... I know that we won't refi our own loans, but they may. If they will, see if they'll match Peoplefirst's rate... they should.
If you can ever qualify to do a refinance, I would highly recommend it!! The rates are too good not to take advantage of a refi... especially for a home. What Credit Union are you a member of, Mobo? AFACU (I used to live in C. Springs)? You may want to see if they'll refinance your loan with them... I know that we won't refi our own loans, but they may. If they will, see if they'll match Peoplefirst's rate... they should.
May be right
It may not work to have a group discount -- though it's always worth asking to save some cash. Either way, at least the membership here is (hopefully) thinking about refinancing at a lower rate & if so maybe Peoplefirst can help em. They helped me out with quite a bit of percentage lower than my old place.
If there's more interest, though I'll ask em & see
It may not work to have a group discount -- though it's always worth asking to save some cash. Either way, at least the membership here is (hopefully) thinking about refinancing at a lower rate & if so maybe Peoplefirst can help em. They helped me out with quite a bit of percentage lower than my old place.
If there's more interest, though I'll ask em & see
Sure, here's the info
www.peoplefirst.com
I put no money down. You can fill out the info (secure browser) or you can phone them. The info is basic and you'll know within a day if you're approved. The only fee is a 20 dollar lien filing if you accept. They sent a check which I filled in and made out to the original lienholder. The original lienholder will clear your title and send it to you. You put the new lienholder (peoplefirst) on it and send it to them. Simple.
www.peoplefirst.com
I put no money down. You can fill out the info (secure browser) or you can phone them. The info is basic and you'll know within a day if you're approved. The only fee is a 20 dollar lien filing if you accept. They sent a check which I filled in and made out to the original lienholder. The original lienholder will clear your title and send it to you. You put the new lienholder (peoplefirst) on it and send it to them. Simple.
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