I have started refinancing with Fifth Third Bank. My present mortgage is with J P Morgan Chase. My interest rate is going from 5.875% to 3.5%.

J P Morgan Chase is mentioned as one of the five individual banks linked to their share of the servicing market. The plan mentioned giving back to homeowners between $1500.00 to $2.000.00. I don't understand it all so that's why I am asking some questions. I am still within my 3 days of signing papers.

In your opinion, Do I have to stay with J P Morgan to benefit from the plan?

In your opinion, should I continue my refinancing with Fifth Third Bank?

Any tips will be appreciated.

Thanks in advance.

If you plan to stay in the home, I feel that a change in interest rate would be a much better option.