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    rhouse30's Avatar
    rhouse30 Posts: 306, Reputation: 1
    Full Member
    		  
    #1

    Feb 12, 2012, 06:55 AM
    Refinancing and Obama Mortgage Plan Gives Billions to Homeowners
    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.
    mmresd's Avatar
    mmresd Posts: 2,002, Reputation: 553
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    #2

    Jun 20, 2012, 06:36 PM
    If you plan to stay in the home, I feel that a change in interest rate would be a much better option.
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