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The same day my cell phone was stolen, my husband and I received a priority package from Chase offering mortgage refinancing at a 4.5% rate with NO CLOSING FEES.  A zero cost loan refinance!  That is just too cool!

Mortgage Refinancing  – The First Part

Needless to say, I called the phone number they provided and started the whole mortgage refinancing process.  There was just about as much paperwork involved in this refinance as there was in the original closing!  They needed a long phone call to verify that I was indeed eligible for the deal, a few forms filled out and faxed in, and then it was a matter of waiting for final approval.

I got that happy call on April 12th.  They said they would have a notary public contact me with the meeting details so we could sign all of the closing papers and start our new loan. 

Mortgage Refinancing  – The Papers

A few days after that, Carolyn the notary public did call and we set up a meeting at our house the following Wednesday at 6pm to wrap everything up.

Last Wednesday, April 20th, 2011, my husband and I spent an hour signing papers and successfully refinanced and our mortgage refinance rates went from 5.375% to a new 15 year mortgage at 4.5%.  This has brought our monthly payments down from $740 to $506 a month.  We also signed up for the auto-draft payment option to earn an extra 1% cash back a year and are still going to pay $900 a month as usual. 

The end result is simply that we’ll be shaving off 3-4 months of payments and saving a minimum of $3000-$4000 over the next 6 years.  Woot for semi-easy money!

Mortgage Refinancing  – Why We Were Offered a Great Deal

Other than the fact that my husband and I have excellent credit and have never made a late loan payment, I don’t actually know why Chase is offering zero cost refinancing to some people right now.  Carolyn, the notary public, said it might be due to some requirements regarding the loans they took from the government, but she wasn’t positive about that. 

I have decided not to look a gift horse in the mouth.  4.5% is an excellent rate and an extra $3000-$4000 is fantastic in my opinion! And by the way the insurance requirements are making me miss the days of apartment renters insurance before we got a house. As you know from the rest of my blog Im a big proponent of having all types of insurance but hey even I complain about the costs sometimes.

I can’t help but think that karma was being nice to me since that whole cell phone experience was kicking my butt.  You can check out My Cell Phone Was Stolen Part 1 and Part 2 for that little story…

Have you refinanced your mortgage now that rates are so low?  Have any real idea on why Chase is handing out free refinancing to some customers?