Fwd: [strikedebt-discussion] [strikedebtba-discussion] Move Your Mortgage

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Susan Harman

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Nov 6, 2013, 6:10:58 PM11/6/13
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From: Laura Hanna <la...@hiddendriver.com>
Subject: Re: [strikedebt-discussion] [strikedebtba-discussion] Move Your Mortgage
Date: November 6, 2013 1:34:41 PM PST

 
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Laura Hanna
 
 
 
On Wed, Nov 6, 2013, at 01:31 PM, Thomas Gokey wrote:
I love it, but how does one go about moving one's mortgage?
 
 
On Wed, Nov 6, 2013 at 4:26 PM, Susan Harman <susanh...@gmail.com> wrote:
 
A few of us in CA just had a conf call about eminent domain, Richmond, and mortgages in general. What about a campaign modeled on Move Your Money that's about moving your mortgage from the TBTFs to credit unions and community banks?
Susan
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Lisa Wuriu

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Nov 6, 2013, 8:58:56 PM11/6/13
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Great, thanks for posting.
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ag...@mcn.org

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Nov 6, 2013, 8:59:23 PM11/6/13
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great idea, Susan,
Move your oney from tbtf banks.
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in...@shellybrowning.com

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Nov 6, 2013, 9:47:53 PM11/6/13
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Hello Folks,

I moved my mortgage just recently from Wells Fargo to a local credit union. I was not able to do so for years as my home was underwater. However, since we are now in a "bubble" my home met the 80% loan to value ratio and I was able to quite easily move my mortgage out of Wells Fargo to a much lower interest rate at my local credit union. 

Here is an article that ran awhile back suggesting that folks take another step of divesting from the TBTF banks by moving their mortgages. They make a tremendous amount of profit over the life of the loan, so why not cut it short and move your mortgage now if you can.


It is good to begin the process by determining your homes value to see if you would qualify. If you know a local realtor they can best give you an estimate on the value of your home based on comps that recently sold in your neighborhood. I find them much more reliable than zillow.com as they appear to come in notoriously low on home values.

Here is another link with some useful info on refinancing.


If you have already moved your money to a local bank or credit union, I suggest speaking with them first about refinancing with them as well.

To our collective best,
Shelly
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