I was thinking about refinancing my home in order to get a better rate on my fixed rate equity line of $40,000+, put on back when the borrowing was easy, in 2006.
I called my lender, Chase, and learned that I could pay a 1% fee to UNLOCK that 8.8% fixed rate and drop it back to 4% variable. It’s much easier to pay down a 4% loan than an 8.8!
So, no need to refinance! I had no idea that a LOCKED LOAN could be UNLOCKED! The lesson in all this is to call your lender and ask all kinds of dumb questions. Just keep asking. Nobody volunteered that fact until about my 3rd call about refinancing. Now I am saving appraisal and loan fees and I am happy with that 4% variable rate.
Furnishedowner