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Subject: TWL: re: twl: boat refinancing
rlchenry@XXX.XXX
Date: Fri Feb 01 2002 - 14:37:37 EST
I just went through that process. Interesting story to relate:
After checking into a quite few places, I called my current lender for a payoff amount.
On the way to doing this, the menu selections came to:
"Press 1 to get a payoff amount if you are selling your boat"
"Press 2 to get a payoff amount if you are refinancing your boat"
Naturally, I pressed '2' without a thought.
Well, the next recording said,
"Welcome, Ray, to our ASSET RETENTION DEPARTMENT" !!!!
So, instead of paying for a new survey (required by most banks' refinancing departments), changing the mortagee on the Coast Guard papers ($$$), and going through the hassle of another closing an possible fees, I was able to sign a single sheet of paper (a rate adjustment letter) from my current lender and it was done!
They even said that I could exchange the rate cut for 5 years off the term (I chose that one)!
Oh, sure, I wouldn't have gotten that last 0.025% of a rate cut, but it was ooohhh soooo easy!
Check with your current lender and tell them you are leaving and ask what they can do for you!
Best Regards,
Ray Henry
Tug O War
thebilge.com
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