Quote:
Originally Posted by aktif8
Looks like pnc does some form of private securitization and doesn't keep mortgages on their books. In this case, they would have to ask the end investor for permission to do the recast, and it looks like the end investor said no. While they weren't necessarily lying up front, they didn't tell you the whole truth, which is that it's theoretically possible, but highly unlikely.
A few options:
Evaluate buying the rate down with points and refi with the cash down, with any bank that has the best rate.
Evaluate the real world power within your risk tolerance for returns on that 200k invested, bearing in mind the income tax deduction for the interest you're paying at present. Yes, it lowers your payment, but that 200k is dead capital.
Also look at a shorter term, which may make up the rate difference to a large degree.
I'm not an FA, just used to be in the mortgage space, but you may be best served by talking to an FA - make sure they're a fiduciary.
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1st thing I thought of when reading the OP post. No way with inflation being high does it make sense to pay it down. I'm sure the OP still got a great interest rate at that time. Heck some of the high yield accounts are even moving back up. My regular checking is giving 2% right now.
Good post!