Good to do Business with

Recently, I had a good banking experience. It was prompted by some difficulty I'd had with a previous bank account - the old bank couldn't seem to shut off a credit card. So I switched banks.

When we got our account, the representative helped me open a business and a personal checking account, as well as a savings account. She offered, and I accepted, a business-use credit card with an acceptable limit (rate will not be a concern as I pay off all reimbursed business expenses monthly).

The representative also asked if we would like to look at refinancing our mortgage loan. Sure, I said, it had been a few years.

Here are the facts: as of November, our old loan had 15 years remaining. We were at 6.0% interest. Payment with escrow was $1085 / month. Bank of America (old loan provider) had not changed our escrow amount yet, even though we had recently switched insurance companies. They are bad about that.

We got:
The loan was 3.5% for 15 years.
The payment will be $969 / month. (same as when we bought the house on a 30-year loan some 10 years ago)
We got a bit of cash out on the settlement.
We do not have to pay this month's mortgage note.
We will still pay the note off in October of 2027 (no change to payoff date).
No closing costs. 

The bank got:
A customer with an 820 credit score who has never paid a note late.
A customer that qualifies for a loan more than twice the size of the current one. 
A house that appraised for $10K MORE than the customer said it would.
A property with approximately 40% equity.

Representative Tammy Justice at the Mount Juliet branch of US Bank helped us refinance. Tammy is great. I strongly urge you to give her a call!


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