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Old 05-13-2020, 01:38 PM   #41
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I called Bank of the West, which was painful. Dozens of voice menus to go through, enter account number and last 4 of SSN, etc. Then a very long hold (20+ minutes) until a person answers and asks all the same stuff I just entered. Then transferred to another department and more menus, holding, and asking for the same info again. Finally connected with a person who was pretty gruff and didn't sound like she wanted to help.


So the info I got was 4.29% for 8 or 10 year term. Longer term, up to 20 years is 4.49%. They charge a $399 processing fee to refinance.


My current rate is 5.74%, so at 4.29% I'll break even on the processing fee in 5 or 6 months, so it sounds like it's worth it to refinance.

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Old 05-13-2020, 01:45 PM   #42
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Originally Posted by jabrabu View Post
I called Bank of the West, which was painful. Dozens of voice menus to go through, enter account number and last 4 of SSN, etc. Then a very long hold (20+ minutes) until a person answers and asks all the same stuff I just entered. Then transferred to another department and more menus, holding, and asking for the same info again. Finally connected with a person who was pretty gruff and didn't sound like she wanted to help.


So the info I got was 4.29% for 8 or 10 year term. Longer term, up to 20 years is 4.49%. They charge a $399 processing fee to refinance.


My current rate is 5.74%, so at 4.29% I'll break even on the processing fee in 5 or 6 months, so it sounds like it's worth it to refinance.
I sent you a private message. could help.
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Old 05-13-2020, 01:55 PM   #43
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Originally Posted by jabrabu View Post
I called Bank of the West, which was painful. Dozens of voice menus to go through, enter account number and last 4 of SSN, etc. Then a very long hold (20+ minutes) until a person answers and asks all the same stuff I just entered. Then transferred to another department and more menus, holding, and asking for the same info again. Finally connected with a person who was pretty gruff and didn't sound like she wanted to help.


So the info I got was 4.29% for 8 or 10 year term. Longer term, up to 20 years is 4.49%. They charge a $399 processing fee to refinance.


My current rate is 5.74%, so at 4.29% I'll break even on the processing fee in 5 or 6 months, so it sounds like it's worth it to refinance.

I had the same experience. Started thinking....if B of W is this hard to deal with to give them business, what will they be like after they have my business?? Decided to make extra principal payments and keep the interest rate I have (5.15%).
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Old 05-13-2020, 02:02 PM   #44
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I had the same experience. Started thinking....if B of W is this hard to deal with to give them business, what will they be like after they have my business?? Decided to make extra principal payments and keep the interest rate I have (5.15%).
My original experience and my no cost refinance were both a breeze.

Not sure, the first time was before Covid the refinance was during.
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Old 05-13-2020, 02:11 PM   #45
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Originally Posted by Yaktop View Post
My original experience and my no cost refinance were both a breeze.

Not sure, the first time was before Covid the refinance was during.

That's weird that you got no-cost refinancing a week ago and I was just told it was a $399 fee.
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Old 05-13-2020, 02:43 PM   #46
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That's weird that you got no-cost refinancing a week ago and I was just told it was a $399 fee.
last month
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Old 05-13-2020, 04:53 PM   #47
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And, in other news...still waiting on the stimulus/aid deposit.
Be Happy......At least You qualify for the hand outs..
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Old 05-13-2020, 05:00 PM   #48
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What if you took your stimulus check and bought a winning PowerBalll Lottery ticket?
Would the Feds want their money back?
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Old 05-13-2020, 08:28 PM   #49
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Be Happy......At least You qualify for the hand outs..
Actually arent you better off if you dont qualify 🤔
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Old 05-14-2020, 04:07 AM   #50
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Actually arent you better off if you don't qualify ��
All we will get is the increased taxes to pay for all this.
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Old 02-07-2021, 01:27 AM   #51
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Refinance Question

I am looking at refinancing so I can move my loan to my credit union. I have it at M&T Bank now and have had nothing but issues, and the new loan is a little less interest. I have two questions: First, I am confused about is the gap insurance I bought when I bought the MH from Camping World. It is with Safe-Guard. I paid for 72 months. Do I cancel that and get new gap insurance (credit union offers it)? Will I get a refund? Or does that gap insurance still work even if I refinance?

My second question is about interest on RV loans. I am used to the seeing the amount of interest I pay go down as I pay off the loan. That did not happen on my loan, even though I was paying 3x the payment each month. They kept sending me statements that said I was paid for the next several years, and I kept paying the payment anyway, but the interest on the statements was the same. Am I missing something?


Sorry if these seem like silly questions, but I am hoping some of you guys who refinanced can give me some help! Thanks!
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Old 02-07-2021, 06:12 AM   #52
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So Gap insurance is sold when you are negative equity or basically 100% financed. So for example you have a 100k loan you total the coach and the insurance only gives you 80k. Depending on the coverage, what the Gap insurance does is make up the difference between what the insurance pays and what you owe so you don’t have the write a check to the bank. Sometimes this is refundable but it depends on your terms. You can’t transfer it to a new loan. Your new lender may offer or you may be able to get your insurance to add a loan payoff rider but it will cost you more.

For your loan question the reason why you don’t see the interest less after making a larger payment is because RV loans just like a mortgage are front loaded. What that means is you pay the interest upfront. When you pay extra to principle it pays off the interest off the back end. Meaning you will make less payments. So by payment 10 if you had made enough in extra payments to be 2 ahead on a 240 month term. Instead of having 230 payments left you would have 228 months left.

On a line of credit or credit card they are 30 day accrual account so your payment and interest is based on the balance over the last 30 days. When you pay extra it immediately affects the balance and therefore over the next 30 days the balance is lower and in turn you pay less interest.
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Old 02-07-2021, 02:05 PM   #53
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Loan

My advice is talk to your credit union and insurance co. They are the ones to give you the correct figures
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Old 02-07-2021, 02:12 PM   #54
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Most interest is calculated off the principal balance. I have six rent houses and my MH financed with different banks. What I have found is if you want to pay more on the principal you can’t make the payment online. If you look at your payment stub their is an area that says “additional principal “ (or something to that effect). If you pay online you will not see that. If you are trying to pay off your MH (or home) don’t use the online method.
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Old 02-07-2021, 02:29 PM   #55
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Refinance Question

Thanks for the information, folks. I will make some calls, and at least now I know enough to know what to ask! It may be that the refinance change of interest is not enough to justify the change.
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Old 02-07-2021, 02:58 PM   #56
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I don't.
I did here due to the sparsity of return answers about such a life changing action and the disregard for the questions asked and the answers given by those people trying to address the initial sparse question.

A wake up call, I hope, so the offender might participate, actuate, manipulate, masticate, extrapolate, communicate and regard the time spent by those members trying to honor their request.
No other reason.
Ducksface I wholeheartedly agree, some folks simply don't deserve time others spend trying to help them
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Old 02-07-2021, 03:03 PM   #57
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All we will get is the increased taxes to pay for all this.
not to get further off topic but taxes and inflation, the MMT policy is just over the horizon

Back to the topic, anyone wanting to finance anything should first try to shore up their credit as much as possible

We could not afford insurance if we had bad credit so it simply is a life choice for the most part and I know some folks have bad luck but as Arnie used to say about golf, the more I practice the luckier I get

Credit is the same deal, the harder you strive the better the score and lower the interest

I loan money but only on real estate and only on property I would like to have back

Lenders on RV's are the total opposite they don't want it back under any circumstances without some compensation so the interest tends to run a bit higher

Luck and timing are part of life but we do have impact on what we do with what were given
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Old 02-07-2021, 05:01 PM   #58
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Originally Posted by jannnda View Post
Most interest is calculated off the principal balance. I have six rent houses and my MH financed with different banks. What I have found is if you want to pay more on the principal you can’t make the payment online. If you look at your payment stub their is an area that says “additional principal “ (or something to that effect). If you pay online you will not see that. If you are trying to pay off your MH (or home) don’t use the online method.
Hmmm. I've never paid online directly to the bank for my house or mh. I just have auto payments going to the banks from my checking. All $$sent extra always went to principal. House paid off several years ago and mh in a couple more years.
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Old 02-07-2021, 05:15 PM   #59
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Per the law.
If you're not in arrears, any extra goes to principal.
Interest cannot be charged when it's unearned and interest is a factor of time. Interest is not a lump sum but your principal is.

Anyone with a different view probably has created a circumstance which is trying to be resolved by the lender.

A hint:
Make your first payment the very day you buy the motor home.
If you're a month AHEAD, NO ONE can tell you the day of the month your payment is due.
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Old 02-07-2021, 05:27 PM   #60
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We have ours through Bank of The West. We then re-financed with them, and saved over 2% on the interest rate.
same here!
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