Why Chase Turned Me Down


It's understandable why a bank might not want to to refinance a home that is underwater, or where the owner can't show enough income to justify the rate. But what about a perfectly normal mortgage?

The New York Times had a recent piece about otherwise qualified homeowners who try to refinance their mortgages at today's ultra-low rates, but are turned away. The issue may be among the topics that President Obama will address with the so-called "fat cat" bankers in the coming weeks.

In the meantime, it happened to yours truly as recently as last week on my condo in suburban D.C.

Like everyone else, I'd been seeing (and writing) the headlines about how rates are very low right now, but likely to go higher next spring. So I was ready to lock in lower rates.

The mortgage on my primary residence is with Washington Mutual, so I waited until Chase finished it's consolidation of WaMu before calling to see about refinancing my adjustable-rate mortgage, which unlocks this coming summer. This finally happened in October/November.