First they tell me I have to borrow at least $100000 and because I'll be getting extra money over the $88500 I need, the fee goes from $499 to $899. Then they suggest I apply for a $100000 home equity loan, even though my condo is worth only $110000. I fill out that application and send it in. Two hours later I realize how ridiculous that was. So I return to the bank with my refinancing application filled out. I am told the interest rate rose from 3.74 to 4.5% just that morning. I can still save $95 a month from the 6% I'm paying now, so I say let's send it in. Then I'm told my loan to value ratio has to be 75%. So for a $100000 loan my condo would need to be worth $135000. Not even close. Any assessment would kill that baby. So I wind up with this advice: try a savings bank. Their standards are lower.
Now when I hear a Valley National Bank commercial I gag.
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