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Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,766,834 times
Reputation: 7185
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It took almost 5 months. The delay was primarily with getting banks to accept the appraisal, then we lost our first lock, then we had everything in place but the rate jumped to almost 6%, yadda yadda yadda. Everyone is terrified of getting stuck with the keys to a house and they want to know if, in that event, the property will actually be worth what this piece of paper says it will be worth.
We wound up buying about $1K worth of points to get back to 4.875% but I was able to roll most of that into the mortgage (the process took so long that we had additional equity by the time we were ready to close). I feel terrible for people who are stuck in extremely bad loans and have little-to-no-to-negative equity. Getting refinanced was not a simple process (for me anyway).
You know, in the grander scheme I can not deny that this is probably a very good thing, but BOY-OH-BOY was that frustrating and inconvenient.
wow! 4.875 is great. i'm in the same boat. appraisal is about to run out! 2 weeks left. looking to lock below 4 but lender says that rates are at 525 which is what i have now!
that's great that you got 4875
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,766,834 times
Reputation: 7185
Quote:
Originally Posted by Evidence-is-key
wow! 4.875 is great. i'm in the same boat. appraisal is about to run out! 2 weeks left. looking to lock below 4 but lender says that rates are at 525 which is what i have now!
that's great that you got 4875
Not so fast... I had to buy it, its just that one of the unintended bright-spots in the delay was that I had enough additional equity to roll the points into the original loan amount.
We did a 10 day lock at an instant when rates dipped under 5.25% and the buy-down was a bit cheaper. I got really lucky.
Not so fast... I had to buy it, its just that one of the unintended bright-spots in the delay was that I had enough additional equity to roll the points into the original loan amount.
We did a 10 day lock at an instant when rates dipped under 5.25% and the buy-down was a bit cheaper. I got really lucky.
Congrats. Refi's seems to either go really smooth or really bad. There is no in between right now. I am loan officer.... some of my clients loans zip through. Others seems to be bogged down for one reason or another. The industry is working though such a huge volume with so many people trying to get improve thier situation and so many other people in trouble with their current mortgages.
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