topic Re: Closing on Refi on Oct 16, FINALLY! in Mortgage Loans

Closing on Refi on Oct 16, (Closed & Funded! :))!

webhopper — Tue, 23 Oct 2012 15:09:38 GMT

My LO just notified me that my FHA refi will close on 10/16/12

I've been waiting so long. The approval wasn't hard at all, but apparently there are a lot of folks doing FHA Streamline Refis, so there was a delay...

Oh well, its been easy, just a long wait.

Anyone else working on one of these? What has your process been like?

Re: Closing on Refi on Oct 16, FINALLY!

Chavela — Sat, 13 Oct 2012 02:05:39 GMT

Congratulations..

if you provide all the paperwork and have enough equity on your home and good scores, it should not be tough.

my husband and I are closing on a conventional at 3%..

rolling in some cc debt..so I am happy.

i thought we would be in trouble bc my mid scre was not even 700 and I had baddies on 4 cc accounts almost 3 yrs ago..o I was panicking

altogether it took us 2 months worth of wait between the initial process to the appraisal, insurance stuff..etc..

so I'm glad s almost over

Re: Closing on Refi on Oct 16, FINALLY!

webhopper — Sat, 13 Oct 2012 20:44:45 GMT

Congrats on your refi!

Mine is for an investment property without an appraisal. I wasn't allowed to roll any refinance expenses into the loan; so I do have to bring funds to the table.

I had to source deposits which were work expense reimbursements so that was easy. Also my car was totalled; so I had a 13000 deposit from the insurance settlement that I had to source. No big deal.

Its almost over and I cant wait!

The biggest delay was due tl the number of Fha.streamline refinances that are going on right now. My file was one of many that the loan officer was working on.

Re: Closing on Refi on Oct 16, FINALLY!

Chavela — Sat, 13 Oct 2012 21:15:19 GMT

Wow! Your car was totalled...thank God you are ok..

yes..lots of refinances happening bc of the flow rates

good luck and again.. Congrats!

Re: Closing on Refi on Oct 16, FINALLY!

webhopper — Sun, 14 Oct 2012 00:19:09 GMT

Chavela wrote:
Wow! Your car was totalled...thank God you are ok..
yes..lots of refinances happening bc of the flow rates
good luck and again.. Congrats!

All of the Damage to the car was mechanical. My husband was driving and ran over a railroad track that was faulty... The asphalt struck the undercarriage and pushed upward and shoved the AC unit into the motor, causing it to twist and seize. Unfortunately, Volvo motors and the torque converters are very expensive. The torque converter was not available via salvage or in the USA so therefore the car was totalled

Re: Closing on Refi on Oct 16, FINALLY!

Chavela — Tue, 16 Oct 2012 15:49:43 GMT

Wow..that's a freak accident!

thank God no one was hurt..

good luck with everything

Re: Closing on Refi on Oct 16, FINALLY!

webhopper — Tue, 16 Oct 2012 16:16:35 GMT

Chavela wrote:
Wow..that's a freak accident!
thank God no one was hurt..
good luck with everything

Delayed, They waited til yesterday to tell me that my non-purchasing spouse needed to be available tomorrow.

My exact response was. "My husband works in Arkansas, and he can't just pop in and sign docs then pop out. Sorry but he is unavailable" :(

So we scheduled for Wednesday since he will be home tuesday night

Re: Closing on Refi on Oct 16, FINALLY!

djacks — Tue, 16 Oct 2012 17:20:28 GMT

webhopper wrote:

Delayed, They waited til yesterday to tell me that my non-purchasing spouse needed to be available tomorrow.
My exact response was. "My husband works in Arkansas, and he can't just pop in and sign docs then pop out. Sorry but he is unavailable" :(
So we scheduled for Wednesday since he will be home tuesday night

Are you going through a credit qualifying streamline refinance like I went through (as in removing a coborrower)? We just finally closed on ours the first of September. We started the whole process in February. Everything was rolling along and got conditional approval in March. I then decided to pull the plug until June to keep my MIP rate the rate it is now, as opposed to seeing it go up more than double. We started the whole process over again in early June and just wrapped it up the first of September due to such a long backlog. But it was worth it as I got an even lower interest rate than I was given in March and my monthly MIP is still very low (.55%).

But before closing I had no idea both of us had to be there. We were doing this streamline in my wifes name so I figured I didn't even have to be there. But good thing I was there anyhow or we would of had to pospone. They needed me to sign off on docs from our old mortgage. Also, I didn't find out until an hour before closing that they needed a certified check for almost $2,000 to cover escrow. I eventually got some of this back (the overage after property taxes were paid) but it wasn't fun scrambling at the last minute to get them that check and waiting to get some of it back.

Re: Closing on Refi on Oct 16, FINALLY!

webhopper — Sat, 20 Oct 2012 01:06:24 GMT

Signed docs today!

Re: Closing on Refi on Oct 16, FINALLY!

webhopper — Tue, 23 Oct 2012 14:46:32 GMT

Loan funded on the 22nd :)

Re: Closing on Refi on Oct 16, (Closed & Funded! :))!

webhopper — Wed, 24 Oct 2012 05:16:11 GMT

@djacks.... My funds were wired over on the same day we signed docs. Ill get an escrow refund from the original escrow in about 2 weeks.

The house was streamline. Fha didn't require credit; but the lender required a 650 minimum score. My middle score came in at 694.

I also had no appraisal. It was an investment property so literally NONE of the costs got to "roll into" the new loan. I had to "source" my funds that we closed with....

The house was bought when I was single... so I'm the only one on the note; the refi was just to reduce interest from 6.125 down to 3.75%