HURRAY HURRAY - Refi Instant approved

[Duncanrr]

Decided to pull trigger, one triple credit pull later, my application for home refinance was instantly approved!  Granted I still have to go through a number of hoops and documentation not to mention the appraisal but it should go through in the next 30 days!  HURRAY for me!!!

[BrianB_The_Loan_Professor]

Not to burst any bubbles but this is probably jst an automate approval - it is the first step in the process but far from being a full approval

As you mentioned you have a lot of work ahead to complete - this is a good start

Good Luck the rest of the way

Brian

[Duncanrr]

I know.  Im pulling all the documents that they need.  It will be done.  This month or the next or maybe at most 6 months but it will be done

[BrianB_The_Loan_Professor]

LOL hopefully not 6 months 

By the title it sounds too easy -didnt want others to get the wrong impression

Good Luck - with automated approval you are about 90% sure it will happen

the only thing that could hold you back would be not providing the documentation to support what you put on the app

or an issue with the property 

Other than that you should be good

B

[Duncanrr]

I got under writing, loan officer and upper management involved before I applied.  (I started other topic here about lack of mortgage verification - the current mortgage is through family member).  So I already know what the issues are and I think we have come to terms with them.  Hopefully, the appraisal and all my documents will check out.

[fishbjc]

Here's hoping that you get this completed quickly and save some cash!  WOOHOO!

[Duncanrr]

Looking like they want to stick me with 20 year fixed.  I was hoping for 30 year fixed and then paying extra when I could.  The note is going to be like $600/month more than the 30 year term.  If my credit card UTIL wasnt so high this wouldnt be an issue.  Id rather put that extra $600 towards paying down cc debt.

[StartingOver10]

Nothing wrong with a 20 yr fixed. Run the numbers on a amortization schedule and see how much you will save in interest

[BrianB_The_Loan_Professor]

I wouldnt allow them to push you into a 20 - there is no reason why you could qualify for a 20 yr term and not a 30

There are other banks - I would shop this before getting stuck with a payment that could be a problem if you hit a rough patch financially

I am like you take the 30 and pay more while you can

Brian

[StartingOver10]

Doesn't hurt to shop. But running the amortization schedule on $250k at 4.5% there is only about $320/month difference and I ran it using the same interest rate.

Usually if you get a shorter term you can drop the rate a bit.

What rate did they quote you?