Welp. Long story short. My Fiance' purchased a home right before we started dating about 4.5 years ago. He was able to find a great home for a great price but it need a lot of work to make it modern. By alot I mean 2.5 years of him and his father do it all themselves. Lots of time and money. About $40k total. All done little by little. It is BEAUTIFUL. He orginally did an ARM with the local credit union and was able to get a decent rate. 4.5%. That was set to expire in Sept 2019 and would jump to 6%. As a first time home buyer he was able to get a first time home buyer credit. Its a $1k a year credit for his taxes. Boy did that make this simple cash out refi/HELOC simo a MESS!!!
We went to our local CU to get the ball rolling. Jan 10th we applied. We arnt yet married and I wasn't on the deed. To do an in office closing with cheaper closing costs I would need to be added. No big deal. I was added for $100 by a local attorney. Credit above 800 for both of us and great DTI. We wanted to do a cash out to pay his dad back for some of the work on our home and to pay off some of his private student loans at 5-6%. We paid for an appraisal. original mortgage was for like $70k. Balance was $60k something. We thought it was worth hopefully $150k. Appraisal came back and they valued it at $215k!! SWEET!! Then the bad news started. The credit certificate decided they wouldn't subordinate, then they would, then they wouldn't. It was a mess. I had to go in and speak to the manager. They wernt calling us back or anything. It was awful. FINALLY after almost 4 months we closed yesterday! Funds will be dispersed on Friday May 10th, the day we get married. We did have to do an attorney closing with closing costs but its whatever. Now we have a decent equity line for emergencies. We did a 10 year at 3.5% and should be debt free besides cars at age 36 
Dont give up!
Congrats!
@Anonymous wrote:Welp. Long story short. My Fiance' purchased a home right before we started dating about 4.5 years ago. He was able to find a great home for a great price but it need a lot of work to make it modern. By alot I mean 2.5 years of him and his father do it all themselves. Lots of time and money. About $40k total. All done little by little. It is BEAUTIFUL. He orginally did an ARM with the local credit union and was able to get a decent rate. 4.5%. That was set to expire in Sept 2019 and would jump to 6%. As a first time home buyer he was able to get a first time home buyer credit. Its a $1k a year credit for his taxes. Boy did that make this simple cash out refi/HELOC simo a MESS!!!
We went to our local CU to get the ball rolling. Jan 10th we applied. We arnt yet married and I wasn't on the deed. To do an in office closing with cheaper closing costs I would need to be added. No big deal. I was added for $100 by a local attorney. Credit above 800 for both of us and great DTI. We wanted to do a cash out to pay his dad back for some of the work on our home and to pay off some of his private student loans at 5-6%. We paid for an appraisal. original mortgage was for like $70k. Balance was $60k something. We thought it was worth hopefully $150k. Appraisal came back and they valued it at $215k!! SWEET!! Then the bad news started. The credit certificate decided they wouldn't subordinate, then they would, then they wouldn't. It was a mess. I had to go in and speak to the manager. They wernt calling us back or anything. It was awful. FINALLY after almost 4 months we closed yesterday! Funds will be dispersed on Friday May 10th, the day we get married. We did have to do an attorney closing with closing costs but its whatever. Now we have a decent equity line for emergencies. We did a 10 year at 3.5% and should be debt free besides cars at age 36
Honestly, this is a great story. All your aggravations and frustrations paid off.
Sweat and equity — dad and son
Sweat and tears — you and fiance
Now nothing but joy and happiness. Beautiful home. Just married. New beginnings. A huge congratulations to you both and to FIL.