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Finally Closed! - This should have been easy...

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Finally Closed! - This should have been easy...

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 Smiley Happy Dont give up!

*AMEX SPG - $2k (CLOSED) Barclaycard Arrival - $7.5k *Chase Freedom - $8k *Cap One QS - $10.4k *Citi DC - $15k *Chase CSR - $17K *Navy Fed Go Rewards - $20k *Discover IT - $39k *AMEX BCE - $33.1k
AAOA - 1.8 yrs
TU Score - 810 Updated Feb 19'
EX Score - 813 Updated Feb 19'
Message 1 of 4
3 REPLIES 3
Valued Member

Re: Finally Closed! - This should have been easy...

Congrats! That's quite the wedding gift as well.

Message 2 of 4
Senior Contributor

Re: Finally Closed! - This should have been easy...

Congrats!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 3 of 4
Community Leader
Super Contributor

Re: Finally Closed! - This should have been easy...


@Chevyguy2021 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 Smiley Happy Dont give up!


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. 

REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 4
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