SEPTEMBER 2016 CLOSERS

[Anonymous]

So, finally got our appraisal.  Took a bit longer because they sent it back for revisions which made me nervous.  But turned out to be a great thing because my house is worth $200,000 more than what I am paying for it (house price is $500K, appaised value is $700K)!  It's so crazy.  Even my realtor is in disbelief.  Now, I'm just waiting on my clear to close. 

[Anonymous]

---

@Anonymous wrote:

Builder: Hartland Homes 

Lender: FGMC

Purchase Price: $252,000
Loan Amount: $230,000
Location: Florida 
Property Type: Single Family 
Type of Loan: FHA Construction 
Loan Rate: 4.25
Closing Date: 9/21/16

Thanks to the help of the forum I was able to finish rebulding my credit in the last year. Within the next few weeks I will be in the 700's across the board. This has been a long loan proccess but worth the weight. We do plan to refinance out of the FHA once construction is complete. Thankfully the appraisal came in at 329,900 so plenty of equity for a conventional loan. I honestly could not have gotten to this place with out the help from these forums. 

---

Can you explain a little further on these two items?

• We do plan to refinance out of the FHA once construction is complete.
  • Can you do that so fast? Why is it worth all the closing costs again to refi out? PMI or something?
• Thankfully the appraisal came in at 329,900 so plenty of equity for a conventional loan
  • you went FHA because you didnt ahve the DP right?. What will be the costs/benefits of 
    refi right away?

[HomeSeeker]

Closing on my refinance on 9/26. So happy to be able to lower my interest rate to 3.5%.

[echoecho]

Closed Friday 9/16 on my refinancing funding scheduled in 9/21 after 3 working days. Also happy to lower my payments and rates by 1.62% points.

[Anonymous]

You can actually do a streamline refinance right away if you stick with FHA. I went FHA cause of one judgment I have in repayment that will be paid off by the time the house is finished building. So my plan is to refinance to a conventional loan to avoid the PMI. The PMI is $152.00  month so it is worth refinancing. You also can get a refund of the upfront PMI if you refinance the FHA loan and that was around $3400.00. I would have to pay PMI for 11 years so that is well over $20K. I can also secure a better rate. Right now i am at 4.25%

[Anonymous]

"You also can get a refund of the upfront PMI if you refinance the FHA loan and that was around $3400.00"

That IS interesting...

[Anonymous]

Just wondering did any of you 9/15 closers actually close yet??? I'm so excited for you guys!!!

[Anonymous]

Did you close yet?

[Anonymous]

I was scheduled to close 9/15 and they called me at 1pm the DAY BEFORE and said it was pushed back to 9/19 because there was an error in the APR on the final disclosure. It worked out in my favor because i ended up having to bring 1K LESS to closing. I closed this morning and have already moved in most of my things. I swear i thought it was never going to happen and wouldn't let myself get excited until the keys were in my hand! I was so afraid of something else going wrong at the last minute. Good luck to you guys!!

[Anonymous]

Congrats. Our closing was pushed out from 9/16 to 9/21 and then moved back up to 9/19. We are building so now we have the long wait for the house to finish. Glad you were able to move right away.