Refi success!

[DISdreamin']

We haven't closed yet, but I dropped the necessary bank statement/W-2/paystub paperwork off yesterday for our refi and we are all set. It's already been approved and now we're just waiting for a call from the attorney to set up an appointment to sign the papers.

This process couldn't have been any easier, and I think we got a reasonably good rate. There's no way to tell what will happen in the future, but we locked in 4.125% for a 15 year bi-weekly mortgage (pays off in 13-1/2 yrs or so). It's over 1-1/2% better than the 30 year biweekly rate we had before, so in the long run we'll save something like 70K in interest, if the calculators I ran online are right.

The appraiser was at our house last Saturday, the next day after I started the process, and although our house didn't appraise out for as much as I would have hoped, at least it came out enough for the refi. That was the one thing I was worried about, so yipee!

 

[DawnM]

I was told Refi appraisals never are as high as a house being sold. Our refi came in a full 25% less than it should have, and that was at a low estimate on our part. The houses they comped ours to were not even CLOSE to our house.....oh well, we got our refi as well.

We got a 15 year fixed at 4.37% back in January.

Dawn

 

[DISdreamin']

I was told Refi appraisals never are as high as a house being sold. Our refi came in a full 25% less than it should have, and that was at a low estimate on our part. The houses they comped ours to were not even CLOSE to our house.....oh well, we got our refi as well.

Thanks for sharing - it really seems like you're spot on with the appraisal. Our house appraised out for more when it was new five years ago (cost to build) - before the deck, the landscaping, the driveway, the fence, etc.

What I found weird is that the appraiser knew the amount of the refi - it seems odd that he should know that. Seems like he should be doing it blind, not knowing how much would be "enough", KWIM?

Anyways, glad we finally did this, and congrats on your rate! Sounds like we could have done this a while ago and saved more, but I'm just glad to have made the time to do it at all.

 

[Janet Hill]

We refied at the end of April.

The loan we had after being sold multiple times was with BOA. I tried to get them to refi the loan, but I was told by more the one person that they couldn't help us.

So I did find a lender at 4.25 (old one was 5.65) through an internet search. Two days ago we were notified by BOA that they now own our loan.

Kind of strange.

 

[DawnM]

This is EXACTLY that happened to us. The guy came within about 100 dollars of what we were asking for in our loan.

He SWEARS he didn't know, but the amount was so exact that I think he was lying.

Dawn

Thanks for sharing - it really seems like you're spot on with the appraisal. Our house appraised out for more when it was new five years ago (cost to build) - before the deck, the landscaping, the driveway, the fence, etc.

What I found weird is that the appraiser knew the amount of the refi - it seems odd that he should know that. Seems like he should be doing it blind, not knowing how much would be "enough", KWIM?

Anyways, glad we finally did this, and congrats on your rate! Sounds like we could have done this a while ago and saved more, but I'm just glad to have made the time to do it at all.

 

[cvrapclark]

Bad experience here about six months ago. Our house on refi appraised at about 50,000 less than we houses are being sold for. Did you go thru mort company or bank? I want to refi, only it's going to cost about 10 K to do if I can get the appraisal right.

 

[DISdreamin']

Bad experience here about six months ago. Our house on refi appraised at about 50,000 less than we houses are being sold for. Did you go thru mort company or bank? I want to refi, only it's going to cost about 10 K to do if I can get the appraisal right.

We went through a local bank - they hold our current mortgage and it was their appraiser that did our house. When he had completed the walk-through, I commented that I hoped it would appraise for enough to get an approval and he checked the requested refi amount on his paperwork and said we should be all set. In our case, the requested refi amount is about 2/3 of the appraisal, but the appraisal is MANY tens of thousands less than comparable homes in our neighborhood have recently sold for.

This is EXACTLY that happened to us. The guy came within about 100 dollars of what we were asking for in our loan.
He SWEARS he didn't know, but the amount was so exact that I think he was lying.

The guy that did our appraisal actually checked his paperwork in front of me and quoted the refi amount. Just doesn't seem right. Why does he need to know the requested loan amount, right?!

The loan we had after being sold multiple times was with BOA. I tried to get them to refi the loan, but I was told by more the one person that they couldn't help us.
So I did find a lender at 4.25 (old one was 5.65) through an internet search. Two days ago we were notified by BOA that they now own our loan.

That is beyond weird! Personally, we used a local bank who doesn't sell their mortgages for our original loan and this refi. Our mortgage broker who shopped for the original loan got us in with them, and we've been really happy with them. I like knowing I can go in and speak to someone if I have a problem (haven't had one, but it's nice to know it's an option).

 

[DAPford]

We just did a refi also and both of these things were same for us first I contacted BOA about them doing the refi to get out of an adjustable rate ( we bought at the end of 06 with a two year arm and then the market fell we have been losing value left and right ) they said we couldnt refi but that if we "missed" some payments we could probably qualify for the mortgage assistance program (good plan huh) anyway we went through a mortgage company in this area and the refi came in just enough to cover the costs (surprise) and we just got our first statement to pay the new note to ........ BOA (surprise!) it seems BOA doesnt like to do the paperwork for the refi but have no problems "buying" mortgages of course I am in DE and know all about BOA and all its "problems" I just shake my head . at least its a locked rate no more adjusting every 6 months !