Remember when I told everyone why we weren’t refinancing our mortgage? And then I ate my words by posting about our upcoming mortgage refinance? Well, good news, ladies and gents! Our mortgage refinance has finally closed, and there were NO ISSUES! Yes, really, it was as smooth as the other side of the pillow (wait, what’s the saying again?). Either way, it was awesome, and now we’re saving $200 a month!
Here’s the breakdown:
October 5th: Contacted the mortgage broker who I was referred to and discussed our options. We decided to go with the FHA Streamline refinance because our house value would not qualify us for the other two options. Had to send in some info:
1. Last 2 years W2s
2. Most recent 30 day pay stubs
3. Most recent 2 months’ bank statements. Source all non-payroll deposits over the amount of $300
4. Copy of driver’s license for both Michelle and I
5. Copy of your existing 1st Mortgage Note
October 9th: Locked the rate at 3.25%. BOOM! Thanks Fed.
October 10th: Sign and return rate lock disclosure. Something about locking our rate. I dunno, I’ll sign anything. Either way, it was OFFICIAL BUSINESS!
October 11th: Remember when I told you about having to source all non-payroll deposits over $300 (If you don’t remember, just rewind this blog post by about 88 words.)? Well, I had a sizeable deposit from my car accident, so I had to scan and send in the check stub.
October 17th: Forgot to dot some “T’s” and cross some “I’s” (or cross my eyes while Teeing my dots? Man, this is confusing). So I re-finished signing docs and sent those in. I also needed to provide my home insurance rep’s contact info. Funny thing about that, I had no idea who it was. So my broker called the latest number I had and got passed to the current person to gather info.
October 31st: Well, this one was fun because I was on a plane to Florida. I had to download and email another bank statement. Luckily, the crappy hotel we stayed in had WiFi, so I was able to get this completed.
November 13th: Printed, signed and returned the loan “re-disclosures”. I guess the numbers changed slightly and needed to re-sign my life away. Done and done.
November 19th: Got a call from Escrow to setup signing appointment. Set it up for the next morning.
November 20th. Signing day. I met Michelle and our little one down at the fancy office for the title company. Everyone just smelled rich. We signed about 4,873 documents while our little one crawled around and around the table. Hey, at least he was self-entertained. We finished and walked out like we owned the joint.
November 27th: The deal funded and our refinance was complete. So we pretty much owned that refinance LIKE A BOSS!
This was the easiest refinance I’ve read or heard about anywhere! We did most everything over email, finished everything in about 50 days, and never even met our broker in person. I really enjoyed the interactions with everyone involved, and now we are ROLLIN’ IN THE DOUGH! We’ve got less than a 3-year break-even date (haven’t gotten our old escrow refund, so not sure of the EXACT break-even date) and once MIP is totally gone, we’ll be saving $525 a month over our first mortgage! It a pretty sick upgrade and I couldn’t be more pleased with the outcome.
Comments: Have you refinanced lately? What rate did you lock in? How was the process? Has anyone been rejected for a Refinance?