I mentioned last week that we are trying to re-finance our home loan. Things have progressed slowly, but we’ve had no problems at all to date.
- We sent in our signed application and a few other items last Monday. They received them on Wednesday. Props to Citi for sending the documents in a UPS ‘reusable’ mailing envelope, where we were able to send the stuff back in the same envelope it came in.
- They received the documents on Wednesday.
- It took a few days but they’ve slowly integrated the information they’ve received into the application checklist, which we can view online.
- Our appraisal took place last Wednesday and was received by the bank on Friday. The amount is higher than I think we can actually sell the house for, but it definitely will qualify us for a re-finance.
- Our 3.375% 15-year lock would have us paying a 0.625% discount rate (or points as they’re commonly known). If the points required for this rate fall anytime between now and the scheduled closing, we could save a little money.
- I posted last week about how Citi had tried to sell us a credit card during the application process. Turns out the person I talked to actually put in the application! I’m giving her the benefit of the doubt, but I was annoyed to say the least. I cancelled the card as soon as it came.
- I also learned that you can opt out of getting offers from third party vendors such as bi-weekly financing or mortgage insurance. Don’t forget to sign that very important document once you get through with your closing. We won’t!
- I’m hoping we can close this month.
Fun times but it looks as though things are on track. Let’s hope they stay that way!Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.