Mortgage Re-Finance Updates

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!