Refi closing on Wednesday!

iVillage Member
Registered: 12-05-2004
Refi closing on Wednesday!
3
Thu, 09-29-2005 - 5:27pm

I got a call from my mortgage company to say that we are approved to close as of Tuesday of next week. So on Wednesday, an attorney will be coming to our home to have us sign the papers and close on our refi! I was so excited when they called. It's been such a stressful journey thus far.

I called my husband to discuss the happy news with him (he's on a business trip), but he gave me a lackluster "Ok...." as a response. I had to press him over and over, with "So you're happy about this, right? You're happy about the early closing, right?", and all he could give me were statements like, "So do I have to be there?" (DUH!) and "I just got back to the room, and I'm tired and hungry, and my food's about to be delivered, so yeah, I guess I'm excited", and "I'd be more excited if they lowered our interest rate more", to which I had to say, "Honey, we're shortening our loan by 8 years, dropping two interest points, and we're closing two weeks earlier than expected! What more do you want??"

Men can be so frustrating sometimes. I'm just thrilled that the process is close to being over and done with. Why couldn't I be blessed with a husband that is a positive thinker? LOL! :-D

Pat

iVillage Member
Registered: 12-12-2004
Fri, 09-30-2005 - 2:26am
Hi, Pat. It's a male thing sometimes. We just did the refi thing. Almost thought DH would back out. He hates the thought of going through all the mundane paperwork. BUT---we paid off cc's (again!), and got a fixed rate. Our APR went up every single month for a year, and it was just for interest only. And just last week, the fixed rates went up again (about 6%), so we are glad we got the fixed . You can pay up to 30% of balance, and shave off even more (i.e., making it a 15 yr loan without worrying about getting locked into it). Just point out the positive things---shaving off 8 yrs, better interest rate, etc. Congrats to you! WHiz.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Fri, 09-30-2005 - 2:48am

Hi Pat,


My DH travels all the time, and we are frequently in different time zones.

All my best,
Danni

iVillage Member
Registered: 12-05-2004
Mon, 10-03-2005 - 7:26am

Here's an update on my earlier post. Yesterday, while Dh and I were working in our garage and everything was real relaxed, I brought up the refi again, saying I will be glad when it's over and done with. So he said, "What exactly are we doing now? Is it a 15 year or 20 year?" It was then that I realized he had no clue what we were doing with the refi. He knew we were going through the process because it was he who asked me to look into it, saying it was bugging him that we could be saving money each month and maybe pay down our mortgage faster. But in his mind, he had just left it up to me to handle the details and find the best deal we could and make it happen. Wow, what a big thing to trust me with! I actually feel proud about that considering the mistakes I made last year with our credit card.

I explained everything to him, telling him that we're taking our remaining 22 years on our 30yr fixed mortgage (7.375%) and turning it into a 15yr fixed at 5.375%, and then we're adding in our 2nd mortgage (15 years remaining at 10%), and we end up with a payment $50 less than what we're paying now, and the house will be paid off by the time he's 50. Hearing all of it laid out for him, he smiled and said, "Wow, that sounds GREAT!". He had a few questions about how the payoffs will work, and I told him that our first mortgage company (who we are refinancing with) has already closed out our first loan, and we will receive a check to pay off our second. I told him that our insurance company (homeowners) had already been notified of the drop of our 2nd mortgage, and everything was running smoothly. He looked so much more relieved and happy.

I know I had told him all of these details before, but I guess he was just too busy on his business trip to really have them register in his mind. Now I feel like he understands, and we can move towards our closing on Wendesday with no problems. :-D

Pat :-D