[quote=threadkiller]Ok now I’m scared, they put you through all that crap when you have the house half paid for. As I was telling my wife last night we will actually lose some interest write off by refi’ing and we didn’t get a full year in ’09 as we bought in Feb and didn’t actually start paying till April. Rates look like they are heading down so I’m going to take my time with this refi and see if I can close closer to the end of the year. Thanks for the info flu.[/quote]
Well, yes… But it probably because I’m a complicated person.
1) My taxes weren’t done.
2) The account I gave them had a balance that was swinging +-$125k every other week.
3) I wanted to quality with one income.
My understanding is that asking for 2-3 months of statement is standard practice right now. I guess just pick the account(s) that doesn’t have that much fluctuation. Checking if you’re still employed I guess is standard practice too. My broker friend was telling me how there was a client which went through the loan, and the day before closing, he decided to quit his job and take some time off. The loan was dead on arrival. (Pissed off my friend, because had the client quit the day after, he probably would have been fine).
It really wasn’t that bad. Understanding all the new documents “good faith estimates, etc” was a different story….
You will lose some interest writeoff…But, your over the longer period, you aren’t paying nearly as much for the loan. It was a no brainer for me because I was planning on making a lump sum payment on my 30 year anyway to bring it closer to conforming limits…Sitting on liquid cash right now is like earning 0.5-1% interest so it seemed better to pay down the loan that was >%5.
