Dropping off RE-FI app tomorrow

[wantout]

Going for a REFI. I was told I qualify for a FHA loan. My banker said lets see what we can do. So I have all my forms ready, taxes, W2s, paystubs etc etc. Dropping off at the bank tomorrow and with any luck he said we should close in 30 to 40 days. He is pretty sure I can get a 3-4% fixed rate.
Going to combine my first which is a ride thru and my second which I reafirmed, but I do have $35k-$40k in equity.

Wish me luck.

[help1234]

How long have you been discharged? We are thinking about trying to drop our interest from 6.5% to current rates, but it has been less than 2 years since discharge... also we only have a 1st and did not reaffirm, but have continued to make timely payments.

[wantout]

How long have you been discharged? We are thinking about trying to drop our interest from 6.5% to current rates, but it has been less than 2 years since discharge... also we only have a 1st and did not reaffirm, but have continued to make timely payments.

Discharge in 04/10, just over 2 years. My credit scores are showing 674-678.

[wantout]

Now I wait...

[wantout]

Update,
Got a call from the bank, I was asked about the first mortgage being IIB and showing a $0 balance, yet I am making payments? Yes I am in a ride thru, per the bank. Seems she has heard of that but never met anyone actually doing that. So I expanled that basicly there is a lean on the property and a title search will show that, that lean must be satisfied in order fro me to refi.
She said well it loks like you wil have to go FHA and I need to search the regs about this, since basicly what you are doing is taking a cash out loan.
Ya something lie that I said.

So I wait somemore...

Anyone else ever been in this situation?

[wantout]

Update, I pick up my loan docs tomorrow, and sign what needs to be signed. Dropped off my abstract and some other papers needed today. Appraiser will be in touch next week. Loan will be a 15 year @ 3.7%. Not to bad considering everything I have been thru.

[wantout]

UPDATE, got the loan. papers are signed, appraisal next week, will close early July, locked in a fixed 15 year @ 3.7% rate.

[help1234]

Great news!! We are still trying to decide if we are ready have all of the stress again. I HATE having someone analyze our life and refinancing feels like being under a microscope.

[wantout]

Great news!! We are still trying to decide if we are ready have all of the stress again. I HATE having someone analyze our life and refinancing feels like being under a microscope.

I hear you. My bank did not even bat an eye, I did have to explain why I filed, I simply told the truth, I made a some poor financial choices. That was it, they never asked anything else.

[Pandora]

hi want -

Question: aren't you now on the hook for both mortgages due to that refi?

[wantout]

hi want -

Question: aren't you now on the hook for both mortgages due to that refi?

Right now my first was IIB and I reafirmed the 2nd, since I have between $30-$35k in equity. I am doing a ride thru on the first. I have also been current on both mortgage even thru the BK.
When I close on the refi, both of the others will get paid for and then I will just have the one payment.

[wantout]

Appraisal is tomorrow.

[wantout]

Appraisal is done, should have the report in a few days.

[bkinfresno]

Is the bank making you pay mortgage insurance and did you have to put anything up front and if you don't mind me asking, which lending institution are you using?

[wantout]

Is the bank making you pay mortgage insurance and did you have to put anything up front and if you don't mind me asking, which lending institution are you using?

The loan will be a FHA insured loan and there is a one time PMI charge that is paid at closeing. If I had went with the 30 year loan the pmi would have been monthly and something like $69, IIRC. I chose the 15 year loan, since I only owe 16 years left, made sense.

I only have to pay closeing costs of about $2500(including the one time pmi fee) at the time of closeing and that is coming out of my equity. I have paid no other fees up front.

I am going thru my local bank that I have been with 30 years. They said that suntrust takes on their loans.