Actually, all we had to do was sign the paper to close the credit line and bring in the cashier's check for the property taxes.
We weren't going to close the credit line, but, US Bank wanted $250 to keep it open...basically to sign a piece of paper (the subordination) and lower it.... can you believe it? I bet you can! Yes, to sign one piece of paper and lower our available credit costs $250...ugh.
So we asked mortgage guy if we could get a credit line through Wells Fargo and he said yes....for no charge.
So that is what we are going to do....DH tried to get US Bank to waive the fee but they would not budge...stinkers!
This was done on Thursday afternoon and should close today....will be nice to be able to skip Oct's payment....we had a spendy Sept!
Archive for September, 2012
Oh the saga continues.
I called our mortgage guy at 8:00 to confirmed he received dh's email and voice mail.
He said he did....I then mentioned that it was too bad we couldn't just lower our credit limit if that would take care of the issue we were having....well guess what?
No problem...that is what we did last time...it is called a subordination (not subrogation...I knew that wasn't what it was called...just couldn't remember)!
So he says that apparently the credit line didn't show up on our credit report so he didn't even know we had it anymore....sounds like even he didn't know it would be in the papers from the title company (or so he says)....I do remember that when we refinanced a few years ago, the same thing happened.
So, I certainly don't mind it being lowered....we definately do not need as much as it is....we are totally fine with it being lowered....all of about $6000 lol, but we are not going to put the effort out to go to the bank and lower it even more.
He is going to have his assistant work on getting that paper to us to sign and hopefully we can "re-close" in approximately a week.
I also confirmed that the interest rate is going to be the ORIGINAL amount he quoted and that those fee's that somehow ended up on our side of the paper will be removed and the only thing showing that we had to pay for was the appraisal and credit report. I also requested he let me know the amount we need for property taxes so I can have the certified check at the time of closing this time.
No more surprises please! Let's just get this done
About 3 months ago, we decided to refinance to a 15 year fixed....we contact the mortgage guy we used before at Wells Fargo.
It was suppose to be a no fee (except appraisal) refinance at 3.5%.
So on Friday, when we went to sign papers....there were several problems that left us extremely annoyed.
The first one was that there were some fee's that "accidentally" got put on....he said something to the effect that they were put on accidentally and we would receive a credit and then a check.
The second problem was that I was told on Thursday, that since we are within 60 days of property taxes being due (in our state they are due Nov 15th), we would have to bring money to closing (approx $2100)Now, I get why they do it...basically then our taxes wouldn't be due in Nov, they would be paying them in Oct when they are certified....they also collect 115% to adjust (in case they go up from the previous year)and we receive back any overage, but since we had already made house payments, it wasn't the full amount....again, no problem, we have the money, but to be told the day before was rather irritating...on top of that, when they asked me how we were paying (on Friday at 4:00) I was like....uh a check?? No can do, it must be a cashiers check...again never told this...so I am told I can do it Monday which means I would have to leave work early...I get off at 4:15 Monday through Thursday, but in order to get to the bank in time and do all that I would need to leave early as there is not a branch close enough to do it on my lunch or anything.
The third and final issue was that they told us we had to close our credit line (through our bank). This happend the last time we did a refinance...we said no way so we were able to sign some paper (I think it is a subrogation or something) and were able to keep the line of credit. We were rather surprised as nothing had been said ahead of time. This time they said we couldn't keep it open as it has something to do with the value of the house, the amount of the credit line limit and 80% of something....it is a rather large credit line, which we haven't used in years, but we want to keep it open, just in case anything really bad happened...I certainly wouldn't mind lowering the limit at all though. We declined to sign the paper on Friday and figured we would work it out on Monday. Unfortunately, DH was 45 min late to signing due to getting out of work late and our mortgage guy had to leave due to a doctor's appt...he would have stayed the entire time, but we didn't count on DH being so late...anyway, DH called our mortgage guy on Sat and left him a message stating we were not going to close the line of credit....he called back when we were on an outing and left a message saying that was fine but they were going to raise our interest rate then.
So, I guess we will find out tomorrow if he can do anything...by anything, I mean let us keep our credit line and not rasie the rate. If not, we exercise our right to cancel.
Again, it's not that we don't understand why they want us to do it....it is the fact, that NONE of this was told to us ahead of time....extremely annoying to find out the day of signing...on a Friday at 4:00 no less. We have credit scores in the 800's, excellent payment history, and virtually no other debt, except the car loans which now total approx $11,000 total.
I wish he would have warned us this could have been a possibility from the start, or at least early on so we could have discussed it then...now we may be out $445 for the appraisal.
We are officially at $2500 on the SUV loan.....since we are refinancing (signing today in fact), we get to skip Oct's mortgage payment....that will be going to the SUV loan......we are so close!
I sent $1000 payment to Ford towards the SUV loan. That will bring us down to $2500! Pretty excited about that! We have been steadily paying $500 a month towards that loan and we are almost there! It will be paid off for sure by December, if not November...we purchased the vehicle in May of 2010 at a no interest loan, so we are pretty happy with where we are now.
Then...we hit the Focus balance HARD....just like we did for the SUV.
Thanks for all of the sweet comments on DD2's senior pic....I think it's always fun to get a peek into each other's lives, but for privacy, I took the photo down.
As I mentioned in the original post, instead of going with one of the expensive "collections" she offered, we decided (as we did with DD1), to print our own. That way every family member can get their favorite pose and the size they want. We will however, take the cd to a somewhat quality printing place...probably Ritz as we did before. We were very happy with how DD1's turned out when we printed them there.
I must admit though, she did have some really cute offering's. But I think these days, it's pretty easy to be somewhat crafty on your own....especially with digital prints. She charges $40 an image, and we picked 7 for a total of $280.00 and we can do whatever we want with them. I am looking forward to putting together something really fun!