Posted on: 20th May, 2009 04:50 pm
i'll try to be as brief as possible. i started trying to refinance my fha mortgage at the beginning of april, through the original lender. our payoff value is currently at 120,500 and the appraisal value is 137,000. we have excellent credit (747 and 729).
our original closing date was 4/30. we were willing to put up to $1000 at closing, but were told it would not be necessary. with all the closing cost refinanced back into the new loan we were looking at a new figure of $126,000. over $6000 in closing cost sounded high, but it did inclue $2600 of pmi, so we accepted. our interest rate would go from 7.25% to 5.00%.
appraisal was done, then it took me 2 weeks to get up with the loan officer. closing date came and went. which brings me to our new closing date of 5/20...today. it's been very difficult to get a direct answer of whether or not we would be closing today. found out at noon that we are now required to hire a plumber to "certify" our septic system, which is another $200 that we did not know about.
does this all sound like normal procedure? are we getting a good deal? i'm also worried that it has been nearly 60 days since we originally locked in our rate. can they raise the rate at the last minute?
if i have left out any important details please let me know, i will be happy to add them.
our original closing date was 4/30. we were willing to put up to $1000 at closing, but were told it would not be necessary. with all the closing cost refinanced back into the new loan we were looking at a new figure of $126,000. over $6000 in closing cost sounded high, but it did inclue $2600 of pmi, so we accepted. our interest rate would go from 7.25% to 5.00%.
appraisal was done, then it took me 2 weeks to get up with the loan officer. closing date came and went. which brings me to our new closing date of 5/20...today. it's been very difficult to get a direct answer of whether or not we would be closing today. found out at noon that we are now required to hire a plumber to "certify" our septic system, which is another $200 that we did not know about.
does this all sound like normal procedure? are we getting a good deal? i'm also worried that it has been nearly 60 days since we originally locked in our rate. can they raise the rate at the last minute?
if i have left out any important details please let me know, i will be happy to add them.
Your rate (5%) is still really good. So, if you have to pay $200 for a septic inspection, then just do it. If you try and start over with someone else then you may not get the same rate and you also may have to pay for that inspection anyway.