Nothing ever goes as smoothly as planned, and my refinance project with Wachovia isn’t abnormal in that regard.

My rate was locked in at 4.625% way back at the beginning of January, and that rate was good until February 20th.  Seeing as how it was almost February 20th and I hadn’t heard anything, I figured I’d give the refinance department a call.

A call to the previous representative landed me with an operator who said there had been some changes made in the refinance department, and I had a new representative handling my application.   After talking to that person, it was evident that the data requested from the IRS didn’t quite make it to her desk.  Go figure.

Since the previous person had requested the information, the new handler didn’t have access to the information, if it even showed up from the office of Uncle Sam at all.  So the information had to be requested again.

But what about the rate?

There was still the question about what was going to happen on February 20th if we hadn’t closed on the refinance.  I was assured that they would hurry the application through, and pass it on to underwriting as soon as possible.

I also asked that they submit a rate extension, which I was told would be no problem.

So the application is still in the works, but should be finalized any day now.

Finance interest rates, refinance, Wachovia

About a week ago, out of the blue, I had this feeling I should call my bank and find out what the current refinance rates were.  Rates had been coming down, and with all the money being thrown around in the financial sector these days, I figured it couldn’t hurt to ask.

After about 5 minutes on the phone with a Wachovia representative, he informed me that an FHA loan with decent credit would refinance at 4.875%.  A Far cry from my current 6.66% rate!

Not bad, but I don’t want an FHA loan.

So after listening to the schpeal about the FHA loan, I asked him to tell me what the refinance rate was for a 30-year conventional loan.

“Well, if you have excellent credit, and the appraisal comes back with at least a 80% LTV, I can do 4.625%.”

Right… so how much will that cost me?

After asking him to repeat the number he just gave me, I then started digging for the catch.  You know, the gotcha on a heck of a good deal that they don’t tell you about until just before you sign on the dotted line.

“It looks like it will cost $1,900 for closing costs and fee’s, but we’ll pay them.”

Honestly, I thought I was being Punk’d.

I figured what he meant was that he’d wrap the closing costs back into the loan.  Nope.  The bank will actually pay the closing costs and associated fees (appraisal, title, etc).

Not wanting to look a gift horse in the mouth, I asked him to send me an application, with the rate locked in at 4.625%.

UPS next day air and it was on my desk.

After reading through all 60 pages of the application (I actually read it twice, still looking for the catch), I sat down with my wife and went over it.  Nothing seemed out of line, and I am able to withdraw my application at any time.

At any rate, it’s a good time to call your bank.  I don’t care what your current mortgage rate is at, it’s still worth the phone call!

Yesterday the appraiser stopped by and took measurements for the appraisal.  I’m crossing my fingers that I’m still at my 80% LTV, and that local market prices haven’t dropped that much.

Banking, Finance, Real Estate loans, mortgage rates, refinance, Wachovia