I started talking about the refi in late December. Two weeks later, it was in jeopardy.
Mortgage Guy (MG) said from the beginning that his goal was to make this SIMPLE. He wanted me to write it down. That their company preapproves the loans, so by the time we sent in our supporting documentation, we were 95% of the way to the finish line. And up until a little over a week ago....I would have agreed with all of this.
We agreed to do the refi on December 31 (Friday). By Monday morning, we had sent in everything that they asked for, and per MG, our piece was pretty much done. Sit back and wait for closing. Sounds good, right? When the appraisal came in low, MG assured us it wasn't over yet. They would work out something else. Don't worry. (like that is possible).
The modified appraisal took another 5 days, and it still was short. At this point the whole loan had to be restructured. While it remained a 30 year fixed, we went from 4.75% to 5.125%. Additionally, we would have to bring some money to the closing.
MG called me and said it was looking like we would be $500 short, and could we bring that to the table. We said yes, but if it was any more, they needed to tell us ASAP. Then it was discovered that our current mortgage lender has not paid the city taxes (about $1750) that were due Jan 1 (even though the money was in our escrow account). And now we would have to bring THAT to the table (oh, but don't worry....you will get it all back when they refund your escrow account).
None of this was for sure....if the taxes got paid before closing, that would be a moot point. MG was trying to zero out a few things, so we would have to bring as little as possible to closing. This was early last week. I repeatedly told MG that we need to know numbers as soon as possible.
I don't know about you, but $500 and $2600 are not the same thing in my world......