Wednesday April 07, 2004

Re-fi

We finished a home mortgage re-finance this evening... finally. This has taken an amazingly long time, considering that we re-financed with the same lender and we were only doing this to reduce our rate, not to take out any more money! In fact, we're gong to pay two days of "lock extension" fees because the rate lock holds for 2 months and we didn't get to closing within that period! We started the process on February 4. Sheesh.

The good news is that I asked the right questions regarding the lock extension. My first question was "How much per day?" ($20). OK, that's not so bad. Then I said, half jokingly, "Of course, if the rate has gone down in the meantime, maybe we don't want to extend the lock." After the loan officer laughed I said "Do you know? What is the current rate?" She said she didn't know; the bank keeps that information confidential and only the loan sales folks know but she suggested I ask our sales rep because if the rate had dropped, I could take advantage of their "one-time rate negotiation plan". ...
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Re-fi ( in category Trivial Pursuits ) - posted at Wed, 07 Apr, 22:33 Pacific