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06/28/2007

Refinance our Mortgage

When we bought our house, in March 2006, we were lucky to get financing at all. So we had to take hat we could get. Which was a five year ARM, with an initial APR of 7.5%.

Now, a year later, with both our credit scores somewhere around 700, we thought it would be easy to refinance that first mortgage. So we responded to one of those *lower-my-bills* ads. We explained our financial situation in full detail, submitted about 50 pages of paperwork to prove it, and got pre-approved.

The mortgage broker sent an appraiser out to our house, we had to pay $400 for that. And then, very much to our surprise, the broker told us *Sorry, but we can't give you that money - Tom hasn't been self-employed for two years yet.*. We were pissed, to put it mildly.

medium_Shalimar.JPGBut at least that mortgage broker knew somebody who works at a bank. And, using this personal connection, we finally managed to get the deal done. It took another two months, another 50 pages of paperwork, and approximately 20 phone calls. Now we have a 30-years fixed rate, at 6.4% APR - and sufficient cash back, so we can build a fence around our back yard. Armani will enjoy that!

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