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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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