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Author Topic: Finally refinanced  (Read 2983 times)

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zena

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Finally refinanced
« on: October 05, 2016, 10:52:58 AM »
It's a relief to finally get our condo refinanced to a lower interest rate and one loan instead of the ARM we originally had.  It took 4 tries.  The first time, we were living in the condo, and we were so close to closing but they backed out.  Then when we first moved to our current home, we tried again, with a different company.  They too didn't want to take it.  Last year we tried for the 3rd time and because it was just coming out from under water + the litigation, they didn't want to take it.  Now the 4th time, litigation is over with (although the builder is now in the process of fixing the problems) and the condo actually has value, it went through!!  So there you go.  Don't ever give up.



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Offline SummerBerry

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Re: Finally refinanced
« Reply #1 on: October 06, 2016, 07:47:40 PM »
It's a relief to finally get our condo refinanced to a lower interest rate and one loan instead of the ARM we originally had.  It took 4 tries.  The first time, we were living in the condo, and we were so close to closing but they backed out.  Then when we first moved to our current home, we tried again, with a different company.  They too didn't want to take it.  Last year we tried for the 3rd time and because it was just coming out from under water + the litigation, they didn't want to take it.  Now the 4th time, litigation is over with (although the builder is now in the process of fixing the problems) and the condo actually has value, it went through!!  So there you go.  Don't ever give up.

I bet is it a big relieved from it.  It never hurt to keep trying because one time it will go through when you give it time to cool off and then tried again.......



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Offline nightrider

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Re: Finally refinanced
« Reply #2 on: October 06, 2016, 08:09:37 PM »
Refinancing to lower rates will always make economical sense.



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Offline lexicon

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Re: Finally refinanced
« Reply #3 on: October 07, 2016, 08:28:24 AM »
Glad things worked out. Adjusted Rates can be problematic. But if you do your due diligence, you should be fine. I'm assuming this condo must be an investment property?



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zena

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Re: Finally refinanced
« Reply #4 on: October 08, 2016, 02:42:18 PM »
I bet is it a big relieved from it.  It never hurt to keep trying because one time it will go through when you give it time to cool off and then tried again.......

Definitely a relief and a joy.

Refinancing to lower rates will always make economical sense.

Of course.  It just took us 4 tries.  It wasn't easy but perseverance is key.

Glad things worked out. Adjusted Rates can be problematic. But if you do your due diligence, you should be fine. I'm assuming this condo must be an investment property?

Thanks.  Yes, it's an investment.  The last 7 years were hard because even though we had tenants, we still had to pay at least $300 out of pocket per month.  Now we will actually be pocketing $$.



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