Post # 1
We locked on Wednesday and now we are meeting with our loan officer today to finalize. If you have an FHA, there is a streamline process with virtually no paperwork (we went through our same loan guy so perhaps even less?) and with a few thousand dollars, you are on your way to saving tens and tens of thousands. The bad thing is that your mortgage insurance resets again, I think.
Post # 3
Too good to be true!? Yes.
The Loan Officer misquoted something and thus increased the APR in the final papers so we didn’t go through with it. Just didn’t work out AND I figured out I’m losing out money we already paid into mortgage last year and another year of payments that is added on to our mortgage at the end. Soooo NOT worth it when I did the math. Why doesn’t anyone tell us these things? I am one to do my financial research….but never realized this until yesterday.
I’m glad we figured it out ahead of time and I will not be pursuing this again with hubby. I’ll just shut up and keep throwing our extra $$ to pay it off earlier than later and save on interest that way.
Post # 4
Glad you figured this out before you signed anything!