success – refinanced! (finally)

After 6 months of trying, we finally closed today on a refinance!  We thought we had a great rate a few years ago when I bought the house during the $8000 government sponsored first time homebuyers credit, but interest rates had dropped and I was able to snag a more-than-1% drop in my rate!  More details later, but I thought I’d briefly share a few thoughts on the process:

Don’t expect to be given information in a timely fashion.  We got our closing date about a week beforehand, and didn’t get our HUD statement (the final numbers for the loan) until this morning.

Read EVERYTHING with a fine tooth comb.  Don’t be afraid all of the agents and other people at closing will be mad at you for taking so long (although the sellers at my first closing were!), this is a binding legal document you are signing and you want to make sure you understand and agree with what you are signing….which brings me to the next point:

– Expect to make changes.  When you are going over the documents line by line, you will most likely have questions about where a certain number came from, or what a term means.  ASK!  Double check everything!  We found several errors, from the term of the loan to misspellings to incorrect fees.  A small typo could mean problems when the deed is recorded, etc etc.

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