Ugh.
So in a matter of days, the broker went from saying "this refi will cost you less than nothing" to "you might need to write a check at closing but we'd tear it up once property taxes were paid" to "you need to bring $5400 to closing but it'll be refunded within 2 weeks" to "well, they have 30 days to send the check but usually they do it within 2 weeks."
Long story short, the closing went through tonight (they brought the papers to our home to sign, so that was something), but we'll need to wire some money to the title company by Tuesday. Probably $5400 but could be more like $3000 if first-half property taxes reach the county by Tuesday morning.
Of course, having just gone through an expensive closing and paid off the promissory note, we don't have that much in checking. So it looks like unless AS gets a couple of the big checks by Monday, we are going to have to take a short-term reserve line advance.
It looks like, worst case scenario (we have to pay the $5400, AS doesn't get any checks, and we don't get the refund for 3 weeks) we'd have to borrow $3850. We could pay back $1650 of it a couple days later, when we get paid 4/30. If we still don't have the refund or any of AS's checks, we could pay off the rest after our 5/15 paychecks hit.
So not a big deal, couple bucks of interest at most. Still, ugh.
The closing lady knew nothing about our relationship situation and kept saying it was amazing three friends were able to buy a home together and not want to kill each other. :-/ We didn't bother trying to explain, just signed all the papers and said all the right things to get the closing done fast.
Our new mortgage payment is a little less than $2800, so $400+ less than our old payment. We got $3K added to the principal, which I'm not crazy about, but with how much we're saving per month, it's worth it.
So, not quite out of the woods in terms of crazy financial wranglings, but one step closer. (Even though new steps keep getting added, the finish line seems closer now that the refi is signed.)
No checks have come in for AS for a while, but she keeps booking work. At some point there's going to be a flood of checks coming in!
One more wrinkle, more annoying than anything
April 25th, 2015 at 01:53 am
April 25th, 2015 at 02:35 am 1429929314
April 25th, 2015 at 03:18 am 1429931937
April 25th, 2015 at 04:03 am 1429934632
AS did say, "let's not work with him again." She's right. I don't know if others would be any better given our strange circumstances, but if we ever see another good refi opportunity, I think we'll try a different broker and see if the process is any better than it was with this guy.
April 25th, 2015 at 11:53 am 1429962795
I was ready to wag my finger at you and tell you not to worry about "one more wrinkle." Lord knows I have plenty.
April 25th, 2015 at 02:16 pm 1429971378
April 25th, 2015 at 05:39 pm 1429983593
April 26th, 2015 at 05:25 am 1430025938
April 28th, 2015 at 04:19 am 1430194790
The social media is a very effective tool to let consumers know they need to give this agent and the firm he represents a miss unless they want to be mired in endless problems that can cost serious penalties when least expected.