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Refi schedule

August 2nd, 2020 at 04:20 pm

We are hopefully nearing the end of the refi...this has been the least stressful one I've ever experienced. The AIMloan people are very responsive and clear, and also we have so much money in savings that it hasn't freaked me out when the closing costs kept ballooning.

The cost from the lenders has stayed steady but somehow we're having to pay 12 months of homeowner insurance, 6 months of property tax, plus put 4 months' worth of each into the escrow. So rather than the $2400 I was expecting, I've initiated a wire transfer for $11,759.72!

I've saved up about $4K to cover this, and we can float the rest for a couple months while I see how much we get refunded from our current mortgage company. I'm thinking our August mortgage payment will pretty much get fully refunded plus whatever we have in our escrow there, but since I really really don't understand mortgage math, I'm not going to speculate too much.

Also, once the new mortgage starts up, it'll be $300 less per month, so that will help us make up the difference. Worse comes to worst, we have plenty of money set aside for the kitchen reno and who knows when that'll actually start up.

So anyway, the wire transfer should be completed Monday, and our signing is Wednesday. We don't actually have an appointment but the AIMloan rep says they'll assign us a notary, so I assume we'll hear from them and we'll set up a time for them to come over.

After that I don't know how long it'll take for everything else to finish up, but AIM has been good about communicating each step, so I'm fairly confident they'll guide me through the last few bits. Fingers crossed!

3 Responses to “Refi schedule”

  1. rob62521 Says:

    Hope it all goes smoothly!

  2. mumof2 Says:

    I would be asking why you are having to pay so much up front it shouldn't be ballooning so much...they should have told you up front the costs...hope it all gets settled soon

  3. ceejay74 Says:

    Well, I think a lot of it has to do with the timing of the due dates for our insurance and taxes...I scoured the breakdown of costs and they're definitely not taking more than they said they would; all of the additional costs are insurance/tax/escrow. I'll never quite understand mortgage math but I do understand my budget, so I'm keeping a record of actual expenses and savings related to this process. At some point when I've gotten any and all refunds from my old mortgage company I'll be able to see the "real" impact on my budget and estimate how long it'll take for the refi to pay for itself in that regard. It might come out all right in the end; it's just a lot upfront that I'm very happy I had enough savings for.

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