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!
Refi schedule
August 2nd, 2020 at 04:20 pm
August 2nd, 2020 at 07:44 pm 1596397497
August 3rd, 2020 at 04:11 am 1596427891
August 3rd, 2020 at 04:39 pm 1596472757