We went to closing to refinance our house today. I wish I could say it went well, but whenever we go to any type of closing it rarely goes smoothly.
We got a really good rate for a 20 year refi, 4.125 percent fixed for 20 years, down from the 6 percent fixed rate we got 8 years ago for 30 years. Also, we're saving 2 years of financing. We have really good credit ratings and equity in the house. You'd think this would be smooth sailing, huh?
Our first indication that this was going to be bad was we got a phone call on the way to the closing from the title company letting us know that we needed money for closing. What? We were on the way and that's when they thought it was a good time to bring it up? I was told the only out-of-pocket expense would be the home appraisal, which I paid weeks ago. Then, on the way they tell us we are going to need more than $3,000! It didn't really seem like this refinance was actually going to happen.
Anyway, we arrived at the credit union anyway, and after lots of back and forth, redoing the paperwork and a lunch break, we finally did get the papers signed without the out-of-pocket expenses.
We've had worse closings. When we bought a house in Maryland once, the owner hadn't finished moving out and threatened to not sell. We had all of our furniture on a truck ready to move in. That was stressful.
