http://nwwayoflife.com/2009/11/21/the-path/ Bellingham, WA -- Every Adventure Begins at Home! Wed, 10 Mar 2010 13:13:41 -0800 http://wordpress.org/?v=2.8.4 hourly 1 http://nwwayoflife.com/2009/11/21/the-path/comment-page-1/#comment-244 Alex Thu, 26 Nov 2009 00:45:59 +0000 http://nwwayoflife.com/?p=1020#comment-244 NOT the path; Found a good interest rate for a refi via an advertisement on a well-known real estate site, called around and checked more on-line sites and the advertiser's rates and fees still were very competitive, so I commenced the paperchase. They claimed that most of their loans closed in 12 days. I got a verbal confirmation of a lock and the broker ordered the appraisal. After the appraisal came in, I was asked to lock again(?) The broker stated that it was policy there not to lock until the appraisals were in. Since I had already paid for the appraisal, I was over the barrel for $500 and had to eat the 1/4% higher interest rate that was currently offerred. On top of this, I was subjected to a long-winded hassle for documentation that ran almost two months to underwriting. In contrast, The house we're in now closed in 9 days via Bank Of The Pacific. Had this process been in pursuit of a hot property, my penny-wise and pound-simple ways would have cost me the sale. Lesson learned. NOT the path;
Found a good interest rate for a refi via an advertisement on a well-known real estate site, called around and checked more on-line sites and the advertiser’s rates and fees still were very competitive, so I commenced the paperchase. They claimed that most of their loans closed in 12 days. I got a verbal confirmation of a lock and the broker ordered the appraisal. After the appraisal came in, I was asked to lock again(?)
The broker stated that it was policy there not to lock until the appraisals were in. Since I had already paid for the appraisal, I was over the barrel for $500 and had to eat the 1/4% higher interest rate that was currently offerred. On top of this, I was subjected to a long-winded hassle for documentation that ran almost two months to underwriting.
In contrast, The house we’re in now closed in 9 days via Bank Of The Pacific.
Had this process been in pursuit of a hot property, my penny-wise and pound-simple ways would have cost me the sale.
Lesson learned.

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