Main home refihance update.
1. 5/1 arm 5.375%.. 2 points. they accepted my old appraisal and are submitting to underwriter now news late next week on approval . if approved should be able to close SUPER FAST
*that is my 2nd choice**
2. 3.625 15 year conventional loan, has been with underwriter a week.. still with underwriter.. they are currently pending for some official documents from the DuPage recorder of deeds that lists the actual date the transfer of the foreclosed homes happened.. when they got out of my name. I assume they need thsi to verify the foreclosure occurred AFTER my BK which it did. Fingers crossed. also shouold have news on this next week. If this goes through I will leap up and down and be done. The loan up top requires me to refinance again in a few years. I want to be done w that. I have a chance of qualifiying for conventional as a new rule came out that if you bankrupted out of homes that were later foreclosed you use the BK date to start your waiting period not the foreclosure date. With extentuating circumstances I fit this.
5/1 arm payment is $2500 w taxes and insurance
15 year arm is $3100 w taxes and insurance
These #s are rounded UP and are a little higher than quoted
I pay now $2970 withOUT taxes and insurance.
Onward. Praying for a loan soon!! (and a closer or work at home job)
Main home refinance update