Final main home refinance outcome.
Conventional was denied for now. Everything approved (income, credit, extenuating circumstances) but the fact that I converted by chapter 13 bankruptcy to a chapter 7 counts as 2 bankruptcies and (even w extenuating circumstances) I need to wait 3 years from the BK discharge so August next year. Broker will keep all info on file and has a diary note to contact me 8/15 to just resubmit income and assets to get the final approval. 3.6 or less rate if rates do not change too much
Meanwhile.. 5/1 arm APPROVED and they are trying to close next week. rate 5.375%, amortization 30 years, 2 points
MY PLAN.. do the 5/1 arm then switch to conventional in August, 2015. Why not stay w the hard money loan until August next year? (1) even w the points/and cost rolled in the loan (balance increase) .. it is $6600 less to do the 5/1 arm for 9 months then keep my current loan (2) my current loan is being called 11/15 no extension. I do not want to get up to September and find out I can not go conventional. This loan gives me some breathing room.
All costs rolled in loan. Payment $368 LESS than what I pay now AND includes taxes and insurance. I will auto save the $368.
That last roof on that house (of the 6) is being done this weekend
Looking to sell the Tahoe next week.. pay off the Genesis and save the rest
Looking to wrap things up for year end and end strong..trying to pull as much savings out of the hat as I can
Finally calling seller to get that first deed. Asked realtor what he would estimate the SELLING price of that house would be so I have a value. he is researching
Goal w rental emergency fund is to finish this last roof and then build fund back up to $15k and leave it there..
Interview went well. I should have news tomorrow or early next week on the new job.Same rate I am at now.. Oakbrook (much closer), can wear JEANS!!, flex time and they are open to some work at home.. and contract to HIRE if I want to be hired... SOLID household name (on every corner company)
Relieved loan decision is DONE for now
Final loan outcome and interview news-good news