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We've refinanced with Quicken Loans!
Hi all! It's been a few months since I've been around, but wanted to share some exciting financial happenings in our household.
Well, my husband and I are 25/26 years old and purchased our home with a no-doc loan in March of 2006 during the height of the "lending-to-everyone" period. We based our purchase limit on just his income since we knew we'd have children within the next 2 years (which, we did, and I'm now a SAHM), and we were able to secure a 100% financing 30 year fixed.
The only bad part of the deal was that our interest rate was 8.99%. No biggie...we just figured we'd refinance in the future. We plan on raising our children in this home (so we'll be here for quite a while) and if we ever did move, we wouldn't sell...we'd just turn it into rental property (we could easily get 60% more in rent over our mortgage payment).
And guess what? We finally made that leap to refinance.
In early December, I started googling for refi information, not really planning to do anything and thinking that it would probably be hard to get a loan at this time. Anyway, I took a chance though and applied to Bank of America and Quicken Loans that night, and by 10 am the next morning a live rep from Quicken Loans had called me to initiate the loan process.
To make a short story even shorter, by 2 pm that same afternoon, they had my earnest money in holding and all of my paperwork (our income statements, W2's, etc) had been faxed off, and much of the paperwork they needed had been signed electronically online.
Two weeks later, a local lawyer was sitting in our living room performing the closing on our refinance!
We secured a 5.125% fixed rate 15 year loan!! Our new payment is ONLY $51 more than our old payment - and that includes PMI.
When PMI is paid off in 2 years, our payment will drop by $29/mo!
So now my husband and I will have our home paid off just before we're both 40 years old. Our son, who is 8 months old right now, will be living in a paid off home by the time he enters high school. That's a HUGE "mental" difference than not having it paid off until he's 28 (which was the case in our first loan).
Anyway, I can't say enough good things about Quicken Loans. Just the thought of refinancing had me shakin' in my wallet before, but they made it sooo easy. It was as if they were trying to throw money at us too...made us kinda wonder if they had received some government money and were told to give it away? lol. I dunno, but I'm extremely happy with everything.
And it's really exciting to realized each day that that dreaded refi is a month behind me now!
Well, my husband and I are 25/26 years old and purchased our home with a no-doc loan in March of 2006 during the height of the "lending-to-everyone" period. We based our purchase limit on just his income since we knew we'd have children within the next 2 years (which, we did, and I'm now a SAHM), and we were able to secure a 100% financing 30 year fixed.
The only bad part of the deal was that our interest rate was 8.99%. No biggie...we just figured we'd refinance in the future. We plan on raising our children in this home (so we'll be here for quite a while) and if we ever did move, we wouldn't sell...we'd just turn it into rental property (we could easily get 60% more in rent over our mortgage payment).
And guess what? We finally made that leap to refinance.
In early December, I started googling for refi information, not really planning to do anything and thinking that it would probably be hard to get a loan at this time. Anyway, I took a chance though and applied to Bank of America and Quicken Loans that night, and by 10 am the next morning a live rep from Quicken Loans had called me to initiate the loan process.To make a short story even shorter, by 2 pm that same afternoon, they had my earnest money in holding and all of my paperwork (our income statements, W2's, etc) had been faxed off, and much of the paperwork they needed had been signed electronically online.
Two weeks later, a local lawyer was sitting in our living room performing the closing on our refinance!
We secured a 5.125% fixed rate 15 year loan!! Our new payment is ONLY $51 more than our old payment - and that includes PMI.
When PMI is paid off in 2 years, our payment will drop by $29/mo! So now my husband and I will have our home paid off just before we're both 40 years old. Our son, who is 8 months old right now, will be living in a paid off home by the time he enters high school. That's a HUGE "mental" difference than not having it paid off until he's 28 (which was the case in our first loan).
Anyway, I can't say enough good things about Quicken Loans. Just the thought of refinancing had me shakin' in my wallet before, but they made it sooo easy. It was as if they were trying to throw money at us too...made us kinda wonder if they had received some government money and were told to give it away? lol. I dunno, but I'm extremely happy with everything.
And it's really exciting to realized each day that that dreaded refi is a month behind me now!
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