“Loan Started in March, Transaction Took 10 Months to Close”

I wasn’t sure that this refinance was ever going to get done, but I was on a mission. First, one of them lost their job, but rehired after 3 months. The hoop that you have to go through after a job lose, the original lender didn’t want to do the loan, so we switched to a different lender. This part took 5 months.

Second, when the appraisal was done, it turned out that part of the property was in a flood zone. Once this was discovered, they decided they were not going to pay flood insurance, but after weeks of this they decided they would spend the $390 for the flood insurance policy. Again, this took 5 months.

When we got the refinance completed, two mortgages were paid off, one at 7.25% and the other at 8.99%, plus $60,000 in credit cards. The overall saving $2,200; would you trade a $390 flood insurance policy to save $2,200?

None of the reasons matter, they got the refinanced accomplished and are now paying 4.5%. I love what I do for a living.