I locked in our refinance rate in the first week of January. We had the appraisal done the following week. I called the bank to find out when our settlement would be occurring so that I can gather the necessary funds. They told me that settlement would probably occur in April!!! So much for getting nearly a year's worth of lower interest expense in '09. I guess the good news is that I have longer to save up for our closing costs...
The slowest refinance ever....
February 1st, 2009 at 06:48 pm
February 1st, 2009 at 07:27 pm 1233516464
Of course, in that case we were refinancing to borrow the down payment on our second home. So in the end it was a waste of a refi because we sold the home the day after we got the money (few months after the house was bought) and it was just a nightmare. They had told us it would take 3 weeks, and then turned into 4 months somehow. (Of course what is scary if they tell you 4 months - either they are exceptionally honest or maybe it will take longer???)
I'd look on the bright side - time to save up the costs.
February 18th, 2009 at 05:20 am 1234934447
October 1st, 2009 at 01:47 am 1254361654