We are slowly but surely inching closer to our closing date! We got all of our loan documents from the mortgage company-but they just looked wrong. They have us down for a one year loan, with a balloon payment due on the 13th month. What?? That is nuts? Yes, we wanted to re-finance within a year, but still--where is the normal mortgage stuff? The APR was slightly off, the taxes and insurance were wrong...it was just really crazy to me.
My husband sat down with our realtor, and surprisingly he was able to explain everything just perfectly. I'm still not thrilled about the balloon payment, and I really don't get the .4% added to the interest rate--but everything seems to be in order. So with everything still a go--we should be closing in 3 short weeks!!
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I hope it goes well and that you can afford to refinance in the next year, with no problems... a balloon payment in just a year sounds kind of rough! -Michelle I can be found here Smart not Cheap and here
One of a Kind Wisconsin.
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