Mortgage guy called and said that Wells Fargo edited their DU Software to allow for unlimited LTV. I went into the office today and I was approved at unlimited LTV.
I decided to go with a 15 year mortgage refinance, and my rate was locked in at 3.875%. I am currently paying 6.50% on a 30 year mortgage so my new monthly payment is roughly the same as my current 30 year payment. I am also taking my mom off the mortgage, which is worth its weight in gold knowing that the condo is in my name only, and that she is no longer responsible for it.
I decided to go with the 15 year mortgage because I am shaving 10 years off my current mortgage, and 15 years off what would have been a 30 year refinance. I am saving myself thousands of dollars in interest, and paying down principal at a much faster rate.
I think I am scheduled to close on this loan around May 15th. I will keep you updated.
Tuesday, April 10, 2012
Posted by Chris at 12:35 PM