I've been trying to do a cash out refi with no escrow. The rate given me was 3.5% with closing costs about $4k. I was planning on using the cash to pay of a second home. If it is approved I will save me $500 a month.
When I first talked to the mortgage company rep I told him that I had retired the first of 2012 but will be receiving voluntary termination pay for 2 years as well as my pension. He said that the vtp probably would not be counted as income but it should be ok since this refi will decrease my monthly debt by $500.
Last Friday he calls me to ask if I can make another car payment in order improve my debt to income ratio. I said that I can pay off the car if needed but he said no, one more payment is all that is needed. I made two payments Friday evening, just to make sure.
Today the asks if my wife has applied for ss yet. She is 62 and I had mentioned that she might apply for it. I told him that right now we didn't want her to draw ss. I said is there a problem with our debt to income ratio and he said yes. I reminded our first conversation about this refi decreasing our monthly debt and he admitted the he was incorrect. Tomorrow I'll remind him of our talk last Friday about the extra car payment. I'm sure he'll apologize for that also.
I've paid $450 for the appraisal that I might lose if I go to another mortgage company. Is this true or will another mortgage company accept this appraisal?
Will another mortgage company figure my debt to income ratio differently?
I asked him if I didn't do a cash out and used savings to pay off the mortgage of our second home would that help. He said that would be Plan B, after my wife drawing ss.
What do you think about my two questions?
Also, just had to vent, sorry.