I never knew refinancing could be such a nightmare. But then, we’ve never refinanced our home before either.
This is the only house me and my wife have ever owned and we’ve been here for 8 years now and according to all the calculations we’ll be coming out ahead.
But God it’s been a pain in the butt.
The only saving grace was finding a good local broker to handle things for us named John Moel.
Of course we read all of the articles about shopping rates to get the best deal possible. We checked out the big outfits like lending tree online. Then some others that we see advertised locally here in Louisville. I got to the point where I thought to myself “If I hear one more mortgage industry acronym I’m gonna scream”.
I mean c’mon already! How the hell should I know what the hell HELOC means? We talked to this one lady that seemed like she was more intent on impressing us with the amount of confusing acronyms she could throw at us instead of helping us borrow some money against our home.
Then when I’d stop her and politely ask… pardon my foolishness and all, but what is an ARM? She took way to much pleasure in telling me. It was as though she was seeing herself as some all knowing mortgage business oracle that was imparting special knowledge that nobody else possessed. When she told us that an ARM was an adjustable rate mortgage my wife asked her “then why didn’t you just say that”? The poor gal looked at my wife and says “oh that’s just industry lingo”. The wife informed her that she wasn’t interested in industry lingo and to please just use English. It was at that point that I knew we wouldn’t be using the nice over educated lady or her companies services.
A guy at my wife’s office suggested we call his buddy John Moel . I have to admit I was skeptical because John works from home and has in own small brokerage, and on top of that the first thing I thought when I first saw him is he looks young. But in the end I’m glad we did, and that’s why I’m plugging him here on my blog. Not only is John blessed with great genetics, he’s a very, very knowledgeable young man, and very masterful of his trade.
He actually came by to meet us and I found out he’s a military veteran like myself and could instantly tell how he took pride in having served. He quoted us numbers much better than we were getting from the big corps and banks and I also like that our money was staying local. I don’t know why I distrust large banks and corporations but I do. None of that with John. Me and the wife were totally at ease except for one thing that was bothering me so I asked John. Why don’t you use acronyms like ARM and HELOC as you’re describing your services?
He told me that he finds them annoying !! We were sold.
It’s all over now, and last weekend we had John and his young wife over for the 4th. We had a lot to celebrate.
So if you’re going to refinance the lessons I learned are to do your due diligence. Research everything thoroughly, and talk to several banks. Last but no least don’t count out your local mortgage brokers. Your best deal may be with one of them, and chances are good that somebody you know, knows one that they can recommend to you. If not and you’re here local, give John a call. Tell him Terry and Barb Mason sent you 🙂