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Appraisal is no abstraction when it's my Oklahoma home

Oklahoman finds it takes an impressive stack of documents to apply for a mortgage interest rate reduction.
by Richard Mize Published: November 17, 2012

And, the HUD Addendum to Residential Mortgage Loan Application, Truth-in-Lending Disclosure, Good Faith Estimate of Settlement Costs, Loan Profile Information, Privacy Policy, Property Insurance Requirements, Mortgage Product Guide, Disclosure Booklet, Buying Your Home: Settlement Costs and Helpful Information and Consumer Handbook About Adjustable-Rate Mortgages.

That last one is a riot. Adjustable rate? No way, no how. Life is uncertain enough.

It really wasn't as bad as it looks. In fact, it seems like the documents were clearer and easier to understand than the last time we refinanced, 10 years ago. But I wasn't going to let Geoff, or Unknown, rush me — not even in the quest for a rate drop from 6½ percent to 3¼. (For historical purposes, kids: We got a first-time buyer mortgage at 9 percent interest in 1999.)

On Thursday, Unknown called back to let me know that Wells Fargo had received everything required to go forward. In 20 to 25 days, she said, the loan processing department would be in touch to get us toward closing on or before Jan. 31.

Meanwhile, like so many others before us, my wife and are praying, sending good karma and happy thoughts to the skies in hopes of an appraisal that hits or surpasses the mark we need to do what we want to do. I'll keep y'all posted.

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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