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My online mortgage refi in Oklahoma proceeds in Iowa

This Edmond homeowner discovers the digital world has changed the steps for refinancing a mortgage.
by Richard Mize Published: December 15, 2012

None of which makes any sense whatsoever. For crying out loud, I have worked as a multimedia journalist ever since media went multi! But this refi is not work — except for these updates — and all the decisions, and hope, and potential disappointment and trauma of this process is anchored in my analog thinking and personal experience. We bought the house in 1999, and we last refinanced in 2001 and every bit of it was on paper.

I am just an old analog dog, although this refi is letting the dog out — barking.

Heh. It took one phone call, one walk down to the HR department for the W2s, and one co-worker to remind me how to use the fax machine, to get them to John C. And it took one phone call to a nice lady at my student loan servicer in Wisconsin who walked me through how to get a copy of the right document, which I then emailed to him. It took 20 minutes. Heh.

But first John C. started on about the second mortgage and how they're going to have to words words words subordinate mortgage words words words lien word words words — and a lot of it got past me at first.

Huh? Not because I don't know that the second mortgage holder would have to sign an agreement to subordinate its lien to the new mortgage — and probably would not, derailing the whole deal — but because I do know that, but one of the reasons for refinancing in the first place is to pay the second mortgage off.

“Oh,” John C. said. “That makes it easier.”

“Yes, yes, it does,” I said.

Meanwhile, I keep holding my breath, hoping for the best from an appraisal, which is yet to be scheduled. It may never be scheduled. That's in the hands of the Wells Fargo Home Mortgage loan processing department. I'll keep you posted, pain or gain.

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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