EDMOND — Wells Fargo Home Mortgage, all is forgiven.
It took almost six months, but you came through with my home refinance — thanks to local folks, home mortgage consultants Chad Caplinger and John Snodgrass in Oklahoma City, at 9604 N May Ave., and Allison Stafford, loan document specialist at the Edmond office.
No thanks to faceless Geoff M. in San Francisco, or John C. in Des Moines, Iowa, or a woman I dealt with on the phone who was somewhere in the ether, I guess.
Recall, y'all, that I started trying to refi on Nov. 2 last year — an ordeal documented here in five installments. This is the sixth and final chapter, and it's a happy one.
It was no one person's fault that the first attempt, online and by phone, failed. My wife, Dolores, and I were trying to refi in a way so we could pay off the second mortgage and get some cash to do some fix-ups around the house. No doubt, there is equity in the place to have done so. No doubt, tightened lending standards and the stresses of life made it impossible.
It took until after the first of the year to find out. Nope. Huh-uh.
“Excessive obligations in relation to income,” Wells Fargo said. “Well, yeah,” I thought.
And I wrote here Jan. 19: “If you did the math, you saw that making the loan would enable me to pay off the second mortgage ... eliminating a big chunk of monthly debt. And you saw that refinancing from a mortgage at 6.5 percent to a new one at 3.5 percent — the one you teased me with — would reduce my monthly obligations even more.
“In other words: My situation, while not ideal, was not that bad, considering; and refinancing would have improved my situation as a borrower, therefore improving your situation as a lender.”
Nothin' doing, though.
Over the next few weeks came offers from other lenders to take a stab at it. But I realized that trying to get cash out, even to pay off the second, wasn't going to happen — and then someone suggested an FHA Streamline refinance.
A couple of local lenders declined, even though the law, as I understand it, says the refis, available only for certain Federal Housing Administration-backed mortgages, can be made regardless of credit history — the lenders are not supposed to even look at your credit — if certain other criteria are met, and we met them.
Plus: no appraisal is required and there is no verification of job, income or credit. Seriously. Read about here at Dan Green's The Mortgage Reports blog: tinyurl.com/DanGreenFHAStreamline.
At any rate, we went back to Wells Fargo, this time to the local office at 9604 N May, and asked about it.
“Be glad to,” John Snodgrass said, or something close. “Sure thing,” Chad Caplinger said, more or less. That was a few days before Valentine's Day. Allison Stafford, in the Edmond office, answered a few panicky emails from me over the ensuing weeks. Oklahoma Employees Credit Union was happy to subrogate the second mortgage, for $200 (hey, everybody charges).
Dolores and I signed on numerous dotted lines Wednesday at closing, at Oklahoma City Abstract & Title Co. at 50 Penn Place, thank you Mickey Talbert, manager and escrow officer.
The only hitch? A mad dash to Wichita Falls, Texas, and back one day, to the county courthouse for a new, official copy of our marriage license, since we — neither of us, thank you — could find the original.
All of which is to say, finally: All's well that ends Wells Fargo.