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Oklahoma home refinancing saga: All's well that ends Wells Fargo

FHA Streamline refinance program was the perfect antidote to my Edmond mortgage refi blues.
BY RICHARD MIZE Published: April 13, 2013

— 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.

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