Fed up with this damn re-finance

[SineSwiper]

This is my reply to their "Conventional Commitment Letter", which we have both signed and dated as requested. I've removed personal information for our protection, but you get the point.

Date: January 16, 2013
RE: Conventional Commitment Letter

In response to the "Conventional Commitment Letter", we have been asked to address several items, shown below. Required items are in bold, and the responses are indented below them.

1. SineSwiper to provide Letter, signed and dated by both borrowers regarding payments shown on bank statements: Chase XXXX.XX
o This is a credit card payment to pay off the Chase Credit Card, with numbers ending in XXXX.

2. SineSwiper to provide Letter, signed and dated by both borrowers regarding payments shown on bank statements: Frontier Foundation
o This is a donation sent to the Electronic Frontier Foundation, a 501 (c) (3) nonprofit organization. Their tax ID number is 04-3091431.

3. SineSwiper to provide Letter, signed and dated by both borrowers regarding payments shown on bank statements: Lowes XXXX.XX 10/30
o This is a credit card payment to pay off the Lowe’s Credit Card, with numbers ending in XXXXXX-X.

4. SineSwiper to provide Letter, signed and dated by both borrowers regarding payments shown on bank statements: Hometown Hauling
o This is payment to the garbage collector, who takes our garbage on Tuesday morning (usually around 6AM) and hauls it off to the landfill. Without these payments, the garbage collector would no longer come to our house.

5. Also, explain why Ally and Toyota payments are shown twice each month.
o These are paid half of their monthly payment every two weeks for the same reason why the Wells Fargo loan and almost every other payment is made in the same interval: we try to split up expenses on the same cycle as our paychecks. This makes cash flow and expenses more consistent, as well as add an extra one month payment throughout the year to pay off principal from loans.

6. Customer to provide documentation verifying source of large deposit in Chase Checking Account.
o This has already been provided in the form of a copy of the image of the check deposited to the Chase account, showing the source of the deposit.

7. Customer to provide written explanation for Non Sufficient Fund charges ( NSF) reflected on account statement from Chase for Checking Account.
o There was not enough money in the account by the time the next paycheck was deposited. We apologize for the inconvenience this has caused. Hopefully, the occurrence of these incidents will be greatly reduced when we will receive a net reduction in our home loan payment.

8. SineSwiper to provide Letter, signed and dated by both borrowers, regarding derogatory credit shown on credit report
o Given that the Lowe’s Credit Card doesn’t always have a balance, we must have forgotten to turn on online payment when it did have a balance. We were surprised that they decided to report a single lapse in payment to the credit agencies.
 
9. SineSwiper to provide Copy of current Lowe’s statement showing payment and balance
o Unfortunately, Lowe’s doesn’t seem to issue new statements after the credit card has been paid off, including the statement showing the $0 balance. Furthermore, I have received word that the statement will be provide to me within "7-10 business days".

However, I have attached a copy of the web page showing the Account Summary, including the zero balance on the credit card.

10. SineSwiper to provide Letter, signed and dated by both borrowers, regarding additional addresses shown on credit report: XXXX Some Fancy Wy #X; XXX Foobar Ave;
o We, like many people who are in their 30s, have moved out of our parent’s house and rented other places we call "Home". In our case, the Some Fancy Wy apartment was where we lived for a time. We then moved to a rental house on Foobar Ave, before deciding to move to our current location on Podunk Dr. We have lived there (and made payments on the home loan) since 2004.










We affirm that the information contained herein is true, correct, and complete, to the best of our knowledge and belief.


________________________________________ ______________
SineSwiper Date


________________________________________ ______________
Seraphina Date

[kali o.]

I can't speak to the US, but lending has tightened up significantly over the last year in Canada. I have some money floating out there for private lending, and that's been my main source of income the last year. The degree in which you need to jump through stupid hoops (like you outlined) is largely dictated by the lender -- I have always found RBC ridiculously easy to deal with (probably not an option for you, but for fellow Canadians). Whether we are talking line of credits, refinance, etc, they are still pretty loose.

As a personal recommendation to you (and anyone else) -- do whatever you can to wipe your credit debt to zero over the next few years. All the warning signs are there and interest rates can only be artificially held low for so long. Don't let yourself end up in an unmanageable scenario.

[SineSwiper]

Getting my house was 100 times easier than doing this refinance. So was all of the different car loans we've had over the years. I pay my mortgage on time and even pay off extra each year. I don't understand why getting a LOWER rate than what I'm doing now is any more a risk than what I'm already paying off. If my loan gets rejected, then I would still be paying MORE than what I'm trying to get, which would be a HIGHER risk than just accepting the loan.

I think this shit is a delay tactic to keep me on this interest rate for as long as possible. I should have refinanced with a different lender than with who I have now. They would have been tripping over themselves to get my loan.