1 last refinancing question....for now!!
Ok, wife talked to the Suntrust mortgage officer today! We thought everything was pretty much settled on Friday,then a big hiccup today: On Suntrusts refinancing paperwork, it states that one must keep the refinanced home for a period of one year! Well that doesn't really work for us as 1 plan calls for us to refinance the condo (in VA) and then buy a house in MD sometime in early 2010. The Suntrust loan guy stated we could just "ignore" that clause. it would NOT be striked off the contract, but he stated how would they (suntrust) know as long as we juts paid the mortgage on time each month? yes, sounds a bit sketchy,lol And is it common that when one refinances that they put those terms (of residence for a period of time) in the contract???
Thanks again, and yes we are considering just selling the condo, BUT if we could refinance the condo to a 5/1 arm we would break even or even make a tiny bit of $$$$ (and yes that includes prop taxes, condo fees) So we are considering all options. thanks