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Approved by Orange!

November 17th, 2010 at 12:41 am

I've been approved for a 5/1 ARM at 3.125%. This will cut my current mortgage payment by $300 and includes free bi-monthly payments so I will not be paying the usual extra $100 to principle....so make that $400 a month in savings. It is a relief. I tried to refinance with Citibank, my current mortgage holder but the guy I usually work with was dragging his feet and insinuating that I would not be approved by the underwriting department. Understandable since the rate I have with Citibank is 5.25%. They don't want to lose that rate. His last offer was 3.375. Almost forgot, ING is also giving $1,000 off closing costs. And this is with a substantial HELOC that I am not paying off, 2 car loans, an 8k credit card balance and 45K in PLUS loans. Alot of debt but an excellent payment record. I'm so psyched!!! Haven't accepted yet as I have to wait for the good faith estimate on closing costs. But I feel like I can breathe easier. My health insurance costs have gone up (thank you Mr. Obama) and another round of PLUS college loan repayments will begin early next year. So Yippee is
all I can say!

2 Responses to “Approved by Orange!”

  1. campfrugal Says:

    I Love It.

  2. Jerry Says:

    I'm so glad that you can kiss that lousy customer service goodbye and that it will lead to substantial savings for you! That is tough about the health insurance increase, but at least you can manage it with this great news. Good luck!
    Jerry

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