the refi game

For those of you following the saga of our little corner of God's Green Earth, here's the latest good news from our broker, "This loan does not have a pre-payment penalty, so you are free to pay it down or refinance again at any time. The only catch is that it is only locked for 30 days and this lender is getting bombarded with loans due to
their very competitive rate for their
Mortgages. So, I have gone ahead and ordered the appraisal and title. You should be hearing from the appraisal firm shortly.

Please schedule the most convenient time for one of you to let them into the home."

I guess we will also have to sign a 4506-T form which authorizes the lender to pull a copy of your tax returns in the event of a default. Other than that, it looks like we have already submitted everything we needed to in order to proceed, plus if rates come down even further between now and the time we close, we supposedly can always switch to a different lender at that point.

Seems like an awful lot of paperwork to change lenders but I guess saving $300 a month (or more accurately paying down an extra $300 each month) is a good thing. Funny how a small change can end up being a big deal. The magic of compound interest at work!