I purchased a foreclosure property from Washtenaw county's tax auction last July with the intention of renovating and refinancing the property once the repairs were complete. I started working with Huron Valley Financial early in the process and was told that I'd have to wait 6 months before I could refi. After six months had passed and the renovation was almost complete I went back to the same lender and began a two-month long process submitting documents and forms to qualify for the loan, only to find out at the very end that the lender now wanted me to wait another 6 months to make a full 12 month seasoning period. I was utterly shocked at the careless and lack of professionalism of HVF. The appraisal I had paid for was lost and the low interest rate I had locked was about to expire.
Starting from scratch, I started calling other local area lenders asking the same question "can you do a cash out re-fi with a 6-month seasoning period". Most lenders were clueless and couldn't even answer the question. After 4 or 5 lenders were unable to help me, I made a call to Ann Arbor Mortgage and spoke with Mike Petchell. After a 15-minute conversation I felt totally reassured that I was in good hands with an experienced and extremely knowledgeable closer. He said with confidence that he could close my loan in 30 days.
The whole process with Ann Arbor Mortgage was flawless, which says a lot considering the nature of my loan....a tax forceclosure, purchased with private equity, rehabbed, now appraising at 2.5 times the purchase price, and I was asking for 80% of that back in cash. Mike was always prompt in returning my phone calls and emails, and kept me up to date throughout the process. After many emails, signatures, and letters of explanation, we had a clear-to-close from the underwriters....all within 30 days. A few days later I signed all the documents at Liberty Title and it was a done deal!
I can't say enough good things about my experience with Ann Arbor Mortgage. They are smart, efficient, professional, and have excellent customer service. I would highly recommend them to anyone considering purchasing or refinancing a home. read more