May 30, 2009 by John P | Posted in Renting & Real Estate
I am planning to buy my first home and applying for a home loan and one of the lender said this to me
" If you take your mortgage with us and after 4 payments are made, if the at all events goes down by a .25% we will refinance you at no cost"
1) Do they really refinance at NO(zero) expense of the rates go down .25% ?
2) Are there any other charges which are hidden which lenders charge if we refinance at a later juncture when rates drop ?
Get it in script and read every single word of that, especially the fine print. It is very unseemly that they do not have a million clauses, including the right to rescind at any time.
What Are The Risks Associated With Refinancing Home Loan With A Local Lender Instead Of The Big Companies?
May 22, 2008 by MJ | Posted in Renting & Real Estate
we are in the make of refinancing our home & i recently submitted my contact info online & i'm receiving calls from many of the regional lenders, Can anybody let me know if there are any risks associated with the small companies a substitute alternatively of going with big banks like Wells fargo , BOA or WaMu ..
Thank u in headway ...
It sounds like the other woman just copied and pasted some random information from a website.
Hon there is not a risk; they all get their moneyed from the Federal Reserve. What you will be dealing with is professionalism, turn around time, and fees. If you go with a smaller ma & pop store, such as a broker or a Broker Banker, or a independant bank you are using the middleman. The Bigger banks pay these brokers a fee called a Return Spread Premium, or YSP, to submit their loans to them. The brokers generate the application; heap up the required documents outlined by the underwriter, and charge you their fees for doing so. The patch in which it takes to complete the loan application depends on the speed of the broker and you to get to them what they ask for, and the volume the bank is dealing with at the stretch your information is submitted to them. With the broker, you are more likely to receive a higher level of "exclusive" attention then you would if you went with a bigger company such as WaMu, Wells, or BOA. The middleman will shop around for you and determine the best loan program and interest rate based on your income, trust score, and loan amount, in addition to other determing information. Therefore, your chances are better for achieving what you are looking to polish off with your refinance.
With the broker, you are an individual, a person if you will. With the bigger banks, you are just a loan bevy. It could take the bigger bank several weeks to months to complete the loan process in order to get you to the closing provender. That is a risk in itself I guess. How long do you have to accomplish your refinance? If you are pressed for time due to an instant payment of a debt, you may want to go the broker route. The brokers usually recollect right away which lender to send the loan to in order to speed up the process. They have worked with their banks fo pick in most cases for years and are familiar with the individuals there who they can count on to make things become of come upon quickly. Either way the period is undetermined and relies on the factors listed above.
If you decide to go presently with a big bank, you would be only given what they have to offer. They are not going to shop around for you to find a different deal with another bank that may advantage you. If you don't take their deal and walk away, you will have to start all over with another bank. However, if you cut out the broker and go directly with a loan political appointee at the bigger bank, you will not pay the additional fees the broker would charge on top of the banks regulated fees. Therefore, you will be provident some money doing it that way when it comes to your final closing costs. If you are, doing a Coin of the realm Out Refi that could make a huge difference in your proceeds amount.
I have been a Residential Mortgage Closer for 7 years and have worked for a Brokerage Fast and 2 banks, Washington Mutual and GreenPoint Mortgage. There are benefits of doing it either way. It is all in what your expectations are and what you hanker after to accomplish. Are you looking for a lower rate? Cash out? Borrowing against your equity to pay off debts?
What ever you elect to do is up to you. You will not need to worry about risk since it all ends up in the same place in the end. The servicing rights of your loan may be sold several times and the interest classify on your note will be sold as soon as possible to Fannie Mae in the secondary market.
What Is The Different Between Loan,refinancing,home Equity?
Jul 20, 2006 by rma2ks | Posted in Renting & Real Estate
I demand to know which loan is really the best. I want to borrow about $120 gran but after looking at all the charges that loan in 30yrs will outlay me $350gran, that doesn't sound right to me.
Hey I occupied to be a loan officer for several years. This is a generic answer and may not fit your needs, however here goes. A home equity loan/assortment is a secondaray mortgage the Loan is a fixed rate product that borrows against the difference in the mortgage present and the appraisal on the property thus equalling equity. The line I wouldn't touch with a 100 foot irreconcilable it has a variable rate of interest and it has been fluctuating all over the place with all the recent changes in the market and prime have a claim to all over. On the issue of refinancing something to consider is what was the rate on your home when you got the original mortgage? If is at or around 5 percent. LEAVE IT!!! You won't see a grade like that again for quite some time. Its not worth rolling that low rate into a new mortgage to get open-mindedness out of it and thus suffer an increase of possible up to 8% depending on your loan to value in the house. Substance how much of your equity is left if you refinance. The less equity in your home means the higher of an interest rate you will welcome. Lenders are tricky and will take you for a loop if you let them. If you need additional money for whatever you are trying to fulfil and cannot come up with the cash. Listen the best way to go is a home equity Loan with a fixed rate and the slightest amount needed not a penny more. Most draws are grouped into the thousand dollar category. Gist If you need 10,100.00 you will have to take a home equity line in the amount of 15,000.00 or that is what they tell you. If you complain enough you can get the loan for the amount you difficulty only. Bankers will try to get you up to up your original draw from say 10k to 25k to get a discounted rate on interest. Don't do it. Also they try to get you to back your equity loan with a third open ended thread of credit that they tell you that it dosent have to be drawn off of. There benefit they offer is that if will waive the annual maintanince fee if you get both. Do NOT DO THIS!! People often get themselves in bad pecuniary situation they dont need to get into because of it. I have seen people say yea that would be a good thing to have in circumstance of emergency and then they end up maxing out both the equity loan and the line of credit. Remember that all three of those products are tax dedicutable ,the mortgage interest. On the refiance your payment include mortgage appraisal, tax, recording fees, loan originator fees, however on home even-handedness since it is only a secondary lien against an already preexisting mortgage offers the benefit of free apprisals and fees( with most banks) if you get 10k or more. Also no closing set someone back on a home equity loan/line and you do pay closing cost again with a refinance. The rate may be cheaper on a refinance than home objectivity but a true mortgage loan officer can recommend the correct solution if they are honest. Does the fees and closing cost equate to qualifying compared in relation to the home equity loan/line and possibly a short term higher interest deserve. Good Luck!!
Dec 14, 2008 by The Duke | Posted in Renting & Real Estate
I have a home loan with IndyMac bank since summer of last year. The interest regardless is 6.5%. My credit is good, mid 750s. I was wondering if banks (if you have this particular bank your info would be appreciated) refinance with their own known customers, and what the fees might be to do this.
And I want to refinance strictly for abetter interest rate. I have only paid off a few thousand of the loan, and I put zero down.
Yes banks do refinance their customers. But some banks have unequivocal restrictions. Also some places have a period when you cannot refinance if you just did less then a year.
fees remodel from bank to bank. Some banks don't charge a fee for their customers who have accounts with them.
Refinancing A Home Loan Do I Need To Put 20% Down Again?
May 29, 2009 by Mary C | Posted in Renting & Real Estate
With all the mortgage rates dropping, I'm in view of refinancing my home loan. Do I have to put a 20% down payment again to avoid PMI even for a refinance? My concern is that if my montly payments get debase, but now I will have to pay PMI, it might be more feasible for me to just not refinance, since it nets out to the same, and I don't plan on living at my current home for 3 more years.
It depends upon the known appraised value of your home.
If your refinance is for less than 80% of the current appraisal you probably will not call for to pay PMI or to put any $$ up to avoid PMI.
As for the advisability of refinancing if you are only going to live there for 3 years.. take into account the costs implicated in refinancing.
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Get it in script and read every single word of that, especially the fine print. It is very unseemly that they do not have a million clauses, including the right to rescind at any time.
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