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- robandregina
- Contributions:78
oops, 261k loan, 275k recent appraisal.
- MORTGAGE OPERATOR
- Contributions:2081
Please provide the following:
state and county
Property: primary home, investment or 2nd home
Type: Single Family, TownHome or Condo
Income: Self employeed or employeed
Provide income verification: yes or no
- MORTGAGE OPERATOR
- Contributions:2081
loan balance
cashout: yes or no
- Michael Gilbert, "BestAPR"
- Contributions:43
- MORTGAGE OPERATOR
- Contributions:2081
or just send a Rate request on the Zillow mortgage area...
- robandregina
- Contributions:78
I just did rate quotes. But not with the above numbers of LTV .
Amerisave:
State:WA location:Kitsap County
Single family
living in
employed
can verify income
mid 700's credit rating
loan balance approx. 255k
have VA certificate 1st time user of benefit
will pay mortgage insurance and taxes out of own escrow
- Rob Cochems
- Contributions:3523
def. go with fha or VA financing- no choice really at the high LTV.
- robandregina
- Contributions:78
Hi Rob, I know the DTI is high, but that's what it is. No lates on any payments of anything, no collectors.
WA State
- robandregina
- Contributions:78
hi jennifer,
yep, that's what I was told and broker is looking for. Now I need a lender with open arms.
it shouldn't be a problem... government financing is the new wave catch-all... there are perks to it, especially VA... so, learn the subtle differences, and pick the one that's right for you. ;)
- robandregina
- Contributions:78
Just trying to find that lender... I know VA is best. Have VA appraisal, just looking for that lender
- Rob Cochems
- Contributions:3523
Regina,
If you would like to, you can email me, and when I am in the office tomorrow, I will go over everything with you...if I can't do it I might be able to refer you to a company that can.
- Geoff Cochems, "gcochems"
- Contributions:1055
Is it just me or are Amerisave's rate's and cost's up there a bit?
I havent read anything that would lead me to believe there is a 'benefit to borrower' stipulated.
This is very important.
RobandRegina:
Why are you refinancing? What rate do you have now ?
- Geoff Cochems, "gcochems"
- Contributions:1055
I don't sell the beat or match thing I offer a fair fee for my service from the beginning. Right now I have 6.75 paying 102 or so...if I charged that on this size loan my lender fee's would be significantly less. I saw another post from another Amerisave LO offering 6.75 (on a similar sized loan) with one point discount on a Fannie loan with no adjustments recently so I thought it might be a pattern...I don't know how your pricing works, for all I know you have in house rate sheets so maybe you are offering a fair fee for your service as well. No worries
- Geoff Cochems, "gcochems"
- Contributions:1055
Nothing wrong with touting it at all...I was a lending tree lender for a long time, and many survive that way...just not my cup of tea. I prefer to offer a good deal from the get go...if someone beats me, well good on them. If someone is offering an "honest" better deal than I, I'll be the first one to tell the client
- robandregina
- Contributions:78
I was looking to a possible cash out, but want to roll all costs into loan and it leaves nothing for a cash out.
My reason for refi is simple. Had a 2 yr ARM, it adjusts from 5.99 to 8.374 I believe it is on the 1st, causing mortgage pmt to shoot up $400, and 6 months after that. We didn't plan on staying past 2 years, but we got an early payoff penality if we did. So changed the plan, and know for a fact 3 years is our max in the home, so an ARM works best, but it can't have any EPOP's attached.
- Rob Cochems
- Contributions:3523
- marc_wvmb
- Contributions:186
Regina...I can sit down with you and discuss your options. I'm in Tacoma, but Kitsap is just a stones throw away. You may also post and post for quotes to see what you get as well.
The problem with loan modifications (not a bad suggestion) is that we still find many lenders not really willing to do them...especially if your payments are not delinquent, of the ones that I have negotiated on behalf of my clients, they have been for only a short period.
- robandregina
- Contributions:78
Hi Rob C,
I don't see how that will help. I am not that savvy on modifications, but they seem to be for people who are already falling behind, and usually restructure you into longer terms...maybe a benefit would be a lower interest rate.
And just a FYI, I called our mortgage company..they said "maybe" they could help. Send everything in I just spent an hour on the phone with them to prove financials(ok, I can do that) then write a letter, then call in a week to see if paperwork was received via fax, then it will get reviewed and maybe in 6-8 weeks they might be able to help with a lower fixed interest rate. Wow, really? 6-8 weeks for a maybe? We started this whole process back the end of April knowing the ARM was to adjust, with our broker. I am doing footwork now to help speed this process up.
I just don't think that is the route to go personally. But thank you.
- robandregina
- Contributions:78
Hi Marc,
Yes, that seems it is an issue. I am going to shoot another call to them and see if they will refinance us, however I feel this will be a waste of my time also. (They hold the 80% loan sold off to them right after we purchased) and another lender has the 20%. So who's to say the first will let the 2nd have the money(or vise versa) Got to try... Oh, and I just put in another quote request in here with everything out there that I can possibly think of. See how that goes too.
Rob regina.
If this is simply to get a lower payment, And plan to be out of the house , I would strongly suggest taking a rate term no closing cost loan.
Reason being is that you wont get away with waiving escrow on a 95% ltv loan, so you will have impounds for that. You will most likey be able to get a conforming, so you wont have the MIP funding fee.
But think about the extra thousands you will be adding to the mortgage balance. It will take you years to pay those closing costs off to come down the extact same balance you are now.
You may want to wait to see if rates come back down, or ask your current 6.5 % offer with no MI if 7% would cover the closing costs .
Doug- correct me if I'm wrong, but many people in MANY states can do FHA loans, right?
Poor guy thinks he special... :)
Jenn
Hes just new and wants to stick up free advertising. A lot of brokers do when they first get here. I flagged it.
tom- I know, I just find it amusing... If you read the thread again, there are a few shameless plugs...
- robandregina
- Contributions:78
Just to clarify my expected time in the home... could be as little as a year, but looking more on the 3 additional max.
My next question is, do I keep trying to use my broker or just go on our own with a lender and buy off the appraisal from the broker?
- Andrew Adams, "203K Specialist"
- Contributions:9349
Regina,
If it is a fha/va appraisal it is not as easy as paying the broker for the appraisal. The broker has to release the appraisal. Because it is FHA or VA a case number has been assigned and goes with the property and the appraisal. You can't just get another appraisal and the lender you are leaving has to assign the appraisal to the new lender.
I guess my question would be what is your broker's issue? This scenario does not seem to be all that difficult..
Any lenders doing?
Honest answers here, and no hidden, inflated, bs please.
Looking for a lender, who will do a 95% LTV to a 275k refi. loan. VA? FHA?Prefer 3/1 ARM. (52%DTI) Excellent credit.
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