- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (6)
- Larry Jacobson, "Clearpoint"
- Contributions:1214
- 9876543210
- Contributions:5
My wife is still employed and we both have 800+ F.I.C.O scores.
Plus, I've actually been hired for a new position that starts in June.
We also have equity in our house ( 85% L.T.V ) and the loan is owned by fannie so I'm sure I will qualify for the refinance program.
My point was that I might try to take advantage of the loan modification option to avoid the prepayment penalty on the refinance. I don't have to tell them I have a new job and then I get my loan redone for free.
Anyway, I did the math and we qualify for both scenarios.
Thanks for responding though, I should have been more clear in my post.
Plus, I've actually been hired for a new position that starts in June.
We also have equity in our house ( 85% L.T.V ) and the loan is owned by fannie so I'm sure I will qualify for the refinance program.
My point was that I might try to take advantage of the loan modification option to avoid the prepayment penalty on the refinance. I don't have to tell them I have a new job and then I get my loan redone for free.
Anyway, I did the math and we qualify for both scenarios.
Thanks for responding though, I should have been more clear in my post.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Hold on, why do you think you will be approved for a modification? If you will approve for a refinance they will refinance you plain and simple, you can't pick and choose. If you don't qualify for a refinance (both cases you have to disclose your income and job) then they will do a Net Present Value test to estimate if it is worth doing a modification or just foreclosing. It's not a buffet line, you can't pick what you want.
- 9876543210
- Contributions:5
If I can qualify for a modification, with my recent hardship and meeting their formulas of 38% D.T.I., etc, then why would I not take what they offer me?
If they say no on the modification, no problem, then I go with the refinance route, even if I have to wait for my new job to start in June, then I'm SURE I will qualify.
From what I have read, I would qualify for the modification, so I'm trying, it would benefit me more.
Sorry to ruffle your feathers but I'm just trying to get into a better loan........one way or another.........and I'm investigating all options.
In the end, I'll take whatever benefits me the most.
If they say no on the modification, no problem, then I go with the refinance route, even if I have to wait for my new job to start in June, then I'm SURE I will qualify.
From what I have read, I would qualify for the modification, so I'm trying, it would benefit me more.
Sorry to ruffle your feathers but I'm just trying to get into a better loan........one way or another.........and I'm investigating all options.
In the end, I'll take whatever benefits me the most.
- Rob Robertson, "Mortgage Broker"
- Contributions:169
Newsflash: They won't do your refinance for free.
Even if you refinance through your servicer, you will incur the costs of the refinance. The costs can, in most circumstances, be rolled into the new loan.
That's one of the reasons why Fannie Mae and Freddie Mac opened up the refinancing options to Lenders and Mortgage Brokers. It will give the homeowner a chance to "get the best deal" for their new loan, by allowing spirited competition, which will help the economy, and the mortgage industry, by putting people back to work.
That means that you will be charged for services rendered, one way or the other.
Countrywide used to refinance existing customers, and charged a "standard 2.5% origination fee" as part of the service. It's all in the fine print.
I'm sure it will be something like that... maybe not 2.5% but something comparable, plus closing costs.
Good luck.
Even if you refinance through your servicer, you will incur the costs of the refinance. The costs can, in most circumstances, be rolled into the new loan.
That's one of the reasons why Fannie Mae and Freddie Mac opened up the refinancing options to Lenders and Mortgage Brokers. It will give the homeowner a chance to "get the best deal" for their new loan, by allowing spirited competition, which will help the economy, and the mortgage industry, by putting people back to work.
That means that you will be charged for services rendered, one way or the other.
Countrywide used to refinance existing customers, and charged a "standard 2.5% origination fee" as part of the service. It's all in the fine print.
I'm sure it will be something like that... maybe not 2.5% but something comparable, plus closing costs.
Good luck.
- 9876543210
- Contributions:5
Thanks but I realize that I will have closing costs for a refinance, no way to avoid those obviously.
My point was for a "loan modification", I assumed there were no fees charged to the borrower, under the Home Affordable Modification program.
That is another reason I was going to investigate that route before the refi route.
I may have read it wrong and if so I appreciate being told so.
Thanks again.
My point was for a "loan modification", I assumed there were no fees charged to the borrower, under the Home Affordable Modification program.
That is another reason I was going to investigate that route before the refi route.
I may have read it wrong and if so I appreciate being told so.
Thanks again.
Home Affordable Refinance + prepayment penalties on current loan
I've read that there will be no prepayment penalties or balloon payments on the new loans.
I'm assuming I'll be stuck with the penalty on my old loan which may force me to try the modification route since I recently lost my job......there are no fees associated with that program from what I have read.
Thanks in advance.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.