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Answers (5)
- sunnyview
- Contributions:25120
I think that the short answer is that the government programs are not designed for everyone. Every government sponsored program has dollar limits including FHA. The lenders figure that is they have to assume more risk than that on their dime they're not interested and the government figures that if your in a 700K plus house that you can fend for yourself.
Lenders don't want to make deals to lower the rate no matter what your house is worth unless it means they make more money. It may not be fair, but it's how this system is working. Have you called your lender and asked them if they are willing to do anything to help you? Maybe they would be willing to do something for you as a good customer that is not government mandated so the limits won't apply. I know it's shot in the dark, but you can ask.
Lenders don't want to make deals to lower the rate no matter what your house is worth unless it means they make more money. It may not be fair, but it's how this system is working. Have you called your lender and asked them if they are willing to do anything to help you? Maybe they would be willing to do something for you as a good customer that is not government mandated so the limits won't apply. I know it's shot in the dark, but you can ask.
- sia123
- Contributions:3
Hey lance, I make 250K a year and work for a bank, the fact that the laws have changed doesn't make people stupid or ignorant.
Also remember the tarp money most bank received, it came with some condition, HARP, HAMP,..... why not anything for people with loans over 729k?
Why not use the NPV and let them make a intelligent decision, but that doesn't apply to mortgages, right! or lenders.
It is easy to give off the cuff answers, I thought I was asking the experts.
Also remember the tarp money most bank received, it came with some condition, HARP, HAMP,..... why not anything for people with loans over 729k?
Why not use the NPV and let them make a intelligent decision, but that doesn't apply to mortgages, right! or lenders.
It is easy to give off the cuff answers, I thought I was asking the experts.
- sia123
- Contributions:3
Chris, tell me what is the logic in offering anyone a short sale and refinancing the same property at 4.5% when all people in our situation are asking is to lower our rate? Don't touch the principal.
Economically, taking a loss in a short sale and giving a lower rate to someone else to finance it, make more sense? Forget about loss of income,legal fees and relators.
You always look for a better deal when possible, would you ever change jobs because you want lower pay?
Economically, taking a loss in a short sale and giving a lower rate to someone else to finance it, make more sense? Forget about loss of income,legal fees and relators.
You always look for a better deal when possible, would you ever change jobs because you want lower pay?
- Chris Corica, "Chris Corica"
- Contributions:1075
If rates had increased would you be ok with your lender coming back and asking you to take the higher rate? Not likely. With that said, there still may be options for you to refinance into a lower rate loan. Where are you located, what is the current value, amount owed and property type?
- Lance Holtman, "First City Financial"
- Contributions:105
Because you do not have an adjustable rate mortgage. Using your logic, the lender would be able to increase your rate when the market rates increased. At that point I am quite sure you would understand the meaning of "fixed".
is there any program for people with loan amounts over the limit?
If I sell it, the next buyer gets a loan at 5 percent, so why can't my lender just reduce my rate?
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