Zillow Advice: Refinance - Should refinancing be this hard?

Increasing your closing costs ...

Thu, 02 Apr 2009 12:40:00 GMT

Increasing your closing costs by 3k and confusing you with mortgage lingo is not a very good testimony to your broker. Also, a loan originated in December that has not closed yet has some serious issues with the file, processer, broker or lender.

You are so deep into this I would give it a little more time. Rates are hanging in there. Like Greg said, speak to management.

The most effective position to take is to let management and the loan officer know that if your rate changes or more fees are tacked on at the closing, you are going to WALK!!

Sam gets the zillow "Thread ...

Thu, 02 Apr 2009 05:39:00 GMT

Sam gets the zillow "Thread Dredging Award of the Day"

Great insight Sam!!!

Thu, 02 Apr 2009 05:35:00 GMT

Great insight Sam!!!

Should't be that hard.

Thu, 02 Apr 2009 05:32:00 GMT

Should't be that hard.

Rebekah,First of all, you ...

Tue, 17 Feb 2009 23:12:00 GMT

Rebekah,
First of all, you don't have to pay the .250 upfront. It is tacked on the HUD and you will pay for it then if then. So, don't sweat that as you have larger issues.
Instead of asking him things, I sincerely suggest you step up the matter and start dealing with his manager or regional sales manager if necessary. Bypassing him will be in your best interest. Can you really bank on what he is telling you at this point in time?
Complain to his manager the situation. Getting a 5 day lock still doesn't work.
You will be extending your rate lock for five business days. So, count forward five business days after Monday: Saturday as it is a recessionary day. Now count back 3 days because of the three day funding window for refinances (recessionary days). You have to settle on Tuesday in order to have the loan fund within the time frame. Do you really think that is going to happen at this point?

You can change horses any ...

Tue, 17 Feb 2009 23:01:00 GMT

You can change horses any time. They may try and stick with their costs (appraisal, etc.) but most of the time they eat those. I'm sorry to hear about your troubles. It sounds like you got stuck with a fast-talking salesperson who couldn't keep their word. Good luck!

Right, the $3K has been removed ...

Tue, 17 Feb 2009 22:57:00 GMT

Right, the $3K has been removed and I'm only refinancing the first mortgage now.

I have asked him about the subordination, and he said he'd follow up about it today, so we'll see.

He also said that he'd find out about an extension this Friday, since the lock expires on Monday. I'm hesitant to pay for it myself, since he says it costs .25 to extend the lock by 5 days, and the loan might not even close by then... I only pay the .25 if the loan closes in in the time frame of the new extension though, right?

Thanks everyone!

Rebekah, just so I have this ...

Tue, 17 Feb 2009 22:15:00 GMT

Rebekah, just so I have this straight, you are now back to refinancing the 1st only, $360K, with an appraised value of $520K, and you have a 700 score. If that is correct, there are no loan adjustments at all so the $3,000 has been taken off the GFE, right?

Greg, I agree she should ...

Tue, 17 Feb 2009 22:10:00 GMT

Greg, I agree she should go ahead and tell him to extend the lock at the pricing of .125 for 10 business days. In the meantime, she can talk to him and determine who will actually pay at settlement.
Rebekah, push the LO about the subordination.
Good luck

Greg you are correct as all ...

Tue, 17 Feb 2009 22:05:00 GMT

Greg you are correct as all of my files were CJ's.

The problem is that after looking at the numbers, her 4.5% might be worth footing the bill for the extension if he cannot get one. As much as I hate to say it, with current rates as they are, it might be cheaper for her to close assuming the sub comes in. That's a whole new can or worms!