Chris Jones's Discussions

Until you have a certificate of occupancy, no lender will issue you a long-term loan.  Wish I had better news.I would, though, start getting that loan in place, so that when the occ cert is issued, you can close the same day.  Save yourself as much interest as possible.

Okay, Raesday, let's sort through the options here.First, your estimate of your LTV sounds right to me, somewhere between 90% and 105%.  That gives you a lot of options, so that's a good thing.Second, a lot of this will depend on your second - when you got it, specifically.  If you got it when you bought the house (a purchase-money second) then you can consolidate it as a no-cash-out.  If you got it later, then consolidation would mean cash out, and that will make things much, much more complicated.Third, assuming we can dodge #2, you could do a conventional refinance at 90%, an FHA up to 97.75%, or a HAM up to 105%, and they are all three very different processes with very different outcomes.  That said, assuming you can get one, ANY of them would be better than what you have now.Bottom line - you need to sit down with someone either on the phone or in person.  You mention that you'd like to stay local, and that can be a good thing if you can find a real expert in your area.  Failing that, find someone that has a local touch that does lending over a wider area; you'll get similar service, though perhaps not a cup of coffee to go with it.Good luck.

The 800 lines look fine.  Everyone breaks the costs out differently, but the bottom line there is okay.  The rest also looks pretty good.  I can tell you that your lender is not getting paid 4.5%, and at the closing table you will see exactly what he is getting, to the penny.  I would bet he'll be getting $5000, though, or thereabouts.And don't bother with the bank.  They won't beat those costs or that rate.

Okay.  Brass tacks here.PHH will almost certainly subordinate if you are not changing the terms of the loan or taking cash out of it.  Since you aren't, my bet is that they will subordinate.  Many lenders - MANY lenders - require that the refinance of the first to be ready to go before they will even discuss the subordination of the second.  And they will take their time about it.On your first, I don't see any reason whatever that you couldn't refinance it.  There's almost certainly equity enough to do it, and there is a chance that there is enough equity to consolidate the 1st and the 2nd.  It sounds like your debt ratio is fine, your credit sounds to be fine.Honestly, I have several loans just like yours in the works right now, and yours would be one of the easiest of those to do.  I see no reason why you shouldn't engage a pro and get a loan done.Good luck.

Rates don't decline in a straight line.  The points gap between 4.75% and 4.625% may be more or less than the gap between 4.75% and 4.875%.  It might therefore make sense to buy down even further, and it may not.  Ask for some pricing down to 4.5, or even 4.25%, to get a sense of where the gaps are.Lenders aim their pricing to encourage lending at certain rate targets, where the money is most profitable for them.  But you can be assured that at almost any rate, you'll be able to recoup the cost over a long enough period of time.  If this is the last loan for you, take the lowest rate you can get.

Even if you don't have the pictures today, the HVCC won't kill you; at least, it isn't supposed to.  It's not supposed to apply to applications made before May 1.  So my guess is the worst that will happen is the close will be pushed back some more.Very odd situation, though.

Here's my cynical answer - the amount of equity you have in your house makes it likely that it would benefit the lender to foreclose on you, instead of modify your loan.  I'd like to believe that lenders don't make those kinds of calculations, but they're businesses, so I know they do.You can always call.  What can they tell you that is worse than "no"?  Nothing.  And it's always possible that my faith in human nature will be restored.

Bad customer service is, unfortunately, fairly typical.  The good news is, it keeps all the rest of us in business.  Find someone here on Zillow that services your area, and give them a call.  I predict a better response.

I back Joe on this one.  It is unlikely - but not impossible - that a second mortgage would be available to you, especially with your first mortgage balance so high.  It will depend a great deal on your credit and your home value.Obviously, you want to get the best rate you can.  But you shouldn't hold out for a trophy rate and blow the chance to lock your rate lower than you have it.  If you have a deal that works, you should usually take it.

The question is, how many liens are on title?  Is there one lien, which all four of you own in proportion to your contribution, or are there 4 liens?