Rob Robertson's Discussions

I think I would get a second opinion.  Find another lending option.  Use the internet if you have to.  Call your accountant, attorney, minister, or trusted friend, for a referral, if you have to.(Unfortunately, I'm a CA lender.)Customarily, an origination fee of 1% for services rendered is acceptable for a wholesale par rate (if you are getting a 20 or 30 year fixed rate mortgage, you are probably getting a really good rate).If you had another lender option... you might be able to apply "Consumerism 101" to get the origination fee reduced.Stamp taxes are "taxes" that your state collects, for the mortgage and/or real estate purchase transaction, and are collected at the closing.  Each state is different, as not all states collect a stamp tax.Title insurance premiums are determined by your loan amount, but can differ based on the Title Insurance Company (you should be able to get it down by perhaps 15 or 20%, just by asking your loan officer, who can call the Title Officer and ask for a discount.  Just remember:  Insurance involves commissions.).If you don't want to shop your loan, just stand your ground and pay what you are willing to pay; 1% origination, 20% off the title insurance premium.  You should be able to find another lender with about an hour of research, which you can remind your loan officer.  The research is worth the savings... given your loan amount.No reason to pay extra just because your income is stated.  It's not like it takes any extra work to do your loan.  And as far as extra risk... it's worked into the interest rate... so forget about the "canned script" you might get as a result of your objection to the higher fees... it's just smoke.Good luck.

Someone will be paying some hefty discount points to get the rate down that low on the 40 year fixed.Just make sure it's the seller paying those points.Good luck

This is great!If you have a Freddie Mac or Fannie Mae 1st mortgage, are current on your payments, and have equity, you can call the phone number on your mortgage statement and ask for a refinance.If you do not qualify for the refinance program, you may qualify for the "Making Home Affordable Modification," for those of you who can answer yes to these simple questions:Is your home your primary residence?Is the amount you owe on your first mortgage equal to or less than $729,750?Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?Did you get your current mortgage before January 1, 2009?Your equity position is irrelevant with the Modification program, which may help save millions of families from losing their homes, especially within the hardest hit areas of the United States.  You will have to be able to document your income.Here's the link to the government website: http://www.financialstability.gov/makinghomeaffordable/index.htmlHope this helps!Good luck! 

Hey... Mortgage Brokers aren't going to get to participate in this program, unless they happen to be a homeowner who qualifies for one of the two programs.So I'm not sure what you mean by "...great for mortgage brokers collecting fees..."  Guidance is for homeowner's to contact their current servicer (No middle-man).I definitely wouldn't classify 9 million homeowners as a relatively small group.You certainly are entitled to your opinion, and I can assure you, I wish there was another way to fix the problem.  This is painful for every taxpayer, but at this point seems to be a necessary evil to help stop the bleeding, and to possible help curtail, even just a little bit, the current recession from getting any worse, or lasting any longer than necessary.  I know of so many hard working families that were absolutely crushed by the "Perfect Storm" of the Housing, Credit, and Stock Market Crisis.  Throw in job losses and the energy spike in 2008; perhaps you are one of the blessed ones who were unscathed.  If this program would have been available sooner, more Americans would have had a chance...In my opinion, this program is so much better than the alternative.  This program will help to avoid another 5-9 million foreclosures.

Unfortunate casualties...

You can do this now, by yourself:http://www.financialstability.gov/Good luck.

If you are qualifed to refinance, then you would be able to refinance and have only one payment.I think you just may have answered your own question, without realizing it.Just know that if your current 2nd mortgage is not a purchase-money home equity loan, then your loan will be classified as a cash-out refinance, regardless of how long you have had your 2nd mortgage.The key is in the qualification.  It's not as easy as it used to me, stimulus or no stimulus.Good luck.

You would need to contact your current servicer, in so far as this program.http://www.financialstability.gov/Good luck!

www.treas.gov/press/releases/reports/housing_fact_sheet.pdfAbove is the link to the Updated Detailed Program Description.I need to clarify a couple of things:First of all, I didn't write the bill or vote it into law.Second, this program has flaws, BIG ONES.  It's not fair, in my opinion.  Once again, and what bugs me the most about this program, is that GOVERNMENT IS PICKING WINNERS AND LOSERS, which is wrong!Third, my comment, "This is great" - yes... if you happen to qualify for it.  I would highly recommend taking advantage of this program, as the money is allocated, and our taxes are going up, so why not participate, if you qualify.Fourth, WE ALL PAY FOR IT.  This stinks.  Now we are all of the hook for every single-swinging default as a result of participation in this program.  This really stinks.I'm pretty sure that the intention of the program is to provide stability to the housing market.  It's definitely not perfect, but it absolutely warrants everyone's attention, especially taxpayers!

Jimmy, I feel your pain...See my prior post.And this is news to me, that originators will be able to participate.