I am currently refinancing and got a call today from my current lender attempting to keep me as their customer. I told them I am keeping my credit a/c open with them but had seen a broker and had a better offer. The current lender said it was ok and said it would be signed off tonight.\nDoes it mean everything will be transfered over from them now to the new lender?
198883
No... All lenders will try to "retain" their customers... to be honest I don't now what they meant by saying they'll sign off on it.  When you refinance..the title company will order what is called a "pay off" from your current lender....  Once you sign documents and your state recision period is up (in california it's 3 days) the new lender will wire the funds to pay off your existing lender
388735
Im sure you know that the refinance percentage is based off of your credit history/score. I would recommend to wait at least 12 months. Any inquiry on your credit will last for 2 years, so you dont want to run the risk of having them run your credit at the 6 month mark and them not approving it because you dont have an adequate length pay history. If they did deny it, then you would have to run it again at the year point. Also, by waiting at least 12 months, you are showing the credit union (or bank) that you have made 1 years worth of monthly ontime payments. Hope this helped!
471674
The answer is:\n\nThere is ALWAYS some sub-par Mortgage Company that will approve her for a Refinance -- and she is going to have to spend a lot of time looking around for this type of financing.  It is going to take weeks of time -- yours and hers.  \n\nIn reality -- this interest rate is going to be high -- and the payment will probably increase, and I doubt she has thought of the issue of having a proportion of the Taxes and Insurance (as well as most likely being required to purchase Mortgage Life Insurance) added on top of the basic principle plus interest payment.  \n\nIs there a reason why SHE is wanting to buy you out with a shaky credit history?  Why are you not buying her out -- or both of you just placing the home on the market in the meantime?  \n\nI suspect she is doing this because she would have difficulty either purchasing another residence, or can not juggle her budget to accomodate rental units either.
312653
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
14490
Probably not.\nMost HELOC's come with a $500 cancellation fee if the loan is closed (sold, refinanced, etc) in the first 3 years.\n\nEven if they refinance you at no cost to you, you will have lost whatever principal balance you've paid down in the interim.\n\nBasically, you would have to save enough money during those 3 promotional rate months to offset all your costs.  (And if you have that $500 cancellation fee, that won't be too easy)
211234
1) Do not contact 'motgage guru' since on a purchase there is NO RIGHT of RECESSION; period. You only have a 3 day recession on a refinance of your primary residence. Adding a HELOC to a primary residence is a refinance transaction.\n\n2) It sounds like your getting the shaft... Either cancel if possible or start yelling! Once you sign those docs they are set in stone.\n\n3) On a HELOC the rate is based on the prime rate. When you received your GFE the prime rate may have been lower and then it increased since you got the GFE; currently prime is 7.75%.\n\nWhat it kinda sounds like to me is that your HELOC has an introductory teaser rate for a couple of months at 6.625 or there abouts but with the fully indexed rate at 12.3%. What the 18% is telling you is the maximum interest rate cap on the loan. If you take your 12.3% and subtract out the prime rate you have a margin of 4.55%. What this means is that when ever prime goes up or down, add 4.55 to the current rate and there you are.\n\nIf you want to speak to me in some detail about your deal I maybe able to assit you with a much better product.\n\nKevin\nkruorock@firstratelending.com 866-562-6838 x 106
22572
Very few loans are made these days that have transferability.  The loan is made in the names of the original borrowers based on their specific qualifications.  Your loan documents will tell you whether or not you loan can be "assumed".  If it is a fixed rate, chances are very low that it can be assumed.\n\nIf a husband and wife owned a house together, got divorced, and the husband got the house in the divorce settlement, even though the house would be in his name, the loan would still be in both their names, and on both their credit reports until such time the property is sold or refinanced in the name of the husband only.\n\nSo, in short, check your existing documents as to whether or not it allows "assumability".  If you don't have a copy of your loan documents, call your lender and ask.
463436
It depends on the lender. Some have seasoning requirements. Some have 6 months, some have 12 months. There are also lenders that don't require seasoning, but they are usually non-conforming and depending on  your credit, 2 years previous rental or mortgage history, along with the 4 months mortgage history that you have with you're new mortgage, their rates might not be any better then the rate you have now. Call a few mortgage brokers and ask them if they have any lenders that will do a rate/term refinance with no seasoning requirements. Also, make sure that you don't have a pre-pay penalty with your cuurent mortgage. Sone lenders charge a huge pre-payment penalty.\n\nGood Luck!
215278
All refinance loans have a 3 day recission period (not counting weekends or holidays). If it was a purchase, I think you're pretty much SOL.\n If I were you, I would contact the Lender directly. The Agent wants their money and if your loan doesn't fund, they don't get paid.
502961
This will show up as a Foreclosure and ruin your credit. \n\nIt will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up. \n\nMost lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
229088
How much cash you can get out depends what the property is presently worth.  There's nothing to stop you from refinancing any mortgage even the day after you take the loan, but some loans have pre-payment penalties that make it ineffective to do so.  If the goal is just to get cash out and the value supports it, a 2nd mortgage or Home Equity Line of Credit avoids a pre-pay penalty and has less costs than a full-fledged refinance.
218595
they may negotiate the interest portion of the balance you owe. But- not likely... They would prefer that you just keep your money and make the minimum payment each month for the rest of your life.  What incentive do they get by taking less than the balance?  They don't want you to pay the account off. They gave you the account in the first place so that you would use it, keep a balance on it so they can charge you interest.  Why not just negotiate a lower interest rate.  If they say no to that, tell them you will be shopping for a lower interest card & do it & close your account.\n\nThe only situation that I know where they will eagerly negotiate and accept less than you owe is if you are in default on your account already.  They will then be more likely to take what they can get now instead of spending the money to try and go after you via collection agencies or court. Since you just refi'd your house I am assuming your credit accounts are in good standing though & probably doesn't apply to your situation.
642057
I agree with the above poster. If you credit is good, you have other verifiable income you may be able to stay with the same lender; if your up front and honest. Just prior to funding the loan the funder is going to call your employer to verify your still there. Guess what happens when she finds out your gone? Loan dies and now your already at your closing date.\n\nIf you have a month to go before closing you have lots of time to find a solution. If your credit is as good as you say you may be able to go no doc (no income, no assets, no employment) or a no employment verification only but with verified assets etc...\n\nBe up front and honest and you should be ok.\n\nIf you would like to discuss some alternatives to your situation drop me a line.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com\nwww.firstratelending.com
290286
As a branch manager for a direct lender/brokerage, I would stay away from the 2/28 at this time.  We may have more rate hikes, hindering you from refinancing in 2 years due to whats called payment shock!  It is a risky loan at this time as nobody knows if rates will decrease. You will be fine to refinance in 2 years; at the going rate at that time.. The 2 year fixed is a way for that loan officer to earn income off of you two times.  It may not be the best program for you after seeing your hesitance.  Email me at ryan.wood@truelend.com for other options.
325784
You should contact the lender (the holder of the mortgage) for help.  They can advise.  They are the REAL owner of that house.\n\nYou have no reason to want to enter the house, so don't.  Force a sale of the house or have your ex-bf refinance and buy you out.
454399
That means the loan, not the house. You probably have a prepay penalty for the first 2 years, and you'll end up paying thousands in penalties if you refi before the prepay expires. Make sure the broker meant a prepay and not something else.
323305
DOES YOUR EX WANT TO REFIN?IF HE DOES HAVE HIM EMAIL ME I DO MORTGAGE FOR PEOPLE WITH BAD CREDIT JOHNG@OLDMERCHANTS.COM