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Curious what yaall think my chances of a refi are. Just started with Chase. After being unemployed for a while few years ago and running up debt also trying to get some relief on bills and a heloc the hit the large payments. Mortgage has 190k . Have 165k equity in house. Got 40k heloc and 60k cc. Refi with heloc and cc and closing cost .will leave me still with over 20 % equity in house. Will get rid of 1,500 in cc and heloc monthly paymentst and only add $350 to mortgage. So the numbers.good salary both wife and i. Credit score 690, My back and front end will be 28/41 after refi so still underthe 31/43 most banks want. LTV 78% but my issue is cash in bank. Only have 2k saved but thats due to unemployment( working 2 years now) and Heloc kicking in. Reason again for refi. Will have extra 1,200 a month to save if i get the refi.
Chase preapproved. Paid $500 refunable good faith payment (applied to mortgage closing).They did apprasial and house was appraised at what i said 165k more then mortgage. They sent to a reviewer then underwriter Friday. Said there behind so might be 2 to 3 weeks but nortgage banker said he thought it was good but i worry my low savings will kill it in underwriting. Hoping they can see that this new loan (original with Chase. All my accounts with Chase). Anyone in the know think i have a shot with my low savings?
I'm not sure about how strict Chase underwriting guidelines are. Your credit score is on the lower end, 740 and up gets you the best rates. Low savings might hurt you too even though your monthly payment would be less than all of your bills combined. But good luck ya never know.
Unsure of Chase refi guidelines. Some lenders want you to have 3-6 months of reserves before refinance. Others let you use the cashout refinance to satisfy the monthly reserves requirement. Ask your loan agent about the reserves & your worries should cease.
I asked and got a we shall see in the small cash reserves.i guess they dont even know how there underwriters are feeling on a certain day. now a waiting game . Definitely not getting my hopes up but gave it a shot. They do seem strict , wife has a second job .makes 1000 a month , been there almost a year and they would not take her income but mortgsge banker did tell me if rejected he may ask again . anyways thanks for the answers.
Curious what yaall think my chances of a refi are. Just started with Chase. After being unemployed for a while few years ago and running up debt also trying to get some relief on bills and a heloc the hit the large payments. Mortgage has 190k . Have 165k equity in house. Got 40k heloc and 60k cc. Refi with heloc and cc and closing cost .will leave me still with over 20 % equity in house. Will get rid of 1,500 in cc and heloc monthly paymentst and only add $350 to mortgage. So the numbers.good salary both wife and i. Credit score 690, My back and front end will be 28/41 after refi so still underthe 31/43 most banks want. LTV 78% but my issue is cash in bank. Only have 2k saved but thats due to unemployment( working 2 years now) and Heloc kicking in. Reason again for refi. Will have extra 1,200 a month to save if i get the refi.
Chase preapproved. Paid $500 refunable good faith payment (applied to mortgage closing).They did apprasial and house was appraised at what i said 165k more then mortgage. They sent to a reviewer then underwriter Friday. Said there behind so might be 2 to 3 weeks but nortgage banker said he thought it was good but i worry my low savings will kill it in underwriting. Hoping they can see that this new loan (original with Chase. All my accounts with Chase). Anyone in the know think i have a shot with my low savings?
And that's why you stay away from Big Box Banks. I'm at 2 days and Chase is among my correspondent partners.
Regarding approval, you would not have gone into underwriting at Chase without Automated Findings of "Approve/Eligible." If there was an issue with reserves, it would have been noted at that time. I'd be surprised if you are not fine.
Yeah once it goes into underwriting I might feel alittle better but he said most likely a few days with a reviewer to see what else I need document wise and verify employment , run the title etc .and then then to the underwriter which they said would be in about 2 weeks (again they are backed up badly, 70 days the average for a refinance as of now). Only reason I did Chase is that I have all my accounts there , mortgage , CC etc and figured i would get the benefit of the doubt having been a customer for 25 years.
First my lock is good until Sept 28th . But the good news for now is I got a call from them and the underwriter got it and gave it a conventional approval . Conditional on supplying all the info they need. So far they found a credit card that was opened 2 months ago that was not on the credit report. $200 balance so had to supply info on that. She douted that such a small balance would affect anything. Also a new tax form as the IRS rejected the first due to box 8 not being checked. Also proof of home insurance and payment. Sent it right away. Also got a new mortgage person as once it moves to underwriting they give you someone else to get you through the underwriter process (from conditional to approved). First guy was so great and helpfull , hated them doing this. But she did say if nothing else is needed we can start the close proccess and the debt payoff etc.BUT they are booked for a few weeks so would be late August at the earliest. So far not rejected.
Quick question . I got an email that the underwriter is reviewing the paperwork . The agent also stated the underwriter is requesting the settlement statement and HUD from my purchase in 2012 . Is this from me OR are they getting this done., I went through my paperowrk from 2012 which was not a purchase but a refinance with Chase and I do not have any HUD or title statment in there. I do have the title , deed etc from my original purchase in 2001. I asked the agent are you saying he is requesting them from ME or telling me that they are getting them and I have been unable to get an answer. And if its from me where the heck do I get them now if I dont have them ? Some stuff was destroyed in Sandy I dont know if maybe thats when it got lost if I even had it.
You are responsible to get it for them. Go to your title company who did the closing. They should have a copy for you.
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