Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They keep offering me great deals like 4.75% refinancing. Did a Google and they seem fine only 3 complaints in 3 years. I'll be saving about $250/month and adding less than $3k on my existing mortage. Sound ok? My mortage will be a little higher than what a 2 bedroom apt would run. All 3 of the complaints were resolved.
Last edited by Rich Cabeza; 06-12-2010 at 10:37 AM..
Reason: added last sentence.
It's almost impossible to get screwed today. Okay, that's over the top, but never have we, as an industry, been so regulated.
Go for it. Know exactly what you are getting (rate/points), how much out of pocket it will cost, how much will be added to your mortgage. Shop them against another lender to make sure the costs are similar. Don't tell either lender you are shopping, they should already assume you are. . Shop on the same day, within an hour of each other. Ask them when they give you the quote how long you can lock in for (you want quotes no less than 30 or 45 days). Don't commit to either lender until you have had a chance to review both of their estimates with their rates and points in front of you. (Tell them you want to call your wife, dad, brother, whoever, first). Tell them you shopped them when you have decided on who to use, and the other may match or beat your best price Once you lock, get it in writing. Don't sign anything unless you understand what you are signing. If at any time you do not feel comfortable with the person you are talking to, stop, you are done with that person and find a third person to compare with.
QUESTIONS TO ASK (OTHER THAN RATE, POINTS AND FEES):
If you are in a condo - Is my condo approved for this type of financing? If not, are there charges to get it approved? Will you make sure my condo will be acceptable before ordering the appraisal?
Will you make sure my loan is approved on your automated approval system before ordering the appraisal? If so, what value are you using? (if it's way out of line, you're throwing your money away)
How long are appraisals taking? Approvals?
Does your company approve my loan or does it need to travel to the investor? Does your company close my loan or does it need to travel to the investor? If yes, how much time does this add to the process?
Right now, we are seeing major issues w/ condos. Also, some areas are operating at or over capacity and we starting to see their workload back up. Whether they are dependent on 3rd parties or they are working their staff 12 hour days, 6 days a week, the loans that are put at the bottom are refinances and your transaction could be delayed. Make sure you turn in all requests for documentation promptly and maintain copies in an envelope in your car for instant access. Don't borrow any money, apply for other credit or make large purchases on credit once you apply for the mortgage. Do not put any large non-payroll deposits into your bank account without discussing it with your loan officer first. Locate your title insurance policy, insurance policy, note (just get your original closing package out). Get the contact info for the condo management. Be prepared to be totally flexible to meet the appraiser or arrange for someone to let him/her in for you.
$250 a month savings is worth following up on. Just make sure it's not costing you so much it will take longer than you plan to be there to pay for itself.
I'm 2 years in a 30 year contract in a great condo and have been told by Oceanside that they can lower my interest rate a little over a point and save me 200.00 a month with no out of pocket costs. I live in SC and am concerned about doing business with a company in NJ. Could it be I've just been with Bank Of America with everything for so long or should one stay with a business where you can walk in their doors?
Sounds like a great deal - you might get a better deal after the new year, interest rates are expected to drop......
Goldman Sachs Group Inc. and Pacific Investment Management Co. project the Fed will resume quantitative easing by purchasing U.S. government debt as soon as this year to prevent what they see as a 25 percent chance the economy will slip back into a recession.
Bank of America Corp. says the central bank will send the 10-year note yield to a record low of 1.75 percent in the first quarter of 2011.
Last edited by Modification Specialist; 09-28-2010 at 12:21 PM..
When the closing was approaching, Oceanside said that I can t skip the first payment and I have to make the payment at the closing. As you know, no first payment is necessary because you have not borrowed the loan and the interest for the loan has not occurred yet. Oceanside makes the customer pay settling cost in the name of first payment although they promised no settlement fee in the first place. I would have understood it if the company mentioned possible settlement fee... I advise you to question about the first payment; otherwise, the company gave me a lower interest rate than the other banks.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Beware of the first payment
