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15yr note is understandable, and i'm sure you can get that in a few places
i think everyone thought it was a 30yr fixed
Quote:
Originally Posted by ocean2026
NO I think I said there was $1k in fees plus a title policy and appraisal. 15 yr note.I called him this morning and he says its still a GO. Rates are down a tad today. I don't know if i should list his name and phone number - I sort of wanted to make sure it went as advertised because I don't want anyone getting burned.
Well so far so good - he says I'm locked in at 4.25% on my 15 year note. I saw a site which had one very good and one very negative comment about him - he works for Precision Lending. If he does a good job I will comment and offer his email if he doesn't I will still comment and post this in many places. I'm not sure how regulated this industry is, but I have lots of energy and am a former elected prosecutor.
Yesterday they did the appraisal - still shooting for the 28th to get cash. They said they don't give me the appraisal info until the mortgage co receives it. Is that normal?
Mortgage lender is considered the owner of the appraisal even though you paid for it. You must request 'in writing' that you want a copy. An email should suffice. You MUST send it to the lender not the appraiser
Quote:
Originally Posted by ocean2026
Yesterday they did the appraisal - still shooting for the 28th to get cash. They said they don't give me the appraisal info until the mortgage co receives it. Is that normal?
Thanks Ren- is it logical then if the appraisal has been done today ( and Texas has a 12 day waiting period) that I will be funded by January 28?
I also received something called "Fischer (me) Findings" and on page 6 it says "The recommendation for this case is : Eligible - Approve" This is a 6 page document but in the pdf file the first page didn't come out well.
but if you sent in your paystubs, w2s, asset statements, and also had the appraisal sent in then you shouldnt be waiting for more than 10 days
Quote:
Originally Posted by ocean2026
Thanks Ren- is it logical then if the appraisal has been done today ( and Texas has a 12 day waiting period) that I will be funded by January 28?
I also received something called "Fischer (me) Findings" and on page 6 it says "The recommendation for this case is : Eligible - Approve" This is a 6 page document but in the pdf file the first page didn't come out well.
The appraisal was received today $725k, well over what my broker said was required but less than myself and others thought it was worth. The loan amount is $417k. I also had to sign some disclosures for Emery Federal Credit Union (Cincy) that I suppose they misplaced-thought I sent them.
Texas has a 12 day rule, and that hasn't kicked in yet as of today- maybe tomw. I need to have the cash in hand January 28th.
(note -I'm sort of writing this as a journal so those in the same boat can see the waves so to speak- and it seems a fair number of people are viewing this.)
This is turning into a disaster. My mortgage broker Precision lending in Cincy had all but promised I would have the funding in place by January 28 and I had to liquidate stuff I was never planning to sell. In 4 more days checks will begin to bounce something that has never happened to me. I tried calling the underwriter 10 days ago but didn't get through and my mortgage broker said it was a bad idea- but nothing else worked.
I just refinanced in Texas and they will not fund until 3 days after you close. You can sign a waiver at closing so you don't have to bother contacting them after the 3 day period (Sunday's do not count but Saturday's do).
Also, I got a copy of my appraisal AFTER closing by just asking my lender, who is also my CU for regular banking.
I ended up going the full 30 days between application and closing and I beat the crowd of refinancers that jumped in when rates went lower.
Applied on 12/16 and closed 1/9. It was all local though and I brought all the paperwork up to the CU.
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