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Five issues that could derail your refinancing
Rooters ^ | 10-13-12 | Chris Taylor

Posted on 10/15/2012 11:21:23 AM PDT by RKBA Democrat

(snip) A few issues that could have your application earmarked for the ‘Rejected' pile.....

1. Heightened credit score demands (snip) 2. Low appraisal (snip) 3. A home equity line of credit (snip) 4. Condo or co-op troubles (snip) 5. Timeliness requirements (snip)

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy
KEYWORDS: refi; survivingsocialism
Here are some other tips:

6. Compete, compete, compete. And be sure to check out the credit unions. Pentagon Federal is advertising a 30 year fixed for 3.375% no points, no origination.

7. Remember that the closing costs matter. You can compete the settlement/title agent/title insurance piece.

8. There are some great calculators out there that can show you if refinancing makes sense. http://www.mtgprofessor.com/CalculatorArticles/Refinance%20Calculators.html

1 posted on 10/15/2012 11:21:32 AM PDT by RKBA Democrat
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To: RKBA Democrat; freespirited; oblomov; Jet Jaguar; wastedyears; nascarnation; Henry Belden; ...
Surviving Socialism Pinglist
Stories and tips with a financial emphasis to help conservatives prosper during difficult times.

To be added or taken off this list, please send a FR mail to RKBA Democrat

2 posted on 10/15/2012 11:22:42 AM PDT by RKBA Democrat (Leftists are the small hive beetles of the American hive)
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To: RKBA Democrat
“6. Compete, compete, compete. And be sure to check out the credit unions. Pentagon Federal is advertising a 30 year fixed for 3.375% no points, no origination. “

And make sure you compare apples to apples.
That 3.375% rate is for a purchase loan, not a refi. I just checked their website out of curiosity. Purchase rates are generally 3/8’s better in rate.

Also make sure who will end up servicing your loan. That is a very big deal.

3 posted on 10/15/2012 11:26:43 AM PDT by HereInTheHeartland (Encourage all of your Democrat friends to get out and vote on November 7th, the stakes are high.)
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To: RKBA Democrat

It IS a pain in the arse. We just got done with a refi and it was insane. Got a great rate though and saving serious bucks a month.


4 posted on 10/15/2012 11:29:32 AM PDT by TheRhinelander
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To: HereInTheHeartland
And get your loan officer what is asked for. Don't ask why; just get it!
Many times we loan officers don't always agree with what is asked for; but normally get it anyway unless we know for sure our underwriter is incorrect.

Linked is a great article explaining this. I give it out to my customers.

http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

5 posted on 10/15/2012 11:31:41 AM PDT by HereInTheHeartland (Encourage all of your Democrat friends to get out and vote on November 7th, the stakes are high.)
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To: HereInTheHeartland

“Also make sure who will end up servicing your loan. That is a very big deal.”

It is. You can also get a competitive quote, then go back to the bank/credit union you want to deal with and try to negotiate a better rate.


6 posted on 10/15/2012 11:34:18 AM PDT by RKBA Democrat (Leftists are the small hive beetles of the American hive)
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To: TheRhinelander

We refied a couple of years ago, and kept paying it down at the old monthly payment.

We looked around the other week and figured we would save a bunch. In the end, with our principle so low the differenc3e was under $50 a month. At that point it really did not seem worth the hassle.


7 posted on 10/15/2012 11:36:35 AM PDT by Vermont Lt (MIf you are a white conservative, you MUST be a racist. ;-))
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To: RKBA Democrat

Years ago we tried to refinance but our bank refused because it didn’t benefit them to give us a lower rate. We replied to them with a check that paid the whole thing off. They didn’t get to milk us for the interest nor did they get to play with our savings anymore.


8 posted on 10/15/2012 11:46:29 AM PDT by bgill
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To: HereInTheHeartland
10....Purchase a document scanner and off line data storage device.

11...Scan ALL documents and Communicate solely by e-mail...keep a date stamped version of what you sent......

send an e-mail the next day asking for confirmation that they received yesterdays document.....don't send anything else until you get the confirmation.

12....Repeat 11.

9 posted on 10/15/2012 11:49:23 AM PDT by spokeshave (The only people better off today than 4 years ago are the Prisoners at Guantanamo.)
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To: spokeshave
“12....Repeat 11. “

If I get everything I need upfront; we hopefully don't have to do that!

10 posted on 10/15/2012 12:01:41 PM PDT by HereInTheHeartland (Encourage all of your Democrat friends to get out and vote on November 7th, the stakes are high.)
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To: RKBA Democrat

bump


11 posted on 10/15/2012 12:01:41 PM PDT by Chickensoup (STOP The Great O-ppression)
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To: bgill

Fox News had some ads about Cashcall, offering a 2.9% 10 year refi. I called and got hooked up, no closing costs, points, etc. They did everything online or on the fone. It didn’t cost us a penny, and our notes are almost the same, but our 15 year loan is now 10. Old loan is paid off.


12 posted on 10/15/2012 12:02:32 PM PDT by sportutegrl
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To: spokeshave

13. you can check out the JD Powers ratings for large mortgage servicers here:
http://www.jdpower.com/consumer-ratings/ratings.htm?industry=Finance&category=Mortgage&study=909201349

Small banks don’t look to be represented.

14. JD Powers also has series of ratings for large mortgage originators

http://www.jdpower.com/consumer-ratings/ratings.htm?industry=Finance&category=Mortgage&study=909201216

15. Lending Tree keeps a rating system for lenders. Very exhaustive list.

https://www.lendingtree.com/mortgage-lenders


13 posted on 10/15/2012 12:06:32 PM PDT by RKBA Democrat (Leftists are the small hive beetles of the American hive)
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To: sportutegrl

Good to see it’s such a short loan period. It’s crazy to have those 30 year loans. Fifteen or less is the only way to go.


14 posted on 10/15/2012 12:12:09 PM PDT by bgill
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To: Vermont Lt

For us between the mortgage and an equity loan we’re saving 700/month. In the Spring I’m going to get a Dodge Challenger with half the proceeds.


15 posted on 10/15/2012 12:22:26 PM PDT by TheRhinelander
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To: RKBA Democrat

Bfl


16 posted on 10/15/2012 12:40:24 PM PDT by Reddy (B.O. stinks)
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To: RKBA Democrat

Please add me to the “surviving socialism pinglist” if I am not already on it.


17 posted on 10/15/2012 2:39:44 PM PDT by tbw2
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To: tbw2

You’ve been added!


18 posted on 10/15/2012 2:46:32 PM PDT by RKBA Democrat (Leftists are the small hive beetles of the American hive)
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To: RKBA Democrat

Thank you!


19 posted on 10/15/2012 4:07:12 PM PDT by tbw2
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To: RKBA Democrat

bookmark


20 posted on 10/15/2012 4:44:22 PM PDT by ChocChipCookie
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