Anyone Else Getting Jerked Around Re-finacinga a Mortgage? (Vanity)

7/29/12 | dagogo redux

[TurboZamboni]

USBank has never resold my loan nor taken bailout $ (that I know of)

rate was 3.5 for 30 yrs. (VA loan) $3k closing

VA has some special rules involved.

[CodeToad]

We did a VA streamline re-fi, so our costs are much lower than traditional mortgages. However, the original VA mortgage also closed in two weeks. Our total cost to re-fi was 3% and the original was less than that.

[Bubba Ho-Tep]

Don’t refi with the same people who hold your current mortgage. They have no incentive to make it easier for you to pay them less money. Tell them that you’re thinking of applying elsewhere and see if they move any quicker.

[Kickass Conservative]

Before I begin, congratulate me.

This is my official POST #10,000 on Free Republic.
Either I am an astute and knowledgeable person who enjoys sharing my wisdom with the masses, or I just have way too much time on my hands. Either way, I love round numbers.

I assume you would like additional information on my Refinancing experience with Cash Call.

Both Refi’s were completed in less than 30 days. These were “no cost” loans, not even an appraisal fee. If the appraisal is too low, you can walk away without spending a dime. Other Lenders will charge you up to $400 for the Appraisal whether you get the Loan or not.

I believe, and you will have to check on this, that Refinancing requires 70% Loan to Value. It could be 80%, but I know the lenders have tightened up the rules so they aren't left holding the bag if the Loan isn't repaid.

For instance, if your House appraises at $300,000, they would loan you $210,000 at 70% LTV. At 80% LTV, you could borrow $240,000.

The only “costs” you would incur are Property Taxes and Insurance to fund the required Impound Account and Prepaid Interest. If I'm not mistaken, they need One Years Insurance and Six Months of Property Taxes at closing. Hope that helps.

[STD]

Right You are, thanks very much