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IslandDog said:   We closed on Jan. 18th, funded on Jan. 24th. Thank you Lord and CitiBank!

You closed? Can I ask you: when you got your GFE (good faith estimate papers) was there anything typed into the " total estimaged settlement charges"?

Did you have to pay any out of pocket costs?

What about escrow, how did that work?

Thanks.

Island Dog,

You mentioned that you closed and it seems that went well.

Were there any out of pocket costs at closing? Escrow, closing?

How close was your estimate to your actual new refi?

Did you have to pay a rate lock fee?


Just want to make sure there are no hidden costs that will "surprise" me at closing.

I have a question for people who have completed their refinance through the HARP program. After the initial application what type of paperwork and or documents do the request/require? Tax returns? Employment info? Condo questionnaire? Thanks!

Also looking at this proposal. We, in-fact, are waiting on the appointment to close.

I think the fee comes from the fact that you continue to pay the interest on the original loan for the two mont period it takes to get the new loan. Seems to me two months of "interest" going to them and not decreasing the term is the fee.

We are still thinking about doing it as the $80 per month savings will eventually exceed the 2 months interest.

Any thoughts?

Also looking at this proposal. We, in-fact, are waiting on the appointment to close.

I think the fee comes from the fact that you continue to pay the interest on the original loan for the two mont period it takes to get the new loan. Seems to me two months of "interest" going to them and not decreasing the term is the fee.

We are still thinking about doing it as the $80 per month savings will eventually exceed the 2 months interest.

Any thoughts?

Also looking at this proposal. We, in-fact, are waiting on the appointment to close.

I think the fee comes from the fact that you continue to pay the interest on the original loan for the two mont period it takes to get the new loan. Seems to me two months of "interest" going to them and not decreasing the term is the fee.

We are still thinking about doing it as the $80 per month savings will eventually exceed the 2 months interest.

Any thoughts?

I was given the offer as well after having a mortgage with them for 6 years. No late payments, 5. 5 % apr, in fact I make an extra payment every year. I found the catch to be no returned calls, no service or updates and a denial to proceed with the option after 3 months. The denial letter was vague and instructed me to get the speciics about my " credit issue" from Equifax. I got the original credit check back from Equifax with a 760 credit score rating along with my initial welcome letter and good faith estimate.

In short I found the entire process to be a less than customer friendly. And in the end it also confirmed my suspicion that it was too good to true.... refi at 2 points lower with NO FEES...... not how American Mortgage bankers operate. Something for nothing ? If it wasn't for the $5000 closing cost package I'd switch to Wells Fargo in a heart beat.

I too recieved the fedex envelope in February, after speaking with the agent I had a 90 day locked rate at 3.75 for 20 years. they have been servicing my loan since 2004 with a rate of 5.5%. After reviewing the GFE there were charges of 760 for orgination charge and no points, the rest of the charges are normal charges where ever you go including title search, recording fees, escrow (taxes and home owners insurance), etc.

I spoke with a few other carriers to see how the rate was and the estimated costs, they were all similar.

here is the catch, Citi has a 90 day rate lock because the underwriters do not even pick up your application for review until day 50 or 60. My service person on the loan listed all the documents I needed up front and again once the underwriting began. Just do not rush them and you can get a lower rate. My out of pocket expenses were roughly $2K between title search, misc fees. Other fees are for escrow. I thought the bank attorney was going to be at the closing, but just a notary showed up. I did review all the numbers a couple of days prior with a Citi person. All the numbers were fine, and I had y attorney review after the closing - no problems.

Overall the process was easy - and no bank records or tax returns, but it is important to provide them the information they need quickly and then wait.

I too recieved the fedex envelope in February, after speaking with the agent I had a 90 day locked rate at 3.75 for 20 years. they have been servicing my loan since 2004 with a rate of 5.5%. After reviewing the GFE there were charges of 760 for orgination charge and no points, the rest of the charges are normal charges where ever you go including title search, recording fees, escrow (taxes and home owners insurance), etc.

I spoke with a few other carriers to see how the rate was and the estimated costs, they were all similar.

here is the catch, Citi has a 90 day rate lock because the underwriters do not even pick up your application for review until day 50 or 60. My service person on the loan listed all the documents I needed up front and again once the underwriting began. Just do not rush them and you can get a lower rate. My out of pocket expenses were roughly $2K between title search, misc fees. Other fees are for escrow. I thought the bank attorney was going to be at the closing, but just a notary showed up. I did review all the numbers a couple of days prior with a Citi person. All the numbers were fine, and I had y attorney review after the closing - no problems.

Overall the process was easy - and no bank records or tax returns, but it is important to provide them the information they need quickly and then wait.

I wish I knew how to get this option from Citi.

i got this offer but it required paperwork, did yours require paperwork? Mine requires lots of paperwork

Citibank isnt doing this because you guys have been great customers and they want to cut you a break (at the expense of their shreholders and their bottom line).


NATIONAL MORTGAGE SETTLEMENT


Take a glance at the summarized Key Provisions of the settlement.



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