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Look at Provident.com as thats where I am seeing the best rebate points....

Many of the places I used for the rate comparisons have either closed shop or merged with other companies and have become not so competitive......I am looking to refinance again so I can update the thread and if you guys know of good online places feel free to PM me.

Shahhere

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Guys:† I am looking to add my parents to my mortgage as they live and contribute to my home but then also want to remove my name so that I can buy another property.† Other than selling my home what other options am I looking at that you know of?

Shahhere

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Got a GFE from the broker (through zillow) showing zero origination fees after credit but the same GFE from the lender shows a $7k net origination fee.
Spoke to the broker and was told that they would be crediting me the $7k origination fee.
I asked for the revised GFE from the lender showing the credit but was told by the broker "they cannot issue such a GFE.† The remainder of the credit is coming from us as your mortgage broker.† I will send you the final settlement statement a few days before the closing so you can review it."

What is your advice on what I should do? Is this a normal practice?

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ngkpg said:   Are most lenders ok with only 10% downpayment? I'm planning on getting an 80/10/10 mortgage (10% 2nd loan, 10% down) and I'm wondering (in general) if the mortgage options are limited with 10% down vs. 20% down. This is in CA, household income is 150K, credit scores 740+, looking to buy 600K-625K home.


I just closed a refi 80/10/10 with penfed. 2.5% on a 5/5, and a heloc 2nd. They even gave me a 2.99% 12 month promotional on the heloc, which I didn't even know about until after closing.

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mansa said:   Got a GFE from the broker (through zillow) showing zero origination fees after credit but the same GFE from the lender shows a $7k net origination fee.
Spoke to the broker and was told that they would be crediting me the $7k origination fee.
I asked for the revised GFE from the lender showing the credit but was told by the broker "they cannot issue such a GFE.† The remainder of the credit is coming from us as your mortgage broker.† I will send you the final settlement statement a few days before the closing so you can review it."

What is your advice on what I should do? Is this a normal practice?


Wouldn't worry about it at this point. You'll get final numbers prior to closing.

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shahhere said:   Guys:† I am looking to add my parents to my mortgage as they live and contribute to my home but then also want to remove my name so that I can buy another property.† Other than selling my home what other options am I looking at that you know of?

Shahhere


You cannot add or remove names from a mortgage. You may be able to work something where they are put on the title, and then they could refi in just their names. Can they qualify without you?

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So I finally signed closing documents with AmeriSave on Saturday morning. I submitted an application a little before April and locked in a rate on April 1st. I'd go weeks without hearing from AmeriSave and by the time we finally finished just on Saturday I'd been handed off to three different processors none of which knew what the previous had been doing. This was just for a pretty standard refi. I chose to go with them after seeing reviews here and that they would cost about $1,000 less in closing costs than another lender I'd been speaking to. Luckily I wasn't in a big rush but it did turn out to be a pretty long, inconvenient wait.

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Any other recommendations for a low-cost refi lender other than Third Federal? I was denied due to being just over their 36% DTI (solely due to child support/alimony, have very little other debt). I'm only planning to be in the house for another year or two, so I don't want to pay high closing costs. The LTV (according to TF's appraisal that they ordered) is 70% and I'm willing to do a variable rate since I'm planning to move in the not too distant future. The property is located in CO and is my primary residence.

The reason for the refi is that I'm stuck paying FHA PMI currently and can't get out of it. Being able to refi would save me a ton, but probably not enough to break even on really high closing costs. Any leads are appreciated -- thanks!

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Farchitect said:   So I finally signed closing documents with AmeriSave on Saturday morning. I submitted an application a little before April and locked in a rate on April 1st. I'd go weeks without hearing from AmeriSave and by the time we finally finished just on Saturday I'd been handed off to three different processors none of which knew what the previous had been doing. This was just for a pretty standard refi. I chose to go with them after seeing reviews here and that they would cost about $1,000 less in closing costs than another lender I'd been speaking to. Luckily I wasn't in a big rush but it did turn out to be a pretty long, inconvenient wait.
† This appears to be a common complaint with AmeriSave: that they are very slow. Did they deliver the mortgage with the same terms that you locked in April? I think Mortgage rates have increased a bit since April 1st - so I'm just wondering if there was any problem getting the promised rate?

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shahhere said:   Look at Provident.com as thats where I am seeing the best rebate points....

Many of the places I used for the rate comparisons have either closed shop or merged with other companies and have become not so competitive......I am looking to refinance again so I can update the thread and if you guys know of good online places feel free to PM me.

Shahhere

When I check out Provident I'm seeing higher than what shows on Zillow mortgage rates. †Also, Provident says that 80% LTV is outside their parameters for a jumbo loan - it looks like they will only loan up to 74% LTV.

I've seen people say they use GuaranteedRate.com or LendingTree as well, but I haven't checked into those yet. †Zillow mtg already shows great rates.

Why do you prefer rebate points?

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livedog said:   
Farchitect said:   So I finally signed closing documents with AmeriSave on Saturday morning. I submitted an application a little before April and locked in a rate on April 1st. I'd go weeks without hearing from AmeriSave and by the time we finally finished just on Saturday I'd been handed off to three different processors none of which knew what the previous had been doing. This was just for a pretty standard refi. I chose to go with them after seeing reviews here and that they would cost about $1,000 less in closing costs than another lender I'd been speaking to. Luckily I wasn't in a big rush but it did turn out to be a pretty long, inconvenient wait.
† This appears to be a common complaint with AmeriSave: that they are very slow. Did they deliver the mortgage with the same terms that you locked in April? I think Mortgage rates have increased a bit since April 1st - so I'm just wondering if there was any problem getting the promised rate?


They extended my rate lock three times. They also requested three payoff amounts from my mortgage requesting an expedited fax from them each time for $30 a pop that wound up on my account. They wound up paying for it once I noticed and complained.

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I am @3.125% fixed for 15-year right now. What's 15-year fixed rate for a refinance with no closing fee?

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Underwriting questions--I am currently acquiring a first mortgage. The underwriter has requested a copy of a $3k check I received from a previous employer about two months ago. Liquid assets are around $250k, $10k/mo income, mortgage is $270k. To get a copy of the check will take a while (8 business days), and the lender is feeding me a line of crap about how they must have a copy per federal regulations blah blah blah. Is there any truth to this? I just don't get that they want a copy of that check, but not the other bazillion checks that made up the rest of the down payment.

Thanks everyone.

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Are they requesting a paystub from your previous employer, or current employer? When you say check is that the same as paystub, or something else?

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I owned company stock at my last job and cashed it out, so not a paystub.

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datatransfer said:   Underwriting questions--I am currently acquiring a first mortgage. The underwriter has requested a copy of a $3k check I received from a previous employer about two months ago. Liquid assets are around $250k, $10k/mo income, mortgage is $270k. To get a copy of the check will take a while (8 business days), and the lender is feeding me a line of crap about how they must have a copy per federal regulations blah blah blah. Is there any truth to this? I just don't get that they want a copy of that check, but not the other bazillion checks that made up the rest of the down payment.

Thanks everyone.

††
Tell the loan processor to bump it up to an underwriting manager. A $3k deposit is not a large deposit that requires documentation given the circumstances you're describing, which is what they're looking for. There are no "federal regulations"; there are Fannie and Freddie guidelines which are being interpreted by a very conservative underwriter (i.e. inexperienced)

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Very much appreciated rifleman.† I made the request.† This lender is the flat out worst I've ever dealt with so I'm not holding my breath.† Their requests keep getting more inane (like, a W2 isn't good enough proof that I worked somewhere).

Happy Saturday.

Edit// here's what she said.† Everyone, please, don't EVER use Commonwealth Mortgage out of MA.† I found them on Zillow and they seemed to have good reviews, but they are at least 10x worse than any of the previous 4 mortgage companies I've dealt with.† Slow, incompetent, lose documents, don't respond, unnecessary requests (and lots of them), they don't do what you ask them to.† And they have a very hostile/combative attitude, like it's a huge inconvenience for them to do their job the 4th time I ask.

" I have reviewed the bank statement, your income and your loan, and I agree that we need to see where this large deposit came from.† Regardless of the underwriter's interpretation of posted Fannie/Freddie guidelines, it is always the underwriter's discretion to determine whether or not additional documentation is needed based on the particular file being reviewed."



rated:
The best deals are on Zillow Mortgage it seems, about 1/8% better than others, but you run the risks of poor service. They have great reviews on there but I wonder how many are padded - there are a lot of horror stories too.

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Just an FYI, I found that my lender had fake reviews on Zillow. Found a couple instances of the same exact review, posted by multiple users praising certain team members. Luckily we had a pretty good experience and closed on time. Just something to think about, I filtered for poor reviews and made my judgement that way. Most poor reviews relating to crappy credit or irrelevant loan types I ignored.

I also posted a review for my lender at the start of the process, leaving it open ended to ensure they followed through till closing. I know their marketing dept kept a close eye on their customer experiences.

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The fake reviews on Zillow, in addition to the crazy rates that often seem unattainable, is one of the reasons why we decided to stop advertising there.

MMNJ

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Does anyone have recommendation/experience with 'Sebonic Financials'? Zillow ratings are good however Yelp seems to suggest otherwise.






rated:
dealhunter999 said:   Does anyone have recommendation/experience with 'Sebonic Financials'? Zillow ratings are good however Yelp seems to suggest otherwise.
I would like to know the same.

Also, anyone have any experience with Annie Mac





††

rated:
I have a question for you guys?

I have a 7/1 rate lock with A bank @2.875 with no points and no bank fee. †I am responsible for all third party fees. †I have B bank offer me 2.625 (.25) lower and .25 to .375 towards bank fee and third party closing. †I close in a month and both banks are very reputable (national banks). Bank A has already done all the work but bank B just started and gave me a pre-approval yesterday. †The property is a 1mil so .25 is significant.

1. Is it worth switching?
2. Can B goof up and not close even if they say they can process the loan in a month? †
3. What questions should I ask to B?
4. What does A loose if I go with B? †A is not willing to renegotiate but did put in several hours of work.
5. Anything else that should factor into my consideration?


rated:
rascott said:   
shahhere said:   Guys:† I am looking to add my parents to my mortgage as they live and contribute to my home but then also want to remove my name so that I can buy another property.† Other than selling my home what other options am I looking at that you know of?

Shahhere


You cannot add or remove names from a mortgage. You may be able to work something where they are put on the title, and then they could refi in just their names. Can they qualify without you?

I am removing my wife name (co-borrower) from loan for the same purpose as shahhere. Her name will be on title with me but no more on loan. I have confirmed with several lenders and they have no issue with it.




rated:
I've got a refi in progress with a broker I found via Zillow - Aurora Financial. So far, so good. Reviews on Yelp and Google seem pretty good for them too. They were very quick to respond via email as requested, with full GFE for the options I requested. We had travel on the day I wanted to lock, and they seemed to hustle to get us access to get all required signatures and basic doc submissions.

Closing should be in a few weeks, though there's really no hard deadline on our part.

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