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rated:
Hi all - a couple of questions for the rate experts here:

I'm getting rate quotes from a couple of Costco lenders for a refi on my duplex which is now an investment property. I have a primary mortgage, and a secondary that was a HELOC that is now a loan, which we took out in 2005. Both lenders have told me that because the second was not used to purchase the property that the primary loan is on, that my refinance will be considered a "cash-out". This is increasing my rate by .375 points! So all in all, instead of an APR of 3.75 zero points (single family, primary residence), they've bumped my quote up to 4.375 (.250 for multi-family, .250 for investment property and .375 for "cash-out") - ugh! Some of the research I found indicates that if my HELOC was originated more than 12 months from now (which it was), then it's technically not a cash-out by Fannie's standards, but I'm not sure how up to date or correct that is....

So my questions are:

1) Is my refi really required to be a "cash-out"?
2) is .375 the standard bump for a "cash-out" refi?

Thanks in advance!

rated:
I'm hoping a mortgage expert can help answer these questions. Thanks in advance!:

We are in NJ and about to go to contract with a closing date in mid-August. The sellers want me to provide a loan commitment letter 75 days prior to close.
1) Am I bound to a rate in order to obtain a commitment letter? Or, can I lock a rate closer to close (i.e. 30 days)?
2) Am I subject to additional underwriting/re-verification after I receive a commitment letter? God forbid someone loses a job within that 75 days, could the loan be canceled (and I would be out my earnest deposit)?

rated:
kvs25 said:   I'm in Florida, and I'm hearing that credit unions are exempt from paying the intangible property tax. Does anyone have experience with this? I'm looking to get a mortgage with GTE financial.
I think that changes from state to state, but it is true here in Georgia

rated:
Did you ask GTE? The rates posted on their webpage aren't as competitive as some.

rated:
So anyone know what the standard rate markup is for a cash out refi? First Choice (Costco) is marking it up .375

rated:
ksuwldkat said:   Did you ask GTE? The rates posted on their webpage aren't as competitive as some.

Ya, just found out from my builder that it is indeed true. Their rates are the same that my builder is offering, bit their closing costs are a lot cheaper.

rated:
Hello, I am planning to do refinance, today I got 30 year fixed for 3.625% with $4300 lender credit

Expense: ($2725)
$425 Appraisal
$ 800 Lender Origination Fee
$1500 My Title Company ( I talked to my old title company, they agreed to this re-issue rate)

Total remaining credit ($4300 - $2725 =$1575)

I am allowed to take that money home, my lender says I cannot take that out because it may considered as cash out load, what are my options? Thanks in advance.

rated:
put some money and use the credit to buy down the rate to 3.5

rated:
You can use the remaining credit to pay for escrow reserves which includes property taxes and insurance.

rated:
sometimes, depending on the HOA and also maybe on the state rules, you can choose to pay off a couple of months of HOA as well.

rated:
Are online lenders such as Amerisave, Sebonic, Consumer Direct, etc. able to work with government down payment assistant and first time home buyer programs?

rated:
Missourian said:   Hello, I am planning to do refinance, today I got 30 year fixed for 3.625% with $4300 lender credit

Expense: ($2725)
$425 Appraisal
$ 800 Lender Origination Fee
$1500 My Title Company ( I talked to my old title company, they agreed to this re-issue rate)

Total remaining credit ($4300 - $2725 =$1575)

I am allowed to take that money home, my lender says I cannot take that out because it may considered as cash out load, what are my options? Thanks in advance.

As gaurav1980 and phenyle have said, you could use extra credit to bring down the rate ( to say 3.5%) or use it to increase the escrow balance. Also make sure all the closing costs are covered in your expense list - like closing company fee, government recording fee, etc.. The ones you have listed are the most obvious ones, but there will be more.
If I may ask, can you share the details of the lender?

rated:
boobinson said:   I'm hoping a mortgage expert can help answer these questions. Thanks in advance!:

We are in NJ and about to go to contract with a closing date in mid-August. The sellers want me to provide a loan commitment letter 75 days prior to close.
1) Am I bound to a rate in order to obtain a commitment letter? Or, can I lock a rate closer to close (i.e. 30 days)?
2) Am I subject to additional underwriting/re-verification after I receive a commitment letter? God forbid someone loses a job within that 75 days, could the loan be canceled (and I would be out my earnest deposit)?

If I understand correctly, all the seller is asking is for a loan pre-approval document; loan pre-approval does not bind you to the lender; both for rates or for the loan. Pre-approval is valid for 60 days but you can get it for 75 days. Rate lock, appraisal come into picture after a purchase contract is signed. If you go with the same lender who pre-approved, the process may be shorter but you still have to go through appraisal, inspection, rate lock, under writing process, etc.
As regards your other question (of losing job, etc.) - your purchase contract must include at least two pre-conditions - 1) your eligibility to get a loan 2) successful pass of home inspection; if either of these two conditions dont pass, purchase contract can be cancelled and you would get your ED. If you lose your job, condition# 1 will fail making the contract cancelable. If you are working with a buyer's agent, then the purchase contract will include all these conditions in the contract. If not, do a google search for a purchase contract template, and model it after.

Hope this helps..

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