• filter:
  • 1498499500501 502
  • Page
  • Previous 40
  • Text Only
  • Search this Topic »
rated:
whatSay said:   From my reading other articles on web, i'm not sure if lender credit change is considered a zero/no-tolerance issue from loan estimate to closing disclosures. Hope someone can chime in on that part of the question.
  The initial "quote" is not binding.
Your other disclosure paperwork (new equivalent to GFE) pretty clearly notates what charges/estimates may go up (such as third party fees, which if i remember right state they are limited to 10% increase if you use the lender's selection or if you pick your own the lender isn't responsible) and which charges may only go down (lender charges).

There's nothing to figure out on APR because there's not a standard in the quotes, they all may include different things in the APR.  All that matters is total lender fee (Convert $$$ fee to points and add together, or vice versa) and the Rate.  That's two numbers that should match from the quote if they're honest and should match from the disclosures to closing, assuming no other details of the loan changed (such as loan balance going down which would reduce the lender credit).

rated:
whatSay said:   The line items/description on zillow quote and the loan estimate do not match line to line.... I have noticed this with other providers as well.... But at the end of the day they all try to get to the similar APR as quoted in their zillow quote.

Like for example in this case, Zillow didnot have any origination charge... The Lenders loan estimate has an original charge. They give that back as credit under "Adjustment & Other Credits" line item.
Bc of these difference it is difficult to compare line by line numbers on zillow quote to loan estimate quote....
I guess I will have to figure out what all costs go into making APR to make sure they are still the same as original zillow quote.
First, (origination charge minus lender credit) on both Zillow quote and loan estimate should be the same.

Second, you don't need to worry about the APR, only worry about the (1) loan interest rate and (2) total closing costs (or credits). Those two things will make up the APR and it can easily change because closing costs can easily change.

rated:
I have a different kind of question but related, to the experts here:

My refinance closing is at the end of the month. Prepaid interest in for 1 day but escrow reserve for taxes is 7 months (October). But If close on Nov 1, I believe the prepaid is for 30 days, but Escrow reserve is only 1 month (November). Which is advantageous and would work better? Please help and advise.

Thanks

rated:
I'm no expert, but I think I can answer.

Prepaid interest is money you are going to pay either way. It simply covers the interest for the new loan for the rest of the month in which you close. There's no advantage or disadvantage either way.

Escrow reserve depends on when money needs to come out of that escrow account to pay your taxes and insurance. Even if you are correct (and I suspect you aren't), I don't think your closing date will make any difference worth discussing. Also I thought escrow is allowed (and usually requests) at least 2 months reserve.

The only thing to consider in either scenario is opportunity cost of paying some money now or paying it a month later, but at 1% interest rates in savings accounts it's worth pennies or a few bucks at most.

rated:
If you close near the first of the month, you may get to effectively cash out an additional amount equal to 1 month's mortgage payment. 
Funding will happen after closing, and that's the date that the prepaid interest charges and "first payment" date are set by.(You'd have to ask your processor if/which closing date would end up with this result.  They may always fund on the same day of the week, I don't know if this varies by lender)

I say "effectively cash out" because you get to "skip two payments" instead of "skipping one payment"(the "skip a payment" is the phrase the mortgage brokers use). And that's money in your pocket and remaining in the loan, so it's roughly equivalent to cash out. I made the last payment to my previous lender on 8/10/2016 for the 8/1 due date. I closed the refinance on 8/30/2016 (it funded on 9/6), where I rolled new escrow into the loan.  First payment for the new mortgage is November. So, by closing at end of month/funding in the next month, I "skipped" paying out of pocket for both September and October, effectively cashing out that additional ~$2500 from the loan.

I closed

rated:
After several delays, I finally received the clear to close.

Amount $137,500
Term 15 years
Rate 2.875%
no escrows
Loan Fees $1842.75  (listed below)
Lender Credit $2091.00
Closing cost  -$248.25  (to be applied towards prepaids)

The fees were;
Admin Fee  $565
Processing Fee $425
Property Inspection Waiver Fee $75 (Total Origination Charges $1065)
Credit Report Fee $25.75
Flood Cert Fee $5.00
Title/Closing Fee  $150.00
Lender Title Insurance $538  (Total Services Borrower Did Not Shop For $718.75)
Mortgage Fee $59

Total Loan Costs  $1842.75

Originally, they quoted me 3.00% with $400 out of pocket which was to go towards the appraisal fee.
They ended up waiving the appraisal requirement, so I didn't have to pay the $400 out of pocket.
And then after multiple delays on their end, they ended up dropping the rate another 1/8 pt in the end and gave me 2.875 instead of 3%.
Lender credits covered all the fees and then some.  At closing, all that was due was the prepaids (prop tax and some interest)

At the beginning, they told me it would take 45 days start to finish.  It ended up taking 90+.  I threatened to walk, which is why they gave me the 1/8 pt reduction to stick it out with them.

rated:
I called DCU tempted by the 0 origination points and got quoted with $3,559 closing costs. Anyone please tell me with bank in zillow to deal with? Also i am able to opt out of escrow by paying $3K to the principal. But i wonder if i should opt out before i refinance. or it doesnt matter? I ask them about the value home to avoid PMI and they said above $305,000. My house is not worth that. Any lenders with less stringent PMI policy?

rated:
pyrotalk said:   Anyone please tell me with bank in zillow to deal with?Deal with whichever bank or broker offers you the best deal.
pyrotalk said:   Also i am able to opt out of escrow by paying $3K to the principal. But i wonder if i should opt out before i refinance. or it doesnt matter?What you said doesn't make any sense. You don't pay down principal to opt out of escrow, you pay about a quarter of a point (0.25% of loan amount) in loan origination fees, in my experience.
pyrotalk said:   I ask them about the value home to avoid PMI and they said above $305,000. My house is not worth that. Any lenders with less stringent PMI policy?I think the rule is you need to have LTV <= 80% to avoid PMI. Or two mortgages, first for 80% and second for the rest.

rated:
Lefty421 said:   After several delays, I finally received the clear to close.

Amount $137,500
Term 15 years
Rate 2.875%
no escrows
Loan Fees $1842.75  (listed below)
Lender Credit $2091.00
Closing cost  -$248.25  (to be applied towards prepaids)

The fees were;
Admin Fee  $565
Processing Fee $425
Property Inspection Waiver Fee $75 (Total Origination Charges $1065)
Credit Report Fee $25.75
Flood Cert Fee $5.00
Title/Closing Fee  $150.00
Lender Title Insurance $538  (Total Services Borrower Did Not Shop For $718.75)
Mortgage Fee $59

Total Loan Costs  $1842.75

Originally, they quoted me 3.00% with $400 out of pocket which was to go towards the appraisal fee.
They ended up waiving the appraisal requirement, so I didn't have to pay the $400 out of pocket.
And then after multiple delays on their end, they ended up dropping the rate another 1/8 pt in the end and gave me 2.875 instead of 3%.
Lender credits covered all the fees and then some.  At closing, all that was due was the prepaids (prop tax and some interest)

At the beginning, they told me it would take 45 days start to finish.  It ended up taking 90+.  I threatened to walk, which is why they gave me the 1/8 pt reduction to stick it out with them.

awesome. which bank you use? pm please  

rated:
looks like Trump was bad news for mortgage rates...

rated:
Yes. We just signed our contract about a week and a half too late - mortgage rates are up ~3/8-1/2% compared to the month or two leading up to the election. *sigh*

I'm looking for a mortgage broker, though I don't think anyone will be able to do magic and turn back the clock.

rated:
any speculation of whats to come in the next few weeks? I was planning on buying a home in the next 3-4 months

rated:
nwill002 said:   any speculation of whats to come in the next few weeks? I was planning on buying a home in the next 3-4 monthsThe mortgage rates will either go up, down, or stay flat.

rated:
scripta said:   
nwill002 said:   any speculation of whats to come in the next few weeks? I was planning on buying a home in the next 3-4 months
The mortgage rates will either go up, down, or stay flat.

  It is spooky how that tracks exactly my thoughts on the stock market.

rated:
Hi,
I have escrow to pay taxes. Lender is going to pay property tax in Dec 1st week. I am also thinking about paying 4k property tax using my new CC to hit spending limit. They are charging 2.2% processing fee. According to lender county will pay pack excess amount to home owner. Are they going to pay back into CC or check? Any one tried this approach to hit spending limit.
Thanks

rated:
rustum said:   Hi,
I have escrow to pay taxes. Lender is going to pay property tax in Dec 1st week. I am also thinking about paying 4k property tax using my new CC to hit spending limit. They are charging 2.2% processing fee. According to lender county will pay pack excess amount to home owner. Are they going to pay back into CC or check? Any one tried this approach to hit spending limit.
Thanks

  Ask your county what happens if lender pays after you've already paid?

rated:
Bend3r said:   
rustum said:   Hi,
I have escrow to pay taxes. Lender is going to pay property tax in Dec 1st week. I am also thinking about paying 4k property tax using my new CC to hit spending limit. They are charging 2.2% processing fee. According to lender county will pay pack excess amount to home owner. Are they going to pay back into CC or check? Any one tried this approach to hit spending limit.
Thanks

  Ask your county what happens if lender pays after you've already paid?

  Thanks man. i will check with them on Monday.

 

rated:
Bend3r said:   
rustum said:   Hi,
I have escrow to pay taxes. Lender is going to pay property tax in Dec 1st week. I am also thinking about paying 4k property tax using my new CC to hit spending limit. They are charging 2.2% processing fee. According to lender county will pay pack excess amount to home owner. Are they going to pay back into CC or check? Any one tried this approach to hit spending limit.
Thanks

  Ask your county what happens if lender pays after you've already paid?

  Hi Bend3r,
Is it possible to pay one month mortgage EMI using credit card. That will help me to hit my spending Target to get promotion with cc.

Thanks
 

rated:
I paid my property tax, told the lender that it's paid, and asked them to refund the escrow balance directly to me. If you plan to pay in full, that's what you should do. If you only want to pay part of it, then you better familiarize yourself with your county's rules. My county officially doesn't accept partial payments and refunds them. Unofficially they only refund if the full payment isn't made within 20 or 30 days of the first partial payment. If I were you, I'd make the partial payment by CC and the rest by check (assuming your county allows it), then tell the lender it is paid and you want an escrow refund.

rated:
scripta said:   I paid my property tax, told the lender that it's paid, and asked them to refund the escrow balance directly to me. If you plan to pay in full, that's what you should do. If you only want to pay part of it, then you better familiarize yourself with your county's rules. My county officially doesn't accept partial payments and refunds them. Unofficially they only refund if the full payment isn't made within 20 or 30 days of the first partial payment. If I were you, I'd make the partial payment by CC and the rest by check (assuming your county allows it), then tell the lender it is paid and you want an escrow refund.
Thanks for partial payment with CC, remaining with check and request refund from escrow balance suggestion. This looks like a better approach if i am paying property tax with CC. Is it possible to pay mortgage payment with CC.
Thanks
 

rated:
^^^ Check out Plastiq.

rated:
scripta said:   ^^^ Check out Plastiq.
Rigistered for Plastiq. My lender is also available (guardina mortgage company). Wondering if these mortgate payments apply to both internet and principal?
Can  I use spouse CC to pay mortgage on my name? May be i have to create a account for spouse as well.
Thanks

rated:
Just like counties, lenders have their own rules for partial payments and you'll need to familiarize yourself with your lender's rules.

In my experience lenders treated partial payments before the due date as extra payments applied towards principal. Partial payments after the due date were held until they add up to a full payment. My lenders gave an approximately 2 week grace period, so I make sure that all partial payments are received by the lender within that grace period (after the due date, but less than 2 weeks after). This is extremely risky, because if anyone or anything screws up, you could end up with a late fee and possibly a ding on your credit. I usually experiment first to see how quickly the payments are processed and posted, and schedule them all well in advance (but not too far in advance, as they need to arrive after the due date). If something goes wrong I leave enough time to pay by check or bank billpay before grace period expires.

You can use your spouse's credit card in your own plastiq account, and the name on the paid account doesn't matter, you can even pay my mortgage. Just make sure you provide the correct account number. You can always test it out by sending a couple bucks to see how long it takes and how that payment is treated by your lender.

rated:
Great experience with Cardinal Financial.

Closed 15 year fixed at 2.625 with escrow yesterday. No points , Origination fee of $1498 , lender credit of $2280. No Appraisal

Rate Lock Nov 7, closing Nov 22.

Total fees after lender credit $469.

rated:
susrivas said:   Rate Lock Nov 7Great timing!

rated:
Anyone use Hamilton National in Wayne, PA.??? is the appraisal paid upfront? What about CashCall? Is the appraisal paid upfront or is it reimbursable?

rated:
pyrotalk said:   Anyone use Hamilton National in Wayne, PA.??? is the appraisal paid upfront? What about CashCall? Is the appraisal paid upfront or is it reimbursable?
 With Cashcall, you do not pay the appraisal upfront.

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.
  • 1498499500501 502
  • Page
  • Previous 40


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2016