refinance problems

Hi hhssaw,

Welcome to the forum.

I think you have done cash out refinance. Is it so and how long have you done it? If you have done the cash out refinance in less than one year ago then you cannot refinance it now. You will have to wait till one year to refinance the mortgage once again. If any lender approves you for refinancing before completing one year from the time you get the cash out refinance, the rates and terms will not be favorable for you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Larry has pointed out a good point. If you take out cash out refinance within a year then you cannot refinance right now. As Larry has suggested you should wait to refinance at one year.

By the way if you have done a cash-out refinance just a year ago then why are you willing to refinance once again even before a year has passed?

The loan he has now was done over 4 years ago. He called Wells Fargo to refinance, told them that he was working out of state so could this be done over the phone and was told yes. Well everything went good they even set up a appointment for him to meet a notary where he is working to sign papers for the closing, we are thinking great!!! Everything is working out----got the interest rate we wanted, terms. We hear nothing from Wells Fargo after the closing - so he calls because it is getting close to payment time - he is told everything is fine there are no problems. Still we hear nothing - so he calls again this time we are told that Wells Fargo screwed up because of the real estate laws in Texas they can not do the refinancing - (hello, he already closed on the new loan). He was told because of the mortgage he has now - had a cash option, (that was done 4 years ago) and the new loan did not orginate in Texas. (He called the number on the statement ,says to refinance call this number) Wells Fargo knew he was out of state. Sorry if the person that answered the phone at their refinance dept is out of state. Wells Fargo said all they could do sincce they have all the paper work done is offer 6.25%. I am just trying to understand what happen and why. Thanks for all your help.

Hey hhssaw,

I cannot understand why they have disapprove you even after the closing. You must have paid closing cost, isn't it? How can they disapprove you after that??? I feel you should consult it with any real estate attorney.

That doesn't sound right either. I would certainly contact an attorney. If you are looking to refinance.... I am with Freedom Mortgage in New Jersey. We are licensed in all 50 states. My office number is also 856-974-5357. I would be happy to assist you.

Laura DeStefano
Freedom Mortgage
856-974-5357 office
609-870-4679 cell
"ldestefano@fmbranch.com"

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Hi Laura.

Welcome to the forum.

So you are with Freedom Mortgage in New Jersey. That is great. There are so many professional in this community and it is better that the number is increasing. Just have a look at http://www.mortgagefit.com/community/professionals.html

BTW I would like to know more about you. Hope you will enjoy participating here.

Best of luck,
Larry

Texas has laws against cash out refinances when the loan to value is over 80% This could have been part of the problem. It is hard to say because it seems there is something missing.

Brian

I have to tell you I had the same problem a couple months back when I tried to refi...They told me my dti was messed up which to debt to income ratio something like that. I had to pay off a credit card before I could get approved. But I ended up at this site (easymademortgage.net) and they got me refied with a 602 credit score and I got a decent rate too.