Posted on: 25th Oct, 2007 11:42 pm
i am refinancing my home from an adjustable rate to a fixed rate. when i received the disclosure of fees-i had added $12.000 to my home and my payment was to include a pmi. when i wouldn't accept these terms-the loan officer asked if i would go for $6,000. then he started telling me that my loan would adjust ant day now and he kept pushing. i still have the papers and haven't submitted them because i think something odd is going on. i asked the broker which company we were refinancing with and he told me, "countrywide". i don't know why he went that company because my original loan was not subprime. my payoff if $171,000 and now it will be $182,000 and i'm only saving $200.99 a mo. where can i find a good deal with a refinance company that will not raise my payoff by so much money. i have around $35,000 equity in my home.
Hi,
You said that you have added $12,000 to your home.
Is it added to your home value or to the mortgage? Could you explain that?
You said that you have added $12,000 to your home.
Is it added to your home value or to the mortgage? Could you explain that?
Hi Dianenatale,
Welcome to our community forums.
What I understand from your previous posts is that, you didn't wish to add $12,000 to your mortgage payment in total. Isn't that so? But the loan officer is probably asking you to pay $6000, an amount relatively higher than what you could pay in case you agreed with all the terms and conditions.
Moreover, the broker should have informed you about the rate adjustment a few days ago. Then you could have selected some other lender. And, by the way, I think it's better if you choose a separate lender for refinancing because in the course of getting this loan, you will be paying a huge amount of fees.
If you wish to save more than $200 on a monthly basis, then you need to talk to the lender you'll approach while shopping. I feel you should shop around for some more time. There are plenty of lenders there in the market, so it's better you stop availing services from the broker and look out for lenders or any other broker who can help you choose the program that best suits your needs.
You can look out for lenders in our community also.
Regards,
Jessica.
Welcome to our community forums.
What I understand from your previous posts is that, you didn't wish to add $12,000 to your mortgage payment in total. Isn't that so? But the loan officer is probably asking you to pay $6000, an amount relatively higher than what you could pay in case you agreed with all the terms and conditions.
Moreover, the broker should have informed you about the rate adjustment a few days ago. Then you could have selected some other lender. And, by the way, I think it's better if you choose a separate lender for refinancing because in the course of getting this loan, you will be paying a huge amount of fees.
If you wish to save more than $200 on a monthly basis, then you need to talk to the lender you'll approach while shopping. I feel you should shop around for some more time. There are plenty of lenders there in the market, so it's better you stop availing services from the broker and look out for lenders or any other broker who can help you choose the program that best suits your needs.
You can look out for lenders in our community also.
Regards,
Jessica.
Yes Jessica, Dianena can look out for lenders in our community too.
Dainena, there are several lenders associated wth our community and they've been helping people with various financing options. All you need to do is, send in your request for mortgage quotes with the minimum details.
As soon as the community receives your request, it will forward it to the lenders and they shall try matching their profiles with that of your requirement. And, they shall contact you as soon as they find out that they're confortable dealing with you considering your requirements.
Hope you can all the support and help.
God bless you.
Samantha
Dainena, there are several lenders associated wth our community and they've been helping people with various financing options. All you need to do is, send in your request for mortgage quotes with the minimum details.
As soon as the community receives your request, it will forward it to the lenders and they shall try matching their profiles with that of your requirement. And, they shall contact you as soon as they find out that they're confortable dealing with you considering your requirements.
Hope you can all the support and help.
God bless you.
Samantha
"I am refinancing my home from an adjustable rate to a fixed rate. When I received the disclosure of fees-I had added $12.000 to my home and my payment was to include a PMI. When I wouldn't accept these terms-the loan officer asked if I would go for $6,000. Then he started telling me that my loan would adjust ant day now and he kept pushing. I still have the papers and haven't submitted them because I think something odd is going on."
$12,000 is high if that is just for closing costs. Are you paying off any other debt?
"I asked the broker which company we were refinancing with and he told me, "Countrywide". I don't know why he went that company because my original loan was not subprime. "
Countrywide is not a subprime only lender. Although they do have a subrime department. They do many different types of loans.
"My payoff if $171,000 and now it will be $182,000 and I'm only saving $200.99 a mo. Where can I find a good deal with a refinance company that will not raise my payoff by so much money. I have around $35,000 equity in my home."
Please provide some additional details....
What is your credit score?
What is your income?
Have all payments been on time? Other bills on time?
What is your current rate? 30 years?
How long have you had your current mortgage?
Hopefully I can be of some help to you. I don't like pushy LO's either. I never try to push my clients and I get upset when anyone I work with does so. The loan officer may be saying rates are going up but that is what everyone says to get you to move forward. Take your time and get the best deal.
Now at this point I want to point out that your rate is going to be based on closing fees. Higher upfront fees (can be financed into new mortgage) come with a lower rate and vice versa.
Also if you are only at the application stage and the broker has already chose Countrywide he may not be doing his due diligence and trying to locate the best loan for your situation. Many lenders offer comparable programs... if Countrywide is the best deal go with them... if not go with another lender... it is as easy as that.
$12,000 is high if that is just for closing costs. Are you paying off any other debt?
"I asked the broker which company we were refinancing with and he told me, "Countrywide". I don't know why he went that company because my original loan was not subprime. "
Countrywide is not a subprime only lender. Although they do have a subrime department. They do many different types of loans.
"My payoff if $171,000 and now it will be $182,000 and I'm only saving $200.99 a mo. Where can I find a good deal with a refinance company that will not raise my payoff by so much money. I have around $35,000 equity in my home."
Please provide some additional details....
What is your credit score?
What is your income?
Have all payments been on time? Other bills on time?
What is your current rate? 30 years?
How long have you had your current mortgage?
Hopefully I can be of some help to you. I don't like pushy LO's either. I never try to push my clients and I get upset when anyone I work with does so. The loan officer may be saying rates are going up but that is what everyone says to get you to move forward. Take your time and get the best deal.
Now at this point I want to point out that your rate is going to be based on closing fees. Higher upfront fees (can be financed into new mortgage) come with a lower rate and vice versa.
Also if you are only at the application stage and the broker has already chose Countrywide he may not be doing his due diligence and trying to locate the best loan for your situation. Many lenders offer comparable programs... if Countrywide is the best deal go with them... if not go with another lender... it is as easy as that.
My husband and I both do mortgages in 50 states & closing costs are usually around $5,000 total. Did you receive a Good Faith Estimate? That is where you will find the breakdown of your costs associated with doing the loan. Do not sign anything until you understand the loan & the costs, but if you do decide to go through with it, when you close the loan - read your settlement statement very carefully - you will find your total & final costs on this page and read your NOTE carefully as well - this explains the terms of the mortgage. If this is your primary residence you have a 3 day time frame in which to cancel the transaction - at closing you should receive a signed copy of the "Right to Cancel" follow the instructions on the page & followup to make sure everyone has received the notice if you decide to cancel. I would be happy to talk to you anytime & help you out - send me a message as to how you would like me to contact you, if you would like a 2nd opinion before closing this transaction. Thanks!