http://www.loansafe.org/forum/ Looking to refinance your mortgage? Learn what loan products are still available from lenders and what mortgage is best for you. en Mon, 20 May 2013 04:43:05 GMT vBulletin 60 http://www.loansafe.org/forum/images/misc/rss.png http://www.loansafe.org/forum/ http://www.loansafe.org/forum/refinance/85008-recently-divorced-keeping-house-need-refinance.html Wed, 15 May 2013 22:00:37 GMT My ex-wife and I divorced in October 2012. I was awarded the house which both the deed and the loans are in both of are names. I'm also the residential parent of our three children. I got to keep the house because 1) I'm able to afford the loan, and 2) our kids' routines would, for the most part, stay the same. They wouldn't have to be uprooted.

As far as the loans on the house go:

1st Mortgage is with Wells Fargo
Interest-only, 10-year ARM
Interest rate is 7.125%
Current balance is $262,000
Monthly payment is $1553

HELOC is with Specialized Loan Servicing (was with Bank of America up until this past January)
Interest Rate is currently 5.05%
Current balance is about $39,000
Monthly payment is $165

Both loans are from a refinance done in January 2007, and I have kept current on them. I have not had a proper appraisal done on my home, but Zillow puts its value at $245,000. A couple of mortgage brokers that I've spoken to have given me values between $240,000 and $250,000.

I can afford the loans as they are currently, but I need to refinance in order to get the loans solely in my name. According to the mortgage brokers I've spoken to as well as Wells Fargo themselves, I can't refi into just a conventional 30-year fixed without coming up with about $71,000 to bring my LTV to a more favorable level.

Neither loan is backed by Fannie Mae or Freddie Mac, so the current HARP program is not available to me. I spoke with a counselor at the MakingHomeAffordable hotline last night, and she suggested looking into an FHA Short Refinance. Unfortunately, Wells Fargo will not do one.

It seems that my only option right now for the WF mortgage is to do an assumption, but that leaves me concerned about about being able to afford the payments come 2017. SLS doesn't offer an option for an assumption or even a refi on the HELOC.

I know there's a possibility that HARP 3.0 may be able to help me, if it ever comes to fruition, but I am eager to get the house in my name only. I'm also concerned that doing an assumption now might disqualify me from a new HARP program.

Any advice on what to do next?



Thanks,

Ken ]]> Refinance kwald http://www.loansafe.org/forum/refinance/85008-recently-divorced-keeping-house-need-refinance.html http://www.loansafe.org/forum/refinance/84838-homebuyer-facts-statistics-2013-marketplace-what-should-i-expect-when-buying-refinancing-home.html Thu, 09 May 2013 18:32:17 GMT LoanSafe Members, Within this post I will be posting statistics of what most homebuyers are unaware of and need to be educated about before... LoanSafe Members,

Within this post I will be posting statistics of what most homebuyers are unaware of and need to be educated about before shopping for a new home. These statistics and surveys were provided by more than 1,000 current and prospective homeowners and buyers by Zillow.

Among the findings of the survey:

1. 31% of buyers don’t think it’s possible to get a mortgage for less than 3.5% - 5% down. FHA is a product that will allow financing with 3.5% down or equity for refinances. Conventional allows a down payment or equity position of only 5%, both of these products would require mortgage insurance however can still be a beneficial savings even if you reduce the term or pay more towards your new mortgage.

2. 34% don’t know what the term “Annual Percentage Rate (APR)” means. APR is the Total Cost of Credit, and some costs are determined as APR items, others are not. The APR is likely to differ from the “note rate” or interest rate that’s advertised by the lender, typically due to the other fee’s involved with the transaction required by the lender.

3. 25% of people believe that you must close with the lender that pre-approves your loan. This is not the case, you want to make sure that you do all your shopping before ordering an appraisal because many appraisals are not transferrable and you would incur an additional cost with a new lender. There’s many different ways to structure a new loan depending on your goals, needs and wants for a property. Working with a qualified loan officer that understands that and gives you the time to understand these options is a good one to work with. Quality of service coupled with great rates and costs is who you should work with, I myself strive to provide this for each and every one of my clients.

4. 34% of respondents from the survey believe that all lenders are required by law to charge the same fees to all clients for credit report, appraisals and the like. This will also vary between lenders and who they use as either the appraisers or if they have an appraisal management company.

5. 24% of buyers believe the best mortgage deals are available through banks where they currently have their savings and checking accounts. Many competing lenders can undercut those banks by large margins.

6. 20% of homeowners surveyed that they didn’t know many underwater mortgages (borrowers who owe more than their home is worth) can be refinanced into lower rate loans.

7. 33% of homeowners were unaware that if they go through a foreclosure or short sale, they may not have to wait a full seven years before it takes for their credit score to recover and buy a home again. After foreclosure or short sale you can buy through FHA after 3 years. Conventional you can buy 2 years after you have completed a short sale with 20% down or 4 years with 10% down.

“All too often buyers focus on negotiating a lower home price and ignore the impotence of finding the right loan, If a homebuyer can lower their interest rate by even a half a percentage point, they can not only increase their purchasing power, buy save thousands of dollars over the life of the loan,” said Erin Lantz, director of mortgages for Zillow.

Some items here are quoted by CNN Money “Homebuyers clueless about mortgages” by Les Christie
One-third of homebuyers clueless about mortgages - May. 9, 2013

If you have any additional questions or would like to see if you’re eligible for any programs, I’m always happy to help. ]]> Refinance Erik Sandstrom http://www.loansafe.org/forum/refinance/84838-homebuyer-facts-statistics-2013-marketplace-what-should-i-expect-when-buying-refinancing-home.html http://www.loansafe.org/forum/refinance/84732-can-i-refinance-now.html Sun, 05 May 2013 19:45:15 GMT I would really like to get the ball rolling right now on a refinance. From what I understand, starting in June 2013 the mortgage insurance on FHA... I would really like to get the ball rolling right now on a refinance. From what I understand, starting in June 2013 the mortgage insurance on FHA loan will last the life of the loan. If this is true I would really like to refi now. I had a Chapter 13 BK in which a 36-month payment plan was successfully completed and the BK was discharged on 06/06/2011. (Not quite two years since discharge; however, it has been five years since filing.) My current loan balance is just under $195,000 (no second mortgage) and Zillow estimate on the house is around $212,000, therefore it is not underwater. Current rate is 7.625%. Credit scores are around 670. Is it possible to refinance now or do I have to wait until after 6/6/2013 (two years to the date from the Chapter 13 BK). Any help would be greatly appreciated? :unsure: ]]> Refinance kczoe http://www.loansafe.org/forum/refinance/84732-can-i-refinance-now.html http://www.loansafe.org/forum/refinance/84707-previous-loan-modification-trying-refinance.html Fri, 03 May 2013 22:40:17 GMT OK Team, I just received a call back from my underwriting department regarding previous loan modifications on loans and the borrowers attempting to... OK Team,
I just received a call back from my underwriting department regarding previous loan modifications on loans and the borrowers attempting to refinance under HARP, Conventional or FHA.

The big thing to watch out for is if you received a principal reduction, deferment or curtailment those loans are ineligible for submission. Why they are ineligible is because the payoff from the lender will be different from the unpaid balance.

GREAT NEWS!! If you ONLY received an interest rate reduction, term extension or past due payments pushed to the end of the term we may be able to help.

I know many of our borrowers have been turned away. I myself have even turned away homeowners with previous loan modifications. If you want to determine if your loan IS eligible for refinancing, my underwriting department has given me the ability to submit the modification agreement and they will come back and determine if the loan is eligible. ]]> Refinance Erik Sandstrom http://www.loansafe.org/forum/refinance/84707-previous-loan-modification-trying-refinance.html http://www.loansafe.org/forum/refinance/84569-doing-re-fi-help-pay-off-cc-debt.html Sun, 28 Apr 2013 19:04:45 GMT New here so hope I'm posting in the right place.

We are a 55 y/o suburban, couple and will be working for at least 10 more years. (we LOVE our jobs) Due to 3 years of unemployment, medical bills & life, we now have approx. $25K in CC debt plus a home-equity.

We have a fair amount in assets: savings, IRAs etc & stock that we 'could' use some towards the debt or pay it off completely, but don't want to touch it --- if we don't have to. Our home has been appraised fairly high in one of the continually best areas within our lovely community.

We now have a mortgage at 5.9%, a home equity (bad move years ago) and the CC debt. Thinking of a re-fi with the home-equity added in....for 30 yrs. Then with the approx. $1,350 - $1,500 per month savings PLUS NOT having the home-equity payment, we'll have approximately $2K per month to pay off the CC debt asap, and then pay down the mortgage asap. There is no way we want to have a mortgage more than 10 - 12 years, and feel confident we'll have it paid off by then -- if not sooner preferably.

Again, we know we'll be working at least 10 more years with (moderate) wage increases.

Some may say we really won't use the savings to pay off our CC debt but I know we will.

So with the belief that we WILL do just that -- (use it to pay off our debt) -- feedback please? TIA. ]]> Refinance taylortaya http://www.loansafe.org/forum/refinance/84569-doing-re-fi-help-pay-off-cc-debt.html http://www.loansafe.org/forum/refinance/84488-lien-my-home-but-not-my-nam-e-want-refianace.html Thu, 25 Apr 2013 17:44:02 GMT I bought a home 12 years ago with my partner, we tool out a second mortgage and paid her bills off, the loan was not in my name bit I signed to use... I bought a home 12 years ago with my partner, we tool out a second mortgage and paid her bills off, the loan was not in my name bit I signed to use the house as collateral. 3 years later, partnership dissolves, she files chapter 7 on the second. I still in the home current on the first mortgage, but I had to hire an attorney to settle 2nd mortgage because they would not communicate we me at all. They settle for 14,000, I thought I could refinance the home, currently at 6% combine the two together and get this off my back. Now the broker is telling me I have to pay off the 2nd first, I do not have that kind of money. The orig note was for 30,000 and compounding $6.34 a day in interest. The lawyer told me that if I sell they would want their total $34,000 back because of the equity in the home. He can only stall them for some time on the settlement on the second. Now the won't foreclose because they would have to buy out the first, but eventually I will have to get this settled, and 14,000 is a lot better than the $34000. Does anyone know how I can refi both of these notes together. They tell me they would consider the second in bad standings with the banks. Anyone with some thoughts ....lawyer fess are $250 per hour and I don't have the funds to keep this going if there is no way out. Thanks Sarah ]]> Refinance hadfields http://www.loansafe.org/forum/refinance/84488-lien-my-home-but-not-my-nam-e-want-refianace.html http://www.loansafe.org/forum/refinance/84413-mortgage-2nd-mortgage-heloc-any-options.html Wed, 24 Apr 2013 04:02:11 GMT We have a first mortgage, second, and HELOC. Our home assessment took a $70k crash last year. We are sorely upside down. Are there ANY refinancing... We have a first mortgage, second, and HELOC. Our home assessment took a $70k crash last year. We are sorely upside down. Are there ANY refinancing options left for us? We're looking at $239k total owed with all 3 with a home value of $170k. My husband was wondering if we could just refinance the second since the 1st wouldn't allowed for that with the 95%LTV and having to subordinate the second loan etc. Any suggestions?
We're able to make pymts etc, but obviously our previous poor choices we aren't making any headway. Our interest rate is higher than need be and it'd be nice to refinance for a lower rate etc. ]]> Refinance dgriffin http://www.loansafe.org/forum/refinance/84413-mortgage-2nd-mortgage-heloc-any-options.html http://www.loansafe.org/forum/refinance/84334-looking-refinance-my-mortgage.html Mon, 22 Apr 2013 15:02:00 GMT I have a 15 year fixed rate at 4.75% we owe less then $70,000 and are looking to take some money out of house to help by a business, we have a Lien... I have a 15 year fixed rate at 4.75% we owe less then $70,000 and are looking to take some money out of house to help by a business, we have a Lien for work done by Brookhaven town and want to pay that off as well, we are with everhome at the moment and have been looking at TFCU as a possible re-financier. ans a road map would be helpful. any advice out there for us? thanks ]]> Refinance LiveKarl http://www.loansafe.org/forum/refinance/84334-looking-refinance-my-mortgage.html