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8 Aspects Of Home Mortgage Refinance

www.BedfordTexasMortgageBroker s.com The primary things you need to know about home mortgage refinance are listed here. Given in eight ...

What will happen if you lie on a mortgage refinance application?

Dec 17, 2007 by junior | Posted in Renting & Real Estate

I want to refinance my current home, but I am also planning to purchase a new home as my primary residence.The broker handling the refinance told me not to mention anywhere that I would no longer be living in the home, and that as long as I occupied the house until closing, it would be okay to call it my primary residence. While reviewing the closing documents I realized that I signed papers stating that I would occupy the home, and that I would not rent it out. (Renting the home is in fact my intention). I don't know if this is illegal, or if so, how serious it is. I have until midnight on 12/18 to cancel the refinance, should I?

Why do you think the broker told you not to mention it anywhere? …Because what he is telling you to do is loan fraud. Why do you think the mortgage industry is in such a mess? …Because too many lenders and borrowers are willing to commit loan fraud. Why is it fraud? … Because the end line investor is will to invest his money to purchase the loan based on the risk of the loan. A property that is non-owner occupied is a greater risk to the investor than is an occupied one. Therefore the qualifications, interest rate, and costs are higher for the non-owner occupied property.

Here is what you signed your name to on the application:

Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns
and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or
negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to
reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions
of Title 18, United States Code, Sec. 1001, et seq.; (2) the loan requested pursuant to this application (the "Loan") will be secured by a mortgage or deed of trust on the property
described in this application; (3) the property will not be used for any illegal or prohibited purpose or use; (4) all statements made in this application are made for the purpose of obtaining a
residential mortgage loan; (5) the property will be occupied as indicated in this application; (6) the Lender, its servicers, successors or assigns may retain the original and/or an
electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers, insurers, servicers, successors and assigns may continuously
rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in this application if any of the material facts that I
have represented herein should change prior to closing of the Loan; (8) in the event that my payments on the Loan become delinquent, the Lender, its servicers, successors or assigns
may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more consumer reporting agencies;
(9) ownership of the Loan and/or administration of the Loan account may be transferred with such notice as may be required by law; (10) neither Lender nor its agents, brokers, insurers,
servicers, successors or assigns has made any representation or warranty, express or implied, to me regarding the property or the condition or value of the property; and (11) my
transmission of this application as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and
video recordings), or my facsimile transmission of this application containing a facsimile of my signature, shall be as effective, enforceable and valid as if a paper version of this
application were delivered containing my original written signature.
Acknowledgement. Each of the undersigned hereby acknowledges that any owner of the Loan, its servicers, successors and assigns, may verify or re-verify any information contained
in this application or obtain any information or data relating to the Loan, for any legitimate purpose through any source, including a source named in this application or a consumer
reporting agency.

Borrower's Signature Date Co-Borrower's Signature

Fannie Mae Form 1003 07/05 Freddie Mac Form 65 07/05 CALYX Form Loanapp4.frm 09/05 Page 4 of 5

Not only should you not do this loan, you should turn your broker/lender into your State’s regulatory board.
Things will never be better until we make them better.

Mortgage, Refinance, Debt Consolidation, Construction, Home Improvement...?

Jun 26, 2006 by Wishkah | Posted in Search Engine Optimization

I'm a loan officer for Access Mortgage and Financial, we do 500+ credit scores. Contact me toll free at 877-LOAN-103 and ask for Josh. We do first time buyers, home improvement, debt consolidation, re-finance and more. We handle all credit scores, good or bad. Don't ever pay for a loan application, they are free and can be done over the phone. You can contact me by phone, email, IM. Please only serious inquiries. We are currently licensed in 14 states
Hmmm, this is the advertising/marketing section so why can't I advertise? I feel like your answer is violating guidelines, you didn't answer the question, you stated your opinion and got 2 points for it. Let the people at yahoo worry about me. And if anyone out there is seriously interested please contact me. For those of you who just want to criticize then save your 2 points for a real answer to someone who will appreciate it.

No, thanks. I'd never do business with someone who doesn't read and follow the guidelines of this site. Posting ads here violates the guidelines.

What fees am I liable for if I back out of a mortgage refinance?

Jan 31, 2009 by Refinancing couple | Posted in Renting & Real Estate

We are attempting to refinance our home. We started with one bank with one rate and a week later found a better rate at another bank and started the process with them. Now, we have two refinance applications running in parallel, and neither bank knows it is still competing for our business. We recognized when we went down this path that the application fees are non-refundable, but a few hundred dollars seems like cheap insurance to make sure that we have a loan that we like. We are now at the point where both banks are about to have an appraisal done. Is there any chance that whichever bank we ultimately back out on will tell us that we owe them for an appraisal or other fees; and would we be liable for these?
From my searching I read that this is called "double apping" and is very common. The basic problem consumers like me face is that once you lock-in with one bank, if the bank does not close you on time or the appraiser they use does not give you a good appraisal, you are out of luck and have to start over with a new bank at prevailing interest rates.
The other thing that I've recognized is that a good faith estimate is insufficient documentation to really be able to adequately compare loans. Just one example - prepayment policies are not disclosed on a good faith estimate - you could get weeks into the process or even all the way to the closing table before you learn that a loan has a prepayment penalty. The existence of such could cost you thousands of dollars later on if you elect to refinance or pay off the loan early.

I am a Realtor. You are doing the right thing by shopping around. But what you should have done in the beginning is take both good faith estimates from each bank and compare them. Then you should have chosen the one with the best rate and the best deal.

I wouldn't have stopped there. I would have called the other bank to see if they could beat the first banks deal. I am almost 100% sure that the second bank would have beat the first banks deal.

Now that you are in it kinda over your head this is what you should do. Choose the best deal for you. Do not continue with both as you will probably be liable for both appraisals. In CT appraisals are paid for up front. So I am not sure if that is what they are going to have you do. The obvious and smart thing to do right now is to chose the best deal and go with it. Inform the other bank that you are withdrawing your application.

Realtor Tina in CT

mortgage loan application errors by lender

Aug 07, 2008 by jymde | Posted in Renting & Real Estate

they marked not 1st time byers but we are.said we own present home but we rent.we filed filed bankruptcy but they marked no.they put as refinance not purchase. when we called and asked they got real agitated and said they were just boxes that they have to mark, we said no, there is a box for either and you marked the wrong ones. they also told us that we had to pay up front costs that weren't part of the original agreement, and when we refused they said if we couldn't afford it we didn't need to buy a house! we never said we couldn't afford it, it wasn't part of the agreement. should I ask them to rectify the papers or go somewhere else all together?

Bank of America has the worst mortgage customer service?

Nov 14, 2007 by Tracy T | Posted in Credit

My husband and I recently tried to refinancing our home with BOA. We have been a BOA customer for several years now, have a good credit rating, and were wanting to refinance and pay-off a portion of our existing mortgage. The representative at the branch was really helpful, but then the application was sent to the central mortgage department and everything became a disaster. The appraiser appraised the house at 40K under the market value. When we told BOA that an appraiser hadn't contacted us and, to the best of our knowledge, hadn't been out to the house, we were told to find at least comps in the price range we were looking for and they would send out another appraiser. We did, seven of them, but the mortgage department has yet to respond.

Anyway, in the last two and a half weeks, we have applied for and been approved for a refinance with countrywide. A real appraiser appraised the house for what we thought it was worth.

Has anyone else had a bad experience with BOA?

My husband is a real estate agent and hates them. For the clients he’s had who went through BOA, the loan processors were slow and would not respond to him when he needed various things from them to complete the transaction. On the rare occasion he actually got to talk to someone, he was not impressed with their intelligence or service skills. The best part is that my brother-in-law is a branch assistant manager for BOA and his processor’s service was just as crappy for him as for the other clients.

Has anyone every heard of Royal Lending Group out of NC?

Mar 04, 2008 by bigwhitedogs | Posted in Credit

I have looked this company up on bbb.com but I'm not real sure how to read this information or to know if this company is legit......
Royal Lending Group
The BBB reports on businesses, both accredited and non-accredited. If an organization is a BBB Accredited business, it is stated in this report.
Name: Royal Lending Group
Phone: (866) 569-0684
Address: 485 Fields Dr.
Sanford, NC 27330
Website: www.royallendinggroup.com
Principal: Owner/ Manager
Customer Contact: Owner/ Manager - (866) 569-0684
File Open Date: February 2008
TOB Classification: Loans, Mortgages
BBB Accreditation: This organization is not a BBB Accredited business.


The BBB develops a full report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
on a firm based on inquiry or complaint activity. This company first came to our attention in February 2008. We are attempting to develop more information on the company. At the present time we do not have enough information to issue a full report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
. The BBB suggests you read and understand company promotional materials and contracts and check company references and licensing, where applicable.


Customer Service Contact

Owner/ Manager is the complaint contact person for this company and should be contacted at (866) 569-0684 before filing a complaint with the BBB.


Customer Experience

The BBB processed a total of 0 complaints about this company in the last 36 months, our standard reporting period.


Licensing

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. The BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.


Industry Tips

Refinancing Loans

If you are considering refinancing, the Better Business Bureau suggests you shop around, compare prices and negotiate. But also move with caution when dealing with some lenders. To help you decide if refinancing is for you and to help you prepare to approach a financial institution, the BBB offers these tips.

When you refinance your home, you simply apply for a new mortgage at the lower rate in order to pay off the old loan. This means that, for many lenders, you will again be required to pay most of the costs you originally incurred to get your first mortgage - loan application fees, title search, appraisal, credit check, lawyer's services, discount points (in many cases) and other finance charges.

Before you go through the expense of refinancing, check the interest rates to make sure they have dropped to a level that makes refinancing worthwhile. Conventional wisdom states that a two or three percent difference between the rate on your current mortgage and the new rate over a period of time - generally several years - usually offsets the costs you must pay at closing. The ultimate amount you may save depends on many factors, including your total refinancing, whether you sell your home in the near future and the effects of refinancing on your tax situation.

If you decide to refinance, obtain information from several lenders. Knowing just the amount of the monthly payment or interest rate is not enough. Ask for information about the same loan amount, loan term and type of loan so that you can compare the information.

Also, be cautious of smooth-talking lenders that contact you offering easy credit, guaranteed low-interest loans or loan terms that sounds too good to be true. Fraudulent lenders often prey on people who are desperate for cash to pay bills, make home repairs or who do not understand the mortgage loan process. Their loan terms can include excessive fees, high interest rates and provisions that can make it expensive for you to get out of the loan. If a lender asks for an up-front fee before you can obtain the loan, look elsewhere. Be sure to check with the Better Business Bureau and your state attorney general for a reliability report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
on the lending institution (s) you are considering.

Once you know what each lender has to offer, negotiate for the best deal that you can. Have the lender or broker write down all costs associated with the loan. Be sure to read the loan documents carefully and be certain that all spaces are filled in before you sign them. Always assume that any document you sign is a contract. If you do not fully understand it, do not sign it!

Mortgage Choices
Shop, Compare and Negotiate -But Move with Caution When Refinancing Your Mortgage



Report as of March 4, 2008
Copyright© 2008 BBB®, Inc.


If you choose to do business with this business, please let the company know that you contacted the BBB for a report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
.

BBB reports may not be reproduced for sales or promotional purposes.

The information in this report has either been provided by the company or has been compiled by the BBB from other reliable sources.

As a matter of policy, the BBB does not endorse any product, service or company. BBB reports generally cover a three-year reporting period, and are provided solely to assist you in exercising your own best judgment. Information contained in this report is believed reliable but not guaranteed as to accuracy. Reports are subject to change at any time.

I've worked in finance for over 20 years(part of that time in mortgage) and anytime the company is with the bbb you can be 1000000% reassured that it is a legitamite company. It is actually highly unlikely to have any problems with a mortgage company and about 90% of major problems come from large companies. So I would not worry.

Moving from an ARM to a fixed rate loan. Seeking advice on the best process.?

Aug 20, 2007 by pmg2000 | Posted in Renting & Real Estate

I have been in my home for 3 years and I need to try and refinance my main mortgage (I have a 2nd as well). October 1, 2007, my ARM rate jumps from 5% to 7%. I have refinanced my last home, so I know the process somewhat, but I am a bit terrified this time around because it looks like even with moving to a fixed in the high 6s, my monthly out of pocket cost is going up about $1000. So I am looking for ways to ensure I am getting the best loan possible.

I went to my bank who said that they can get me 7.19% fixed with no points and no closing costs or 6.5% fixed with no points but with closing costs (which will cost me around $12,000, but would be wrapped in and financed over the 30 years - ugh!). I am thinking about doing the Lending Tree application but I don't really want to field 10 different mortgage reps' calls over the next 3 days. I think it's worth it if I can get a better deal, though. Right?

Any advice on best practices for this scary process would be helpful.

I would definitely shop around, but don't use lending tree. Just go to a few different banks or a few local mortgage brokers to get different quotes.
The absolute best place to start is to ask your friends and family if they have someone they've used that was worth recommending to you. After that, I'd say to try your local chamber of commerce/bbb for listings there.

Do we have to use 1003 Loan Application when we purchase residential house?

Feb 01, 2009 by Sung A | Posted in Renting & Real Estate

Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?

P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.

Thanks.

It sounds like you signed up for a 5 year balloon mortgage which means you need to refinance or come up with 400K to payoff the loan.
I have never seen anyone use anything other than a 1003 for a mortgage application.
If the loan documents that were signed at closing by your father were different from what you agreed to you may have a grievance to file with your local state attorney generals office. Just because you were not there to sign does not excuse the broker from pulling a switch on loan programs.

how to refinance my car?

Apr 07, 2008 by kb254 | Posted in Personal Finance

im a student, with a part time job and other miscellanious things that i do to make money. anyways, i was able to buy a car in my name at 14% and now i want to refinance. ive done a couple of applications and they both say that i need to make more than $1500/month in order to apply. if this is true, how did the dealer give me a car and what options do i have to refinance. i bought my car a year ago and i don't make as much money now because i'm a student. i also live at home, so i don't have a mortgage. I am able to make my monthly payments though.

are these scams too??

Aug 13, 2008 by pppppffffttt | Posted in Other - Business & Finance

i asked about car title loan places and i get these, whats up for real w/ them?


Hello I am Mark Maxine by name, the (MD) of Mark loans venture i am a Reputable, Legitimate an accredited money Lender.I give out loans to Individual and companies in need of financial assistance.Do you have a bad credit or are you in need of money to pay bills? You can use this medium to solve all your problems as i render reliable beneficiary assistance and will be glad to offer you a loan at 3% interest rate. Services Rendered include: *Refinance *Home Improvement *Inventor Loans *Auto Loans *Debt Consolidation *Horse Loans *Line of Credit *Second Mortgage *Business Loans *Personal Loans *International Loans Please write back if interested. Upon Response, you'll be mailed a Loan application form to fill. (No social security and no credit check, 100% Guaranteed!) I Look forward permitting me to be of service to you. You reach us via e-mail:mark_maxine700@yahoo.com

7 hours ago
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by Frank Petti Member since:
August 13, 2008
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Hello,
I am Frank Petti by name, the C E O of Petti Micro finance, i am a Reputable, Legitimate & an accredited money Lender.I give out loans to individuals and companies in need of financial assistance.Do you have a bad credit or are you in need of money to pay bills?
You can use this medium to solve all your problems as i render reliable beneficiary assistance and will be glad to offer you a loan at 5% interest rate.
Services Rendered include:
*Refinance
*Home Improvement
*Inventor Loans
*Auto Loans
*Debt Consolidation
*House Loans
*Line of Credit
*Second Mortgage
*Business Loans
*Personal Loans
*International Loans
Please write back if interested.
Upon Response, you'll be mailed a Loan application form to fill.
(No social security and no credit check, 100% Guarantee!)
I Look forward permitting me to be of service to you.
You reach us via e-mail:info@pettimicrogroup.co.cc

office number, 00233-28-52-52-676,

(C E O) Tel-+233-24-82-40-801,

Fax-00233-217-134-43,
5 hours ago
thanks guys! i kinda figured but you know, desperate times....how sad they prey on down and out people!

Yes...all are scams. Here are some red flags:
1. Lenders do not have private e-mail addresses such as yahoo or msn.
2. Frank Petti's profile states he's been a member since 8/08.
3. All 3 offers are almost carbon copies of each other. These scammers have no imagination, but if it ain't broke don't fix it.
4. Lenders rarely ever lend outside their country.
5. All are offering rates without looking at your credit history.
6. The rates are too good to be true

Cut and paste each one and place on Scamomatic.com. This site will give you a message in less than 1 minute regarding wether e-mail is a scam or not. You will also need to cut and paste e-mail address and the site will also let you know if the party is a known scammer.

Good luck