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can i cancel my refinance mortgage application if the apprasial hasn't even been done yet? ?

Dec 05, 2008 by Tim | Posted in Renting & Real Estate

I applied to refinance my house and locked in the rate. An appraisal hasn't been done yet but the rate has dropped 0.5% so do you think i can cancel my application and go with another lender? Will that hurt my credit ?

Thanks

Yes and no... Let me explain...

You are locked for a given amount of time, usually 30-60 days and the lock only applies to that lender. So actually you wouldn't cancel it, you would wait for it to expire.

But their are options, contact your agent and he/she may be able to find another lender to transfer your application to that is offering a lower rate. Sometimes the locked lender will consider your request and relock at a lower rate, all you have to do is ask, if they say "No" have your broker (if you are using one) shop around for a new lender at a lower rate. If your not using a broker, go shopping for a new lender!

I'm doing the same thing, locked last week and am now having my broker shop for a new rate, this is not unusual!

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.

Do I have to pay a mortgage application fee, if we just signed the contacts and faxed them to the broker.?

Jul 13, 2008 by seth h | Posted in Personal Finance

We completed our mortgage refinance papers and mailed them to the broker. Another company has offered to beat that rate by a substantial amount and without any hidden fees. Are we obligated to pay the broker/dealer the $750 application fee. We just overnighted the papers and they have not even received them.

Not until the closing.

what is the best mortgage in order to refinance ?

Sep 05, 2006 by im M | Posted in Credit

i have lets bad to ok credit.i tried to do an application with my current mortgage but they told me i couldnt do it because something about percents.and they also told me that if they couldnt get me approved no other mortage could ?? who knows if this is true or not.but i was wondering whats a good mortgage to refinance.my current mortgage is household finance,.

I have worked for Household before, and it sounds like it's either your debt ratio (the amount of your monthly bills divided by your monthly income)...or your loan-to-value ratio (how much you are borrowing compared to how much the house is worth).

I would need more details to help you more though. Email me if you need more help at robert495713@yahoo.com.

If I apply for a mortgage, can I back out of the application before closing?

Dec 10, 2006 by Patricia | Posted in Renting & Real Estate

I recently signed on with a refinance company to process the refinancing of my mortgage. The same day I signed the application I found out they approached my current mortgage co. to get a payoff amount. They requested the payoff five days BEFORE I agreed to use them for my refinancing and without my approval. Can I cancel this application?

You can cancel for any reason, any time up to 3 days after the signing of a refinance and up til the day on a purchase.

refinance mortgage offers, "no costs to you" are these legit?

Oct 03, 2007 by honeybaby729 | Posted in Personal Finance

I need to refinance my mortgage very soon. For the past 6 or so plus months my mail has been flooded daily with offers from various mortgage brokers or lenders offering me a deal of a lifetime. Many say they are offering me refinancing at no cost to me. This sounds a bit fishy, I doubt anyone is willing to help me at no costs. Is there any truths to these offers? I don't want to waste time contacting these companies and filling out applications if they are not true. Any thoughts? Thanks !

These no cost loans, mean no closing costs will be paid by you. But, the lender will give you a higher interest rate so they can afford to pay for those closing costs. Ultmiately whether you like it or not it will end up coming out of your pocket. Typically unless you plan to sell or refi again in the near future it is worth paying the closing costs up front and taking a lower interest rate. It may cost a few thousand at first, but you will end up saving money in the long run if you plan on staying in the property for more than a few years.

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 refinance advice and help needed?

Jan 21, 2009 by Yinka L | Posted in Renting & Real Estate

I am trying to refinance my house with Chase Bank, and today I received this good faith estimate in the mail, and with all this number I am not sure if this is what I want to do cost the closing cost is getting high more than what I thought it will be. Also what I currently my debt on this mortgage is 207,000 but with refinancing my debt jump to 215,000 so that I will not have to pay any closing cost out of pocket.

Can someone that no about this help me to check if this estimate is right and clear.

Also I am planning to buy a bigger house for me and my family, do you think it’s worth it to refinance this house or I should put it on sale instead of refinancing. Please any advice is welcome.

Also if I decide to refinance is there any way I can negotiate this estimate, and please kindly outline which one to negotiate. Thanks.

GOOD FAITH SETTLEMENT (Description of Settlement charges)


Loan origination fee $1050.00
Application fee $395.00
Processing fee $300.00
Underwriting fee $295.00
Courier fee $30.00
Flood cert $14
FHA MIP $3,675.00
Hazard Insurance reserve $165.00
County property taxes $918.00
Settlement or closing cost $350.00
Title insurance binder fee $150.00
Recording/filing fee $79.00
City/ county tax stamps $178.21
State Tax Stamps $534.19
9 or 90 (not too clear) days of interim interest $298.80
The current house value is 220,000

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.

Can I stop the refinance process once I signed the applications?

Jan 09, 2009 by VirtueOfIntolerance | Posted in Renting & Real Estate

My mortgage broker talked me into refinancing from 6 to 5%. It's not a bad deal, but I'm having second thoughts about it because I don't like how they're rolling the FHA fee into the loan. Anyway, I already signed the papers and the closing is supposed to happen at the end of the month, but if I decide to back out, what will happen?
Also I would appreciate more opinions on whether I should refinance or not. Here's te link to that question.
I guess it won't let me post a link to it.

You can always cancel -- even up to 3 days after signing in escrow as already posted !
If you are concerned about the FEES rolling into the total amount owed, since your monthly payment went down, continue making the same payment as you were and the house will payoff sooner.
On a 100K loan you save about $70 per month which was just interest.
With interest savings that is about a $1000 a year in savings.
You can figure your savings and decide here ------
http://mortgage-x.com/calculators/extra_payment_calculator.asp