Market turmoil has homebuyers on edge Inman.com
If that trend worsens, and unemployment rises as the workforce grows faster than new jobs are created, that could undermine home prices in some markets, making it harder to get buyers off the fence.
"We had gained quite a bit of positive momentum over the last several months," said Hindsdale, Ill.-based broker Brian S. Hickey of Teardowns.com. "We seem to be giving up that confidence at the moment, with buyers taking a wait-and-see attitude for today, anyway."
Hickey said Teardowns.com helps buyers, including builders and investors, who want to build new homes on infill lots.
"Over the last several months our market demand has actually outpaced supply," Hickey said. "We began to see multiple offers and heavy inquiry for redevelopment property opportunities. I am speaking in past tense because of the recent setback in the equity markets -- we operate on a minute-to-minute basis."
Lloyd Binen, a Santa Clara County, Calif., Realtor since 1976, said he recently had a client who was set to buy a brand new townhouse in Mountain View back out of the deal.
Time To Refinance Mortgage Again
Is it time to refinance your mortgage again, even if you have recently refinanced? Maybe. Q: I was listening to your radio show on Sunday and after what you said about your mortgage, I’m thinking I should refinance again. My …
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Banks foreclose on homes that they don't own
Find out who the owner of your mortgage is. You have a right to face your accuser in court. Demand the original mortgage note. Do not tolerate a ...
Can i cancel a car refinance loan i made three days ago through Wells Fargo in California?
I refinanced my car loan through wells fargo and i don't like the interest rate that they gave me so i want to cancel the loan, want to keep my original loan. I have already tried to call my original loan company and tell them to return the check, but they say there is nothing they can do. I tried to get Wells Fargo to stop payment on the check but they said i had to go to the branch. Are there any other things i can do? Maybe write a letter or something?
No you can't. But you might be able to refinance again.
Can a low appraisal cancel a refinance that has been accepted?
we are refinaning our home and have gotten approval...just waiting for the appraisal. It came in lower that we anticipated BUT is still $13,000 higher than what we are borrowing...do we need to be worried that the refi will fall apart?
It will affect your refinance only if the amount you are borrowing is based on a certain percentage of loan to value of your home. You may have to borrow less on the refinance, or pay a higher interest rate to keep it alive.
can i cancel my refinance mortgage application if the apprasial hasn't even been done yet? ?
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!
Before you drop one lender, get it from the other lender, locked and sealed IN WRITING.
Let me guess, you mentioned to another loan officer that you got such and such rate from XYZ lender, and the LO claims he can beat it, right?
Oldest sales tactic in the book...any LO can beat any LO's rate...but the question is...what is your closing costs going to look like.
I call to cancel a refinance of my house but yet they continue till closing without my signature only my print
They call to ofert a program and and i give some information.One day some came to my house and told me what i was getting and ask me to sign some papers but i didnt i only print my name the next thing i know 10 days later is that it was the closing.After i print my name i have those papers check and i was told that i was getting rip and i call the next day to cancel and they said ok.
If you printed your name, you have acknowledged some kind of agreement. I assume that you have a copy of anything that you signed. Now is the time to talk the situation over with your attorney. Based on what you have said, it sounds like you won't be obligated to actually close the loan. You still need to consult an attorney to be sure.
Good luck with your situation.
is it possible to cancel or refinance a new car if i have already had it for one year?
ok theres alot of details but i need to explan it. a bought a bran new car about a year ago from a gm dealership with the 3 year powertrain warenty.
last week i was going up a dirt drivway and i somehow managed to put a pretty big hole in the oil pan.
now im finding out its probably going to cost close to 1000 dollars to fix it with parts and labour....just to replace the oilpan and gasket, my insurance could cover this but i would still be paying 500 dolars deductable, plus(yes i've looked into it) my insurince will go up more than 65 dollars a month, so in the long run i will be paying more. my step dad is a mechanic and he has a shop a hoist all the tools and everything. we have found a used oil pan for 150$ plus a gasket i think 20$ so 160$ is how much it will cost me that way. but if he touches my car the warrenty goes bad and im still paying for it...so thats why i want to refinance and get rid of it. so mad that it is going to cost me 1000 or my insurance go throgh the roof.
If it's repaired correctly, there is no way the dealer can tell if it was ever broken. I would say the warranty would still be good.
What are some new requirements for home purchase or refinance?
I've seen alot of changes in mort. lender requirements;
i.e. 3 months principal, interest, tax and insurance payments seasoned for 3 months in a personal bank account prior to buying or refinancing a home. Verification of rental pmt. history from a property mngmt. co. or cancelled checks for the rent. Collection accounts settled or paid with proof either by letter of coll. co. or a cancelled check, No money orders. Three open and established credit accts. open for at least 24 months and with one being at least 2K high credit limit. A debt vs income ratio of no more than 45%. Adding all minimum credit payments, including mortgage, tax and insurance and dividing them into gross monthly income. Qualifying with bank stmts. in borrowers name using 24 months avg. deposits, no transfers, NSF or direct deposit. Borrowers name on home phone for res., bank acct. with matching address of residence. Business ph# listed with 411, current business lic. What new requirements have you seen?
Frequently Asked Questions
What Fannie Mae Does
What does Fannie Mae do?
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Fannie Mae is a financial services company on the New York Stock Exchange (FNM/NYSE) serving the American home mortgage industry. Fannie Mae offers banks and other mortgage lenders financing, credit guarantees, technology and services so lenders can make more home loans to more consumers.
Fannie Mae does not make home loans -- we help mortgage lenders serve homebuyers. By serving more than 1,000 lenders nationwide, large and small, Fannie Mae helps to make home financing more possible for families from all walks of life across America.
http://www.fanniemae.com/faq/faq1.jhtml?p=FAQ
Not sure if you're asking this from a consumer standpoint or a mortgage professional standpoint, but several of the criteria that you mentioned are not accurate.
FannieMae loans still do not require reserves, verification of rent, tradelines, payment of collections or a debt ratio less than 45%.
I recently got a loan closed where the borrower had no open tradelines, $24,000 in open collections, no rental history, and a debt ratio over 50% and the fixed 30 year rate was below 7%.
So, while I agree that most lenders are tightening their standards, I haven't seen it to that degree yet.
The criteria that mentioned for bank statements has been around for awhile.
While I appreciate the background information on FannieMae, I have been in the business for over 10 years and I'm familiar with who they are.
99% of all "conforming" (read: good credit) loans are underwritten to their standards/guidelines through their automated underwriting system (Desktop Underwriter) and this system decides what is approved and what is not. FannieMae is not a lender - they're a GSE (Government Sponsored Enterprise) and they purchase loans.
It is the sub-prime market and Alt-A (sort of between sub-prime and conventional) markets that have been slammed by tightened approval qualifications.
Should I cancel my extended warranty?
I have a 2006 Mazda 6 that I bought brand new with 40mi. which I am refinancing. I am upside down, with the extended warranty and the gap insurance from the dealership. Should I keep the extended warranty b.c my original warranty is at 3 years/36K miles, with the ext. warranty is 5 years/72K miles. I could refinance at a lower payoff price. Should I cancel my extendend warranty plan and put the reimbursement of it from the dealership towards my car?
No....keep it. You bought a piece of crap car and it will break before then.
In your current situation you would be CRRRAAAZZZZYYY to eliminate GAP insurance. You think you have problems now?? Wait until you total the thing with no GAP coverage. Your problems will only get worse. Being upside down is only temporary. It isn't the end of the world.
I used "Credit Solution" to settle my loans and improve my credit score.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://simurl.com/pubdel
Offer to refinance but after signing the papers it only allows for 3 days to cancel?
I read the 3 day policy in the contract and I am considering pulling out of the deal..... for good reason ofcourse.
The rate jumped a point when I went into sign and the payments are more than I had expected. And the loan fee's and such came to roughly over 2000.00. Also in the contract it has a prepayment option which I was told was there to get me a better rate however I dont have a good rate Im actual one point away from the highest rate they offer and in 24 months
I will be evaluated and given a lower rate if all payments are made on time. Which will not be lower than one point from what they have pffered currently.
In the contract it says 3 days but wouldnt that mean 3 operational business days. The company was closed on Thanksgiving and they are not open on Saturdays.
I signed this past Tuesday, so wouldnt the 3 days actually be Monday at the approx time I signed on the previous Tuesday.
That would be 3 working business days
Yes, 3 business days
Signed on Tuesday
day 1 Wednesday, day 2 Friday, day 3 Monday
cancel before close of business Monday
is the same equity when you sell or refinance. ?
my house had 2 more owners, I want my part when put to sell the price was 325 we cancel, we will refinance it, the appraisel was 254 is this correct ? the house is in Logan Square in Chicago,il. What can I do to know that this is correct.
the appraisal made the other owner. Please help me to know what is the correct and what I need to do.
It is not uncommon to see two different values placed on your property based on if you are refinancing or selling. If the property is being sold the appraisal value is typically higher than if you are trying to refinance. The value two values that you listed are very extreme. I have had appraisers differ from each other by 45k on a 300k, at the most. If you are in a partnership you need to decide which appraiser you want to use, or average out the values based on two different appraisals. I have always pushed for the higher value and insisted that the property be sold. If you can get a higher price on the property than your partner is willing to pay then defiantly sale it. Make sure that your partners are not getting appraisers that are low balling the property for their benefit.
What will happen if you lie on a mortgage refinance application?
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.