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want to refi my mortgage, who is the CLSB guru?

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clearwaterms

· The Victim Newbie
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Discussion starter · #1 ·
I was working with a company on getting my mortgage refi'd and the guy isn't very helpful and non responsive. I am ready to make a move.

I currently have a fannie may product, have excellent credit, never been late on a payment. I am also upside down on my house (I think) and am currently paying PMI. If somebody can help me for a reasonable cost, please shoot me a PM with your contact information.

I am ready to move now unless somebody says otherwise, I have an ARM that adjusts for the first time in approx. 18-20 months. I am simply looking to get into a 30 year fixed product at a payment that is as close to (or less if possible) than my current amount. I am currently at 5.5%.
 
Discussion starter · #3 ·
Lonely Raven said:
Sorry to tag onto your thread, but I was thinking about posting the same thing.

I'm looking to FHA Streamline if someone here does that and now is still a good time.
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Eric,

What is an FHA streamline? I apologize but when it comes to mortgage stuff, I am a self admitted idiot. I don't know anything of what is out there, that is why it is important to me to find somebody here on CLSB, a group of people whom I trust to not take advantage of me.
 
#5 ·
A few years ago, before Esme got into the industry, I refi'd via a guy named Greg at MetLife. It was a recommendation from an old thread here. He's not local but it didn't matter... we did everything over the phone and via snail mail. It was quite painless and his rates were good.PM me and I can dig up his contact information.
 
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Discussion starter · #6 ·
Bek said:
A few years ago, before Esme got into the industry, I refi'd via a guy named Greg at MetLife. It was a recommendation from an old thread here. He's not local but it didn't matter... we did everything over the phone and via snail mail. It was quite painless and his rates were good.PM me and I can dig up his contact information.
Click to expand...
Bek, please do.

Thank you

i will reach out to Esme, I don't think she is a facebook friend, so CLSB will have to do.

Thanks for the suggestion.
 
#7 ·
PMs have been sent. Thank you Mandy for your support!

Just some quick tid bits of info:

If someone's loan is owned by Fannie Mae, they may qualify for a DU Refi Plus which allows for "upside down" equity. If the loan is owned by Freddie Mac, they may qualify for an Open Access Refi, with similar parameters. Every situation is different, so for specifics, just PM me.

An FHA Streamline can be done with an appraisal or without one. The balance of the Upfront Mortgage Insurance Premium that was paid when the loan was first taken out will be prorated and applied towards the new UFMIP. It is important to remember that a 5% drop in payment (Principal, Interest, and monthly Mortgage Insurance) is required in order to meet FHA guidelines, but should not be a problem with the right scenario.

If anyone has more questions, please PM me or pos them here and I will try to answer them as quickly as possible.
 
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#9 ·
clearwaterms said:
I was working with a company on getting my mortgage refi'd and the guy isn't very helpful and non responsive. I am ready to make a move.

I currently have a fannie may product, have excellent credit, never been late on a payment. I am also upside down on my house (I think) and am currently paying PMI. If somebody can help me for a reasonable cost, please shoot me a PM with your contact information.

I am ready to move now unless somebody says otherwise, I have an ARM that adjusts for the first time in approx. 18-20 months. I am simply looking to get into a 30 year fixed product at a payment that is as close to (or less if possible) than my current amount. I am currently at 5.5%.
Click to expand...
How old is your ARM and what would the rate change to if it was adjusted today? I only ask because my ARM ran out several years ago but because of the very low rates that are set right now it's actually been lower than anything else that is available so we've stayed with it. Maybe give your current lender a call and ask?
 
#10 ·
Esme said:
PMs have been sent. Thank you Mandy for your support!

Just some quick tid bits of info:

If someone's loan is owned by Fannie Mae, they may qualify for a DU Refi Plus which allows for "upside down" equity. If the loan is owned by Freddie Mac, they may qualify for an Open Access Refi, with similar parameters. Every situation is different, so for specifics, just PM me.

An FHA Streamline can be done with an appraisal or without one. The balance of the Upfront Mortgage Insurance Premium that was paid when the loan was first taken out will be prorated and applied towards the new UFMIP. It is important to remember that a 5% drop in payment (Principal, Interest, and monthly Mortgage Insurance) is required in order to meet FHA guidelines, but should not be a problem with the right scenario.

If anyone has more questions, please PM me or pos them here and I will try to answer them as quickly as possible.
Click to expand...

Those Open Access and DU Refi's do not make sense to me. How are they refi'ing on an upside down house?

example.

$300K balance
$200K current value

Is is a 125% LTV? Even still, what amount are they actually refi'ing?
 
#11 ·
TMC said:
How old is your ARM and what would the rate change to if it was adjusted today? I only ask because my ARM ran out several years ago but because of the very low rates that are set right now it's actually been lower than anything else that is available so we've stayed with it. Maybe give your current lender a call and ask?
Click to expand...
Some lenders will do a low to no cost refi, so calling them is def a good first option. If they tell you its a reg refi then you're better off shopping and seeing whats out there.
Nexus said:
Those Open Access and DU Refi's do not make sense to me. How are they refi'ing on an upside down house?

example.

$300K balance
$200K current value

Is is a 125% LTV? Even still, what amount are they actually refi'ing?
Click to expand...
Yes its 125%. Its whatever amount you need to as long as its within that 125% range. Cash out is obviously NOT an option with those loans.

They do it on those homes because those few lenders have the idea that "Why should a person who pays their bills on time not be able to take advantage of the rates"...Its not your fault your neighbor foreclosed and your value tanked. Its a great program but I doubt itll be around much longer.
 
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#12 ·
Esme said:
PMs have been sent. Thank you Mandy for your support!

Just some quick tid bits of info:

If someone's loan is owned by Fannie Mae, they may qualify for a DU Refi Plus which allows for "upside down" equity. If the loan is owned by Freddie Mac, they may qualify for an Open Access Refi, with similar parameters. Every situation is different, so for specifics, just PM me.

An FHA Streamline can be done with an appraisal or without one. The balance of the Upfront Mortgage Insurance Premium that was paid when the loan was first taken out will be prorated and applied towards the new UFMIP. It is important to remember that a 5% drop in payment (Principal, Interest, and monthly Mortgage Insurance) is required in order to meet FHA guidelines, but should not be a problem with the right scenario.

If anyone has more questions, please PM me or pos them here and I will try to answer them as quickly as possible.
Click to expand...
SilentAlero said:
Some lenders will do a low to no cost refi, so calling them is def a good first option. If they tell you its a reg refi then you're better off shopping and seeing whats out there.


Yes its 125%. Its whatever amount you need to as long as its within that 125% range. Cash out is obviously NOT an option with those loans.
Click to expand...
Hmm either way my house has plummeted and probably not even 125% will help :( :p If those numbers are right I would be closer to 150%, but that would be unknown without an appraisal.

But if that program did work you are saying I could refi my house at the current value with no penalty??
 
#13 ·
Nexus said:
Hmm either way my house has plummeted and probably not even 125% will help :( :p If those numbers are right I would be closer to 150%, but that would be unknown without an appraisal.

But if that program did work you are saying I could refi my house at the current value with no penalty??
Click to expand...
Actually, you'd be surprised.

First thing is to comp out the house and see what its worth.

Yes you could refi with current rates.
 
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#15 ·
SilentAlero said:
Some lenders will do a low to no cost refi, so calling them is def a good first option. If they tell you its a reg refi then you're better off shopping and seeing whats out there.
Click to expand...
I guess if they are willing to do a no cost refi then that could be an option too but I really would be curious to see what the next rate would be if they stayed in the ARM. It may be lower.
 
#19 ·
TMC said:
I guess if they are willing to do a no cost refi then that could be an option too but I really would be curious to see what the next rate would be if they stayed in the ARM. It may be lower.
Click to expand...
See thats hard to answer because every lender has a different internal program. See what they say though, it never hurts to ask.
 
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#20 ·
Any current experiences? Citi wants ~$415 for the appraisal out of pocket but they rattled off a couple thousand in other fees that I assume will be tacked on to my balance? Waiting for my GFE to see exactly what they were?

5.125% sound good for 30yr fixed?
 
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