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Old 12-07-2012, 01:45 AM   #1041
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We got 100% financing and $53/month PMI. Even dropping only 5% downpayment we would have lost a lot of money. I don't quite frankly understand it all but I'm pretty sure I'm never going to refinance.
Why did you take out PMI? It is not required on a USDA loan.
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Old 12-07-2012, 09:55 AM   #1042
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I don;t know how much longer they will be around since they are being indited for false advertising on a couple of thier commercials
It will takea few years to close them since they are a large company, but they will be gone soon.
as long as they are around long enough to refinance my homes and then sell the mortgages to chase, idgaf what they do.

are you a pushy broker? most of the people i have contacted are pushy as hell and act like the deal they are giving me is great. one mortgage we were fighting over a $120 fee and the guy told me it's only $120 and i said yeah it's only $120 so fvcking take it off my quote.
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Old 12-07-2012, 10:59 AM   #1043
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awwwww yeahhhh, we're up to talking with the vice president for closing costs

if i don't get to speak with dan gilbert personally, i will be extremely disappointed.

come on quicken. wtf is going on. he said to expect some closing costs even if they are losing money on the underwriting.
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Old 12-07-2012, 11:02 AM   #1044
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Why did you take out PMI? It is not required on a USDA loan.
Can you cite a statute or regulation stating that? If so, I will give it to the loan officer and dispute the $54.93/month in "mortgage insurance"

"What is PMI?
PMI is a form of insurance that is used to offset losses that a lender will incur if and when a borrower fails to pay their home loan. Conventional loans refer to this insurance as PMI, FHA loans refer to this insurance as MIP, VA loans refer to this insurance as Funding Fees, and USDA refers to this insurance as the Guarantee Fee. The borrower typically pays this fee upfront or monthly and in some cases both when they do not make at least a 20% down payment. Remember that the USDA loan program requires no down payment and the Guarantee Fee is required."

http://www.usdahomeloancenter.com/faq.htm#8

http://www.rurdev.usda.gov/SupportDocuments/an4551.pdf

"The other fee which some may call "PMI" is an annual fee of .30% of the remaining principal balance that comes out to $450 per year on a $150,000 loan. That comes out to 37.50 added to the payment."
http://www.trulia.com/voices/Financi...e_with_-344636
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Old 12-07-2012, 11:06 AM   #1045
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as long as they are around long enough to refinance my homes and then sell the mortgages to chase, idgaf what they do.

are you a pushy broker? most of the people i have contacted are pushy as hell and act like the deal they are giving me is great. one mortgage we were fighting over a $120 fee and the guy told me it's only $120 and i said yeah it's only $120 so fvcking take it off my quote.
I am not pushy. I will push if needed. I don;t nickel and dime people.
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Old 12-07-2012, 11:09 AM   #1046
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Can you cite a statute or regulation stating that? If so, I will give it to the loan officer and dispute the $54.93/month in "mortgage insurance"

"What is PMI?
PMI is a form of insurance that is used to offset losses that a lender will incur if and when a borrower fails to pay their home loan. Conventional loans refer to this insurance as PMI, FHA loans refer to this insurance as MIP, VA loans refer to this insurance as Funding Fees, and USDA refers to this insurance as the Guarantee Fee. The borrower typically pays this fee upfront or monthly and in some cases both when they do not make at least a 20% down payment. Remember that the USDA loan program requires no down payment and the Guarantee Fee is required."

http://www.usdahomeloancenter.com/faq.htm#8

http://www.rurdev.usda.gov/SupportDocuments/an4551.pdf
I got confussed with the verbage. yes a guarantee fee is required but it is different from PMI.that is where I was conffussed. You are good to go.
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Old 12-07-2012, 12:21 PM   #1047
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so here it goes. why with quicken do they give such shitty rates even when telling me they are losing money underwriting and still having closing costs? the other quote i got from another company was with about $3400 in origination fees and points and the rates were 3.75% and 4.875% for the primary and investment respectively.

my rates right now are 5.25% and 4.375% and market rates are like 3.4%. do i need to go to some shady company who may take months to close to get the best rates? i figured that i could at least get in the mid 3's for the primary and low 4's for the investment even with such low balances.

Primary residence:

Closing Fee Detail
130 - 30 Year Conforming Fixed 4.250 @ -1 Points
State: IL
Loan Amount: $85,225.00
LTV: 65.56%
Monthly Payment: $419.26
Tax and Insurance: $287.17
Total Monthly Payment: $706.43

Loan Discount Fee $-852.25
Loan Origination $1,049.00

Appraisal Fee $275.00
Credit Report $30.00
Flood Life of Loan Coverage $5.00
Flood Determination Fee $10.50
Life of Loan Tax Service $60.00
Credit Monitoring Service $8.25
TSI Appraisal Services $80.00
Settlement or Closing Fee $400.00
Abstract or Title Search $230.00
IL Title Policy Fee $3.00
Lender's Title Insurance $275.00
Insured Closing Letter $75.00
Tax Certification Fee $18.00
Recording Fee Mortgage $47.00
Express Mail/Courier Fee $45.00
Total Closing Fees $1,758.50

Investment property:

Closing Fee Detail
130 - 30 Year Conforming Fixed 4.625 @ 1.000 Points
State: IL
Loan Amount: $64,000.00
LTV: 49.23%
Monthly Payment: $329.05
Tax and Insurance: $287.17
Total Monthly Payment: $616.22

Loan Discount Fee $640.00
Loan Origination $1,049.00

Appraisal Fee $375.00
Credit Report $30.00
Flood Life of Loan Coverage $5.00
Flood Determination Fee $10.50
Life of Loan Tax Service $60.00
Credit Monitoring Service $8.25
TSI Appraisal Services $80.00
Settlement or Closing Fee $400.00
Abstract or Title Search $230.00
IL Title Policy Fee $3.00
Lender's Title Insurance $275.00
Insured Closing Letter $75.00
Tax Certification Fee $18.00
Recording Fee Mortgage $50.00
Express Mail/Courier Fee $45.00
Total Closing Fees $3,353.75
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Old 12-07-2012, 12:35 PM   #1048
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I would stop messing with these clowns and start working on amerisave. Lots of ppl have closed with them on fatwallet. Don't confuse busy with shady.
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Old 12-07-2012, 12:55 PM   #1049
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I would stop messing with these clowns and start working on amerisave. Lots of ppl have closed with them on fatwallet. Don't confuse busy with shady.
it looks like the experiences with them are hit or miss. i'm worried that i'll have to chase them around to get stuff done and that i will spend a lot of time sending them docs and then get denied and have to fight to have fees refunded.
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Old 12-07-2012, 01:08 PM   #1050
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Ppl usually get turned down due to loan to-value issues. Some ppl over-value their property, some people's property LTV drops below the threshold during the 2-months refi process. If your LTV is not on the borderline this won't be an issue.

Lender standards are stricter than before, and each year they ask for more and more documents. It's more work and the new reality. Just be patient, it's really not a big deal.
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Old 12-07-2012, 04:38 PM   #1051
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Ppl usually get turned down due to loan to-value issues. Some ppl over-value their property, some people's property LTV drops below the threshold during the 2-months refi process. If your LTV is not on the borderline this won't be an issue.

Lender standards are stricter than before, and each year they ask for more and more documents. It's more work and the new reality. Just be patient, it's really not a big deal.
i won't have issues with that. both properties have slightly increased in value and i own 50% equity in one and 25% on the other. the amerisave rates just seem too good to be true. loved working with quicken, but i don't know how they compete with such high rates.
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Old 12-07-2012, 04:42 PM   #1052
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both of the quoted rates are way too high.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 12-07-2012, 04:52 PM   #1053
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both of the quoted rates are way too high.
when are you getting your IL license?
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Old 12-07-2012, 04:57 PM   #1054
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when are you getting your IL license?
Not gonna do it.
i have Cli and I close around 10 loans month besides the other 30 that my LO's close. I am cool.

I don;t need the added stress of maintaining another license.
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Old 12-07-2012, 10:56 PM   #1055
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i won't have issues with that. both properties have slightly increased in value and i own 50% equity in one and 25% on the other. the amerisave rates just seem too good to be true. loved working with quicken, but i don't know how they compete with such high rates.
Their rates are real, two of my friends closed with them. They are just an online lending warehouse. It'll be painful and long, but they'll get you closed.
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Old 02-01-2013, 11:52 AM   #1056
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on a mortgage application, what is the definition of self-employed? i own a small S corp and always check this box and then they ask for all sorts of financial **** from my company making things 10 x more complicated. since my company is incorporated, am i actually employed by them? i am the ceo and own more than 50%.
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Old 02-01-2013, 11:57 AM   #1057
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on a mortgage application, what is the definition of self-employed? i own a small S corp and always check this box and then they ask for all sorts of financial **** from my company making things 10 x more complicated. since my company is incorporated, am i actually employed by them? i am the ceo and own more than 50%.
which mean you will need to supply corporate tax returns, k1's and everything assoccited with the s corp.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 02-01-2013, 12:00 PM   #1058
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which mean you will need to supply corporate tax returns, k1's and everything assoccited with the s corp.
yes, i know that, but is that all triggered by checking self employed?

if i don't check self employed and just list my company name as my employer and that i am an engineer will they still figure it out and ask for all that other ****?
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Old 02-01-2013, 12:01 PM   #1059
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yes, i know that, but is that all triggered by checking self employed?

if i don't check self employed and just list my company name as my employer and that i am an engineer will they still figure it out and ask for all that other ****?
no becasue you own more than 50% in a company.
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Old 02-01-2013, 12:07 PM   #1060
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