Jill P asked:


My mortgage payment is due the first of each month (today) but I have a grace period until 6/15/09 where I do not get charged a late fee.

My refinance (with a different bank) is scheduled to close before the end of next week. I feel like I might save money if i don’t make the complete mortgage payment that was technically due 6/1/09 because wouldnt that be a payment of interest acrued for the entire month instead of paying per diem on the closing for the interest.

I’m very confused about this whole process and any help would be appreciated!
ok… better safe than sorry. i scheduled the e-payment just now. thanks for the help!

HECTOR

Rockinrobin asked:


I wanted to know if they were for real and if you had a good experience with them.
THANKS!

SIDNEY

Sherwin T asked:


I bought my house a year ago at a very high interest rate. and I have made all my payments on time every month. But now I am in the process of refinancing my mortgage with my current lender to a lower interest rate. And they said I should close by the end of July. Can I skip July1st mortgage because basically it is only interest. I tried to take out money but the appraisal came in too low. And I need the money to pay several outstanding bills

ORVILLE

tumby asked:


My wife and I own our home. We recently refinanced and now the mortgage is deducted from her own checking account that her income goes to. We have a joint account where my income goes into that we use for everyday living expenses. If we were to divorce, would she be able to claim that she was paying the mortgage, therefore, she should own the home.

CHUCK

VirtueOfIntolerance asked:


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.

CLAUDE

MSV asked:


Recently I am refinancing my mortgage, so that I can get cash back to buy a condo overseas. I decided to refinance, the loan officer promise me this and that, the whole bait and switch (Congress needs to make this illegal), I was kind of gullible to believe him, so I sign a form to go ahead and look up my credit. I DID NOT sign though any paper stating I had to pay for the appraisal though. He even said there are no upfront fees. He sends out his appraiser and they appraised my home… get this… the same amount it was appraised for 10 years ago when i got my first mortgage! Even though I had added close to 2000 sq. ft of additions to my home since and back then I didn’t even have a paved driveway! I had an appraisal done to my home a few years back by a local appraiser and comparing that one to the one the mortgage company recently did… they are off by more than 80,000 dollars and that didn’t include the new addition we did in 2007. Do I have to pay when it obviously lowballed?
Oh forgot to mention… I obviously declined the offer, I just want to know what I am liable to pay for, considering I should be the one being paid for wasting my time with them and getting zero results.
To Jimdotedu: All additions are paid in full. I did not take any loan to do them. I bought the materials and my sons and I did all the work (Licensed General Contractor). Everything is completed and inspections passed. Though, when the appraiser came the most recent addition we did not open up the addition to the rest of the house (the entrance to the new addition was thru the existing rear door). I didn’t take it down yet, since my wife did not know what she wanted to do with the room yet.

I reread it and I cannot find anything on there that tells me I have to pay for an appraisal. My present mortgage company , I know they gave me a form stating that appraisal cost this amount and that it was an upfront fee and I remember paying that with a check before an appraisal was authorized. This lender said no upfront fees and only agreement I signed was authorization to release information (tax records, etc)
To mykidsmom: I don’t like to call out the business’ name since I didn’t want my question straying into a review of the company. I wanted to refinance to get cash back to buy a condo in The Philippines, since it is legal (US and in The Philippines) for me to own a condo there even though I am a US citizen. I don’t see any scam in doing such a thing, considering it is refinance for cash back and my house is the collateral. If I don’t pay, they foreclose on my house, simple as that.

Also i reread over and over the agreement I signed… only agreement I signed was an agree for authorization to release information. Also the lender specifically told me no upfront fees, I have it on email, since he told me on the phone but I asked him again on email so I have it on record.

Also, this is my son’s account… I asked him to type my question for me, but all I got was “blah blah im tired blah blah” , so i told him i will type it just sign on, since I do not have an account here.

RANDAL

Me! asked:


In the middle of January my new husband and I began the process of refinancing our loan. We live in Maryland and we began working with a lender in our area. We paid for an appraiser to come (their recommended appraiser) for $350, as well as paid $200 for some fee that Bank of America charged. The mortgate broker came over to our house and we signed all of the necessary papers about our refinance. Over the next 5 months they have constantly asked us for paperwork that we have already submitted over and over again. Our W2 forms, our bank statements etc…they blamed the bank for losing this paperwork and so we have submitted these items multiple times. Also, they would always say “we’re pretty sure you’ll be closing this week” Today we received a call saying that our loan is dead, even though just last week the broker told us that he had received an extension on our closing and we should close within 5 days. He said our loan was dead because our appraisal was over 6 months old, which it is not. He said the title company can at anytime throw out the appraisal if it goes past 6 months. The broker is now saying he cannot get our money back, but if we recommend him to other people for their mortgage, and he makes money, he will give us our money back. He keeps on making up excuses on how my credit score is too low, even though before he said it was fine. He also said I would have to pay a $100 collection off of my credit report which I did immediately, and now he’s saying that’s a problem. It seems as though they have tried to make this go for as long as he could and now that there is nothing else to ask for, they are saying the loan is dead. What is going on, can we take legal action, what can we do!??!

signed,
FRUSTRATED

LINDSEY

alec b asked:


…even if the original loan had no prepayment penalty?

Please refer to the following form. Is it even legal in CA?

In the event I / we refinance the loan through anyone, other than “XXX Lender”, within twelve (12) months of the funding date, I / we agree to reimburse “XXX lender” for any, and all, penalties against it by the original Lender, or anyone to whom the loan may have been assigned.
“BY SIGNING BELOW, I / WE HAVE READ, UNDERSTAND, AND CONSENT TO SUCH REIMBURSEMENT SHOULD THE EVENTS DESCRIBED ABOVE OCCUR.”

MARQUIS

teia t asked:


They said I have to refinance to get the loan placed into my name. Unfortunately at this time I also got laid off from work. I have a nice savings, large severance package & I’m about to apply for unemployment. I’m also rebuilding my credit(Bankruptcy 9 yrs ago) so I’m afraid of getting denied for the refinance & thus losing the home. Should I just continue to pay the current mortgage then do the refinance once my Bankruptcy comes off my credit report in 10 months. Also how do I change the deed to my name.

ROLANDO

Matt W asked:


I want to get a 5/1 ARM interest only loan and keep it for 6 months to a year ( to help me save up more money) and then refinance it to a Normal 30 or 15 year fixed Mortgage. Is this possible? Also what do I have to do to qualify for the 5/1 ARM loan? Do you have to put down a huge down payment or something like that? I have a great credit score, but next to nothing for a down payment.

RAMIRO