L D asked:


I applied for a home loan but I did not take it. The mortgage broker charged me $830 for processing the loan and getting it approved. Should I pay this amount or can I get any concession?

ORLANDO

Martin A asked:


One week after our closing date, the Underwriters rejected my loan due to “The value of the home is too much for the area, and there aren’t any comparable homes in the area.”. My Real-estate agent, Mortgage Broker, and the Appraiser all said “that is discrimination based on geographical location” and we have a law suit. This would have been my first home (as of 9/28/07) but they ‘pushed’ the date back to 10/02/07, and at 5:15 PM they told my mortgage broker that the loan was rejected, and they knew since 11:30 am that morning. My apartment lease was over on 9/30/07, so now, my wife and 2 daughters, are homeless; staying at a friends apartment until this gets resolved. The Underwriters pulled our (applicants) credit 3 more times, drastically reducing our credit, which in turn is making us come $5k out of pocket through a different Underwriter. Please, someone tell me i have a case.. We have already invested $2k into inspections, appraisal, etc, and would hate for it to be for nothing.
The house appraised @ $194,600.00 with the purchase price set at $166,600.00. There were 2 appraisals done; One i paid for, which lists 6 comparable homes, and the other that the Underwriters had done, listing 4 comparable homes. All homes in the area are from $130k to $200k. Which is why i am so frustrated as why they would say that. It makes NO sense.
Just in case anyone was thinking that they might have reasonable doubt that i would default on my loan…

I have a 30 yr fixed @ 6%, so the problem with the thousands of people that defaulted on their variable rate loan shouldn’t effect me what so ever. Those thousands of people are all moron’s for letting it happen to them. They should have either;
1- Refinanced into a fixed rate
2- Sold the house BEFORE they defaulted. It is very easy to find out what your payment is going to be 1, 2, 5 years down the road, even with a variable rate loan. Their fault for not planning ahead.

I make enough to pay 2x the mortgage payment, and have been @ the same job for 4 years now (only 21 yrs old). That’s not including my wife’s income, who makes almost twice more than me.

RAY

Best Refinancing asked:


Best home loan mortgage rate refinance



Finding the Best Home Loan Mortgage Rate Refinance :

When shopping for the best home loan mortgage rate refinance program it is a good idea to call your current lender and see if they have any refinance programs available that may benefit you. Many large loan companies do not want to loose good paying customers and may offer to refinance your mortgage at no cost. If your current lender cannot help you get the best home loan mortgage rate refinance then you should talk to a few reputable mortgage brokers. Mortgage broker have access to wholesale rates and a wide variety of loan programs that often times benefits the consumer more then a bank or credit union. It is not uncommon for a good mortgage broker to beat a local banks mortgage mortgage rates by one quarter to one half percent or more.

Closing costs are also an important factor to consider when deciding on what company you will refinance your mortgage with. Getting the best home loan mortgage rate refinance will mean nothing if you are overcharged with excessive closing costs and fee’s. Keep in mind that the average closing costs for a mortgage that has no points or fees should not exceed $2000. Keep in mind that this does not include any prepaid interest or escrow amounts needed to close the loan, those prepaid items are costs are set by the lender and cannot be changed or altered by the mortgage broker. Your mortgage broker should provide you with a good faith estimate within 3 days of application. On this estimate will be a breakdown of fees and costs associated with your best home loan mortgage rate refinance. Look at the total of these fees and See if they are acceptable to you and if they are not call your mortgage broker and let them know. Mortgage brokers work off of commissions and they want to keep their customers happy in order to retain them. A good mortgage broker should adjust the fees to make you happy or offer a very good explanation as to why the fees are higher then average best home loan mortgage rate refinance.

Another way to ensure that you score the best rate is to obtain multiple offers before you settle on the right one. There are a large number of lenders to choose from, so you should obtain multiple offers and quotes for your refinance before you settle on one lender. Compare the fee structure, the loan amount and the rate, and then select the lender that seems to have your best interest in mind.

Go ahead and study how to find the best home loan mortgage refinance.



ARTURO

Dean Shainin asked:


Not many people know a lot about home loan rates, even some who have purchased or refinanced their mortgages before.

In most cases this applies to people who do not take the time and effort to know more about interest rates for their home loans. These people may be busy executives who are involved in investment properties, or home buyers who do not know that it is important for them to know more about interest rates for their home loans. This also applies to some home buyers who get their mortgage brokers or advisors to process their applications on their behalf, and the advisors do not explain the loan terms and interest rates to their clients.

It is very important for home buyers to know all the details about the home loans, including interest rates.

There are a lot of lenders available who offer various packages of home loans with many different aspects of rates. Most people do not have the time or proper education to find good rates for their situation.

Some home loan officers do not explain the details of different loan products and rates to their customers. In some cases, loan officers tend to promote home loan packages for which they earn high commissions, although these packages may not the best for the customers in the long term. In some cases loan officers assume that the customers know about the loans and rates, and do not take the time to explain the details of the loans. It is therefore important that you ask any questions you have about different loan packages.

It is therefore a good idea that you educate yourself about the various options that are available to you. If you do this initial research, you will be aware of some details of various home loan packages and rates, and you can then ask for clarification for what you do not understand.

Whether you are dealing with a mortgage broker and or a loan agent at a bank or other lending institution, it is important that you ask the right questions so that you can select a loan type and rate that is suitable for you.

You will need to educate yourself about the risks for the various loan packages, and you will also need to know about fixed-rate home loans, adjustable rate mortgage loans (ARM), and two step mortgage (Fixed interim-rate mortgage or FIRM).

For you to ask the right questions which will help you choose the best home loan with a good rate, you will need to have educated yourself about the basics of the home loan packages and rates.

Assess the different home loan packages and rates, compare what will be the best for you and your situation, and if you have any questions, ask your agent. A mortgage is a long term financial obligation, so it has to be right.



PRESTON