Ask MetaFilter questions tagged with refi

Do I dispute a bad appraisal or get another?

tristeza — Fri, 06 Nov 2009 08:57:13 -0800

[RefiFilter]: I'm applying for a re-fi on my condo, and just got a HORRIBLE appraisal. Like, so horrible the mortgage broker AND the underwriter of the loan both are scratching their heads. Short question: do I dispute, or suck it up and blow another $500 in hopes of getting a more realistic appraisal? The appraiser used comparables with no apparent relation to my place (i.e. mine was a rebuild in 1984 on a 1904 foundation, he compared it to buildings built in the 20s and 30s), comparable sales in my neighborhood in the past 3 months have all been FAR over what he appraised mine at, I have outdoor space that almost no condos around me do, he got the # of floors in the building wrong, etc etc.

I know I can't pick an appraiser because of government regulations now, but I don't know if it's best to dispute THIS one, or just start over and request a whole new appraisal (and start new re-fi paperwork also).

I do know that homeowners typically overvalue their own property, but when a BANK and a broker both think the number is ridiculous, I feel I have some solid footing.

Any experience with this? Do appraisal disputes *ever* work, or would it be a waste of time? Did you prevail in a dispute, or spend more $ and pray for the best?

(If it helps I'm on Capitol Hill in Seattle near Seattle U)

Are mortgage scams back?

n'muakolo — Wed, 28 Oct 2009 14:31:06 -0800

Is this a mortgage scam? I have an 80-10-10 mortgage (put down 80% in 1 loan with a great interest rate, put down 10% in a 2nd loan with a lousy interest rate to avoid paying PMI, and put down 10% as a down payment). The bank holding the 2 mortgages on my house (Amtrust) has contacted Quicken Loans and given them information about the smaller loan. Apparently Amtrust wants to unload my loans. Amtrust says they will pay off 5% of the principal of my 2nd loan and will pay for an appraisal. If it all works out - i.e. my credit score, income are still good and my house is appraised high enough, the 2 loans will be consolidated into 1 loan at an interest rate such that my monthly payments will be lowered by about $300, without me paying any costs of refinancing. Quicken Loans thinks my property value has gone up quite a bit since I bought. I called Amtrust's mortgage 800# and they say this is legit and they've been doing this for about a year. But they're mortgage companies, so I'm nervous.

So a few questions:
- This sounds to good to be true. Is it a scam?
- If my house is appraised substantially more valuable than when I bought, does the appraisal I do through the refi process automatically make my property taxes go up?
- Anything I should be wary of?
- Why wouldn't Quicken Loans just buy my 2 loans from Amtrust?
- Has anyone heard of this sort of thing?

Experience with Quicken Loans for re-fi or mortgage?

tristeza — Thu, 10 Sep 2009 07:16:16 -0800

Does anyone have any experience with Quicken Loans for mortgage or re-fi; specifically, with the supposed "go with us and never pay closing costs again to re-fi or get another mortgage" policy? I'm trying to get a good deal on a re-fi (easier said than done), and am looking into Quicken Loans. They have offered me a good deal, but the broker is so aggressive that I'm considering telling him to fuck off even with his good deal.

However, he fast-talked me something about if I get a Quicken loan, I never have to pay closing costs again if I use them for another re-fi or new mortgage.

Does anyone have any experience with this policy, is it some bait-and-switch or what? (Please also feel free to share horror stories about them, I'm really leaning towards walking away but the deal is really good from what I can tell.)

Why doesn't Provident Lending want my business?

genug — Tue, 09 Jun 2009 13:35:30 -0800

I am in the process of refinancing the mortgage on my home. My lender wants to blow up the deal at the last minute. 1) Why? 2) What are my options? Went all the way through the process. Signed closing papers on Friday. 30-day lock expires today. Lender informed us today that one of the (many, many, many) signed pages of paperwork has an extra penstroke on the date line. My hand got tired from all the signing and it slipped, put an extra stroke on one of the numbers (for the date). They are asserting that this looks like the date has been crossed out and changed, and thus voids the close.

Question #1: why are they doing this? Rates have gone up in the last month, so breaking the deal is going to cost me money, but what is in it for them? Obviously I won't be going back to the same firm if this process has to start again.

Question #2: do I have any recourse? I have no idea how mortgages work, of course, but in the abstract it seems like there might be some protection from bad lenders, or at least some regulators with an interest in knowing about bad business behavior.

The company is Provident Lending, for whatever that is worth.

How to get a cash-out refinance on a newly purchased property?

walla — Fri, 22 May 2009 19:44:58 -0800

Stupid-mortgage-company-filter. Is it possible to get a cash-out refinance on an investment property without going through the 6-12 month seasoning process? We're scheduled to close on a property this Tuesday. The mortgage fell through at the last minute because of a combination of crazy new lender rules and bureaucratic incompetence. Luckily, we can pay cash, but we need to replace that cash immediately to rehab the house. Immediately = within a few weeks. Every lender and broker I've spoken to says that everyone is now following Fannie Mae's guidelines, which require 6 months of seasoning (being on title) for a primary residence and 12 months of seasoning for an investment property. Some lenders say "it's possible that some lenders won't have to follow the Fannie guidelines" and can give us a refi faster. I have called a bunch of lenders and these remain mythical so far.

What kind of lenders might be in a position to give no-seasoning loans? We are willing to pay a somewhat higher interest rate because the loan is not huge.

We're also open to creative alternative suggestions for financing the rehab. Incidentally, the seller is being completely intransigent and postponing the closing date is not an option, but it's a great deal and we want the house. Thanks for any help!!!!

Info sources for refi rates

msalt — Sat, 17 Jan 2009 12:56:46 -0800

What are the best ways to find and compare mortgage refi rates and fees? (web sites, or?) Rates are low, my credit score is very high, and I'm planning to stay here indefinitely (at least 5 years), but I don't want to pay a mortgage broker. Google is pretty worthless -- their pick hits are commercial sites of dubious credibility or value. EG bankrate.com lists only 1 mortgage source in Portland OR, which is ridiculous.

Looking for a 30 yr fixed with no prepayment penalty for about half the property's value, just lowest fees and rate. Contacted my existing mortgage lender (the notorious Countrywide, who bought my mortgage) but their fees seemed high -- $3300 plus 1.75 points ($4500) to get a 5% loan, plus another $1836 for some vague "prepaid" fee.

Refinance through the same bank?

condour75 — Thu, 21 Feb 2008 07:05:32 -0800

Is it possible to refinance through the bank that holds your mortgage? Is it desirable? Is it easier? I bought a house in August with a Bank of America no fee mortgage at 7%. I'm wondering if a) it makes sense to refinance now, even just a few months in, and b), whether I should approach the mortgage holder first and see what they can do. It seems to make sense that they'd want to keep the business rather than letting it go to another company, but I'm wondering if I'm missing something, since the web seems to have little info on doing so.

Other salient facts: 30 year, fixed rate, 10% down. I'd be willing to consider a 15 year mortgage if the rate is low enough now, because we could probably afford it. We plan on staying here for at least 5 to 10 years, possibly longer.