Posted by Dimpil on October 17, 2003 at 18:44:58:
Thank you! =)
T/B problem - Posted by rm
Posted by rm on October 17, 2003 at 08:31:28:
I purchased a home in August and L/P’d to a couple.
Purchase price was 110.
They gave me $14k for down payment.
He had some credit issues due to a divorce, but was told by the lender I use that he would be good to go in about 12 months.
I just got a call from a T/B this morning.
She said that she responded to one of those e-mails about refinancing and decided to respond.
Someone from Ameriquest told her that she could close the deal in two weeks.
Problem is, I’ve got a pre-pay penalty on this thing and I don’t really want to close this thing right now.
Another thing I think might present a problem is the title seasoning issue. I’ve only owned this property a few months, and I’ll be selling it to them for significantly more than I paid.
Any suggestions as to how to delay?
Re: T/B problem - Posted by ed
Posted by ed on October 17, 2003 at 21:34:41:
I just did a re-fi on my own home and current lenders re-fi seemed off from what I expected so decided to check out Ameriquest. They do virtually everything with highly trained clerks and sofisticated computer models. they promise the moon and probably can deliver in 2-3 weeks. But when i started to get into the thing the interest was 2% above market and they wanted 5 points (talked them down to 4) then the fees were outrageous. I decided to wait the extra little time with my regular lender and closed at market with 0 points and normal fees.
If you want to be this girls best friend, have her. check with what your lender can do in 11 months and work out how much she will save. Interst might still be competitive right before the election.
good luck
ed
Re: T/B problem - Posted by ed
Posted by ed on October 17, 2003 at 21:34:19:
I just did a re-fi on my own home and current lenders re-fi seemed off from what I expected so decided to check out Ameriquest. They do virtually everything with highly trained clerks and sofisticated computer models. they promise the moon and probably can deliver in 2-3 weeks. But when i started to get into the thing the interest was 2% above market and they wanted 5 points (talked them down to 4) then the fees were outrageous. I decided to wait the extra little time with my regular lender and closed at market with 0 points and normal fees.
If you want to be this girls best friend, have her. check with what your lender can do in 11 months and work out how much she will save. Interst might still be competitive right before the election.
good luck
ed
Re: T/B problem - Posted by Sean
Posted by Sean on October 17, 2003 at 14:31:52:
Mortgage brokers are the Used Car Salesmen of the banking industry… they promise the world, and rarely deliver.
Re: T/B problem - Posted by dimpil
Posted by dimpil on October 17, 2003 at 11:51:50:
I’m sorry I miss read, you have not been on title 12 months. They may not do it without your seasoning of 12 months. I’d call and ask anyway. Trust me on one thing the loan officer will say anything to get a pipline up or a deal. I know as I’ve had a few taken from me. Some have closed some have not. Business.
Re: T/B problem - Posted by dimpil
Posted by dimpil on October 17, 2003 at 11:48:11:
How could she refi what she has not lived in for 12 months? For lease purchase/rent to own she needs to show 12 months checks/mo to qualify.
If you want to check, call Ameriquest yourself, ask them if they do lease purchase deals and tell them you have been in home less then 12 months, say the number of months T/B has and see if they can do it. I really doubt it.
Re: T/B problem - Posted by pboone
Posted by pboone on October 17, 2003 at 09:26:47:
Why in the world would you want to delay this profit?
I would allow the t/b to close take the cash and move forward. These types of deals are done all over the country every day, including me, consider yourself lucky
Patrick
Re: T/B problem - Posted by rm
Posted by rm on October 18, 2003 at 08:46:19:
Thanks for the insight.
My initial reaction was that this was probably an empty promise.
Even if it wasn’t, the idea that these guys would take a 4-5 point hit (for nothing) isn’t right. They’re a nice family, and I’d rather see them save that money.
Enjoy the weekend.
Re: T/B problem - Posted by dimpil
Posted by dimpil on October 17, 2003 at 14:56:30:
I wouldn’t say ‘rarely’.
Re: T/B problem - Posted by rm
Posted by rm on October 17, 2003 at 12:23:50:
>
You’re not kidding. Particularly the inexperienced types.
I remember seeing a stat somewhere that around 82% of online loan hunters do not end up with the product they inquired about.
Re: T/B problem - Posted by rm
Posted by rm on October 17, 2003 at 12:21:19:
That’s what my experience has been.
Wasn’t sure if maybe they had a new product.
Re: T/B problem - Posted by Sean
Posted by Sean on October 17, 2003 at 14:58:40:
Well, the choices are “rarely” and “never” so I decided to be nice