Number One Home Loans

The latest changes from Wachovia and First Franklin and in particular what they both will allow a 2nd mortgage to “Net” when they take a discount on a short sale.

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Anne Ashworth on how borrowers will be affected by the cut to mortgage lending

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ACC shock tactics teaching us not to talk about home loans while carrying boxes and walking down stairs. Thanks guys! Glad to know that’s what the 1.3% you take from my wages pays for.

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I’m trying to get out of paying a prepayment penalty on a 3 yr. ARM mortgage. The interest rate has jumped to 8.75%. I read that in Illinois prepayment penalties are prohibited when the greater of the interest rate/fully indexed rate or APR exceeds 8%. I have 6 months left with this mortgage. The prepayment penalty is 6 months interest. I will refinance only if I can legally be rid of the penalty. Is anyone familiar with this law & how it works? I really would like your input.

Here is the problem. They may have been prohibited SINCE you originated the mortgage, but that doesn’t get you out of your original obligation.

You need to wait the 6 months. I guarantee no bank closed on you loan with an illegal PPP, because the ENTIRE mortgage would be illegal and void and that is a mistake borrower’s aren’t lucky enough to have a bank make.

Also, keep in mind that the greater interest rate/fully indexed rate is ALWAYS above 8% (in fact, it’s closer to 15% at it’s peak) if you have an ARM rate that has aggressive adjustment conditions…which you should have understood before you signed.

The 8% you are referring to DOES NOT include the interest rate on the LOAN. That refers to costs of financing cannot exceed 8%, which is an entirely different calculation. So 8.75% sounds correct.

Keep the loan for 6 months and then refinance, and MAKE SURE that the payoff that is issued when you do, does not mention a payoff…don’t let some new bank go by the date where the PPP falls off.

I want to refinance my 1st mortgage with the same lender, pay off 2nd mortgage from another lender, get cash out for to pay off other loans. Total amount to borrow is $330,000.00. How much should the lender charge to do this?

z2008,

Just like previously posted, if you are going to use the same lender you already have an account with them – normally they do not charge for closing costs. Just make sure to call the Home Loan department with all your account information and ask them directly.

Hope this helps!
Daisy

I want to know for my budget.

You will pay the interest on your mortgage for June 26th through June 30th at the closing.

Mortgage payments are made in arrears, meaning for the previous month (this is the opposite of rent, which is paid in advance). Your August 1st mortgage payment pays for the month of July. So, I’d expect my first payment to be due on August 1st.

That said, they’ll tell you at closing.

good luck!

I am looking to get a mortgage with future mortgages but I have phoned them and they only deal direct with brokers so now I need to find a broker. Or any brokers that could get 100% mortgage for people with bad credit?

I know that Manning Staintons deal with Future Mortgages as this is who we have our mortgage with. As far as I know Manning Staintons do provide an independent financial service. It may be worth contacting them!

http://www.TonyCroft.com

What’s Up?

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Hello Friends,

So many questions, so much uncertainty still. As much detail as there is on the US Treasury’s website and the press releases that went out Wednesday, things are still clear as mud! Mainly due to the fact that the investors and servicers of these new potential mortgages are not required and most likely, in a lot of circumstances will not want to touch some of these loans.

If you go to www.neliton.com, I have a Q & A format of the top anticipated questions on the refinance initiative and if you want the confusion right from the “horse’s mouth” then you can go to the Fed’s site at http://www.financialstability.gov/makinghomeaffordable

The major positives with this initiative if this truly comes to fruition;

1.Loan to value up to 105% of the value with no mortgage insurance.
2.Lifted or reduced credit score penalties.
3.Automated valuation where an appraisal will not be required in many cases.
4.Limited or reduced allowable closing costs to protect the borrower from high fees.

The major concerns that have not been addressed which may cause this program to be a big flop like the FHA Secure Program and FHAs Hope for Homeowners crash and burn where the program was cancelled months after announcement of the programs because again, not bank or private investor wanted to take the unnecessary risk associated with the guidelines;

1. Investors or banks still have to agree to the program as the Feds cannot dictate or force participation in the program or restrict the investor from implement their own overlay of more restrictive guidelines.
2.Second loans may not be allowed in the refinance and will not be allowed if the second loan was not “purchase money” used initially in the financing of the original and has been drawn from or refinanced after the original second loan.
3.So many American’s have racked up debt due to their mortgage payment jumping or loss of income but consumer debt cannot be consolidated with this program so no cash out or debt pay-off outside of the first mortgage in most cases.
4.If there is a second loan, the second lien holder or lender has to subordinate and agree to “go behind” or be in second position again on title behind the new first loan which is very unlikely. With a recent subordination attempt for a client of mine last week with Chase Mortgage, they denied the subordination and said they would only subordinate with a maximum combined loan to value of 65%! What the heck, that pretty much eliminates all opportunity for their clients, and the client was going to be saving $410 a month on their new first loan!

For now, so much uncertainly and a lot of head scratching going on. Assuming best case scenario, Fannie Mae announced Friday that their “DU” or Desktop Underwriter” system would not even have the new guidelines or criteria uploaded where their automated system could provide “findings” until early April and Freddie Mac followed up reporting mid-May for their “LP” or Loan Prospector system would be updated.

Stay tuned…

Be Blessed!

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http://brentlane.net – refinancing an upside down mortgage can be done thanks to a new program through Fannie Mae. This Fannie Mae Upside Down Mortgage program is new and I want to show you how to qualify with 6 Videos I put together. They are FREE so stop by and watch all six videos

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