Xena, thanks for the detailed description of your experience. Hopefully you can put all this behind you now.
I suspect that you have a processor (or his assistant) whom is not competent or is inexperienced. Whether this is true for all processors working for Provident is not clear. When it comes to full documentation, it is really up to that particular processor to decide what is acceptable, at a reasonable fashion.
I also found that the loan processor, the invisible hand behind the loan/mortgage officer, is critical in getting your loan moved through the pipeline in a timely fashion. I remember the days when it took almost 80 days to close our refinance with Wells Fargo in 2009, it was indeed a very very frustrating experience.
You have my sympathy with your experience with Provident. Now, we will see if the same will happen to us.
I currently have a loan with Provident and I am looking at refinancing with them(though I am a little nervous about it after reading some of the stories). In looking at their "rate calculator", I see that they are giving a lender credit for some rates.
Example: $336k loan - 30 year fixed @3.875% = $5800 in lender credit.
My question is what happens to the extra lender credit if all of it is not needed for the refinance? I am estimating that my closing will be around $3k, so there will be about $2,800 that will not be needed for the refi. Will this go into my escrow?
litdavis said: I currently have a loan with Provident and I am looking at refinancing with them(though I am a little nervous about it after reading some of the stories). In looking at their "rate calculator", I see that they are giving a lender credit for some rates.
Example: $336k loan - 30 year fixed @3.875% = $5800 in lender credit.
My question is what happens to the extra lender credit if all of it is not needed for the refinance? I am estimating that my closing will be around $3k, so there will be about $2,800 that will not be needed for the refi. Will this go into my escrow?
This has been answered many times, but I am in a good mood today so I will answer your question again.
But what if that amount is more than reasonable escrows? btw what constitutes reasonable escrows... 2-3months of property taxes + hazard insurance right? can we make it 6 months if the lender credit is more? or is that a flag?
I purchased a SFR 3 weeks ago and agreed to a lease back period of 45 days. I'm still living in my condo now and wondering if it's possible to do a refi on my condo as owner occupied. I would like to lock in a great rate before my condo becomes a rental for the long term.
I was conditionally approved for 5/5 ARM from Penfield. Should I try to lock now? I got an email today from their mortgage servicer who said it takes 45-60 days to close *after* the file has gone to processing. And they added it would take 2 to 3 weeks before the processor got in touch with me to do the applications. So I'm thinking 2 to 3 months until closing. When I did the application online the interest rate was 3.125% and that's what I applied for. I'd be disappointed if it rose. On the other hand maybe it will drop?
whatSay said: But what if that amount is more than reasonable escrows? btw what constitutes reasonable escrows... 2-3months of property taxes + hazard insurance right? can we make it 6 months if the lender credit is more? or is that a flag?
Simple, why don't you just try it and let us know how it goes for you??????
When people continue to ask this type of questions, it is when a deal is getting killed, very soon. Don't let greed run over your hand to ruin an otherwise financially sound refinance.
mimi6789 said: whatSay said: But what if that amount is more than reasonable escrows? btw what constitutes reasonable escrows... 2-3months of property taxes + hazard insurance right? can we make it 6 months if the lender credit is more? or is that a flag?
Simple, why don't you just try it and let us know how it goes for you??????
When people continue to ask this type of questions, it is when a deal is getting killed, very soon. Don't let greed run over your hand to ruin an otherwise financially sound refinance.
Or better yet, email your processor and ask how they could apply extra credits.
My understanding is that there is a limit as to how much cash you can walk away with before it's considered a cash out refi. The way mine shook out is that I'll get about 2 months of interest paid for, and I'll get a bit of a payoff (like $300) from an overfunding refund. Your processor will know how best to structure it to minimize the loss of any credit.
FKAKS said: mimi6789 said: whatSay said: But what if that amount is more than reasonable escrows? btw what constitutes reasonable escrows... 2-3months of property taxes + hazard insurance right? can we make it 6 months if the lender credit is more? or is that a flag?
Simple, why don't you just try it and let us know how it goes for you??????
When people continue to ask this type of questions, it is when a deal is getting killed, very soon. Don't let greed run over your hand to ruin an otherwise financially sound refinance.
Or better yet, email your processor and ask how they could apply extra credits.
My understanding is that there is a limit as to how much cash you can walk away with before it's considered a cash out refi. The way mine shook out is that I'll get about 2 months of interest paid for, and I'll get a bit of a payoff (like $300) from an overfunding refund. Your processor will know how best to structure it to minimize the loss of any credit.
yep... just asked my local broker with whom I refi'ed earlier.... Earlier he used to apply large credits towards escrows/cut a check outside of closing. He said he does not do that now... and he would not be doing escrows more than 3month reserves.
So to answer "litdavis"'s question, it depends on what your broker/company is willing to do. Probably the mortgage lenders on this thread might know better... and the answer is not a simple "YES"
You can't really over-pad escrows that i know of. If you guys look at your past HUDs, you'll see most likely an Aggregate Adjustment in the prepaids section. This is to prevent banks for over collecting escrow. For example, in NJ, taxes are due quarterly. I usually estimate 4 or 5 months as that's worst case (3 months due + 2 mo as max cushion). I don't think a bank/broker could independently decide to collect say 8 months just to offset your credit. The aggregate adjustment would wipe out the overage.
MBS prices -10/32s, btw...
Enjoy the Super Bowl. As an Eagles fan, I'm leaning towards the Pats only bc MMNJ will be intolerable on Monday if the Giants win.
still doesnt work for me... maybe works only in the Tri-State area..... a clever way to save time for everyone...
Try clearing your browser's cookies, closing your browser, and then try again. Or simply just contact them directly (their website isn't so great anyway)
230 Route 206 ,1st Floor Belle Mead, NJ 08502, US Rate Hot Line : 908-428-4752 Phone : 908-359-2410 Fax : 908-359-3929 Fax : 866-747-8717 (Toll Free) Email : info@montmtg.com
I just rate locked yesterday with US Bank. 2.75% on a 15 year fixed FHA. They were also offering 3.75% on a 30 year fixed FHA, and they would buy down the rate to 2.75% for the 1st 12 months at their expense.
I refinanced last October. The excess lender credit covered a good portion of my property taxes. I should still be able to take the full write off from my taxes right?
Loan in Texas, looking for a no cost refi to cut both amount and years. Will probably be here another 5-10 years. I'm risk adverse so want to stay away from Arms. Any suggestions on what approach would be best (15 yr, 30 yr what type of loan? and how to get rid of PMI($98 per month)? Zillow appraisal 168k, think it would appraise higher with updates inside.
Loan type and term: 30 Years Conv w/PMI Original principal balance: $161,500.00 Contractual remaining term: 27 years, 6 months Interest rate: 4.625% Current principal balance: $154,898.28
Payment $830.34 Principal $501.15 Escrow payment $1,331.49 Total monthly payment
Good credit 720 plus....current loan with BOA but with seeing rates here thinking I should do something but I thought good rule of thumb was don't refi unless you can get 1% apr reduction. I'm 40 yrs old, would like to upgrade house in 5 to 10 years etc. Any advice would be appreciated, thanks.
It's a rookie question - Is penfed the best option for someone with 680's score? No closing costs for 5/5 ARM. Purchase price mid-200s, 20% down. Can provide more details via PM.
princebargain said: Anybody refi with Cashcall? I am seeing nightmare reviews at rippedoff report and pissedconsumer
Can't say I'd expect otherwise. I won't be posting there assuming my positive experience finishes well, but I would if I had a bad experience . Make sure you're reading opinions on Cashcall Mortgage, not Cashcall payday loans (though I'm sure some people have bad things to say about the mortgage division as well, as with all lenders)
Jan 10: Called Cashcall, they offered no-cost re-fi of 15-year fixed for 3.625% based on a 208K loan, 80% LTV (.25% added to advertised rate because of lower loan value). Promised to do the appraisal first and said I could back out with no out-of-pocket cost if the appraisal did not come in at necessary 260K. Jan 11: Received email with details from loan officer requesting financial documents Jan 12: Appraisal company called to schedule appointment. Didn't get the message (they called home phone) until back in town a few days later. Jan 14: Submitted financial docs. Jan 16: Talked to appraiser. Scheduled appraisal for Jan 18. Jan 18: Appraisal completed. Jan 23: Loan officer emailed me that the appraisal had come in at the necessary 260K. Jan 27: Received copy of full appraisal from loan processor and a request for explanatory documentation of a recent credit inquiry. I submitted the requested documentation same day. Processor said she expected to have me sign docs on 2/6 and fund on 2/10. Jan 31: Contacted loan officer and pointed out that their advertised rate had dropped by 1/8% and asked if I could float down. He agreed to lower rate to 3.5%. Feb 2: I contacted processor to check if we were on schedule for 2/6 signing. She said no since my loan was still with underwriting. Feb 3: Processor emails me that the loan is out of underwriting and says she needs to file 4506T, plans for 2/10 signing.
Current: Awaiting confirmation and scheduling call from processor for signing on Friday. If I don't hear from her by Wednesday, I'll be giving her a call. My experience so far has been very good, and I will follow up with a final summary when I am through the process. Of course, I know none of the positive experience matters until the loan is funded and prior loan paid off, but I expect to finish without major issues.
I would be leery about ANYONE's 15 day ratelock (including mine, which is why I never quote one) -- saying a closing will happen in 15 days from start of application is a recipe for disaster - with all the new regulations, waiting for underwriting (even with us being a direct lender), following up on verifications, appraisal, etc.
Thank you for doing another (third) mortgage for me. I appreciate your nice work. We had some problem with supporting document (my fault, I supplied the wrong version of tax document) which delay the whole process by a month or so. But So far, everything worked out well. I will refer another friend to you soon. Thanks again.
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