Residential Refinancing Articles and Resources

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Resolved Question: Do we have to use 1003 Loan Application when we purchase residential house?

Hi Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender. I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure. And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing. Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan? 2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank? 3. What do you think about my loan program? 4. Refinancing is my best solution? P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”. I called mortgage broker….NO ANSWER Heard rumor that he went to jail. Thanks. more

Resolved Question: Do we have to use 1003 Loan Application when we purchase residential house?

Hi Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender. I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure. And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing. Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan? 2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from Bank? 3. What do you think about my loan program? 4. Refinancing is my best solution? P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”. I called mortgage broker….NO ANSWER Heard rumor that he went to jail. Thanks. more

Resolved Question: With no 1st on my home but a home equity line max out can i refinance at lower rate?

my home been paid off years, so getting home equity line was quiet easy.My home valued at 250000.00 and my equity line is for 100000.00. I'm in residential construction, so you know these are terrible times for us. having max out equity line i can,t aford the monthly note.can i or should i refinance. more

Voting Question: Tell me what you think about this for our economy?, if this will help the housing market. read to the end.?

- For a new buyers and for a limited time only ( 4 months or 6 ) backed by the Gov. ( guaranteed loans), banks will offers 25 years mortgages with 25% as a down payment paid by the buyer and ( 0% interest ) for the first 18 months for only residential houses up to $300,000, and 9 months (0% interest) for houses up to $500,000. - Banks will get 0% interest loan from the Gov for 18 or 9 months for the amount of total loans they made. So they don’t lose any money by paying the Gov interest while not charging the buyers any interest. - Buyers will pay a monthly payment as if they were paying interest ( as regular mortgage, that will make them save money in their equity ), after the 0% interest period ends the interest rate will be as it was at the time of buying ( so the interest rate will be locked at whatever would be at the time of perches) the rate will apply to the remaining of the loan ( all together it will be less than 25 years loan ) - Property tax will be waved for the fourth year after buying, that way buyers will not get all the benefits in the first 2 years so they will only get the tax waver if they keep the house longer than 4 years. - New owners will not be allowed to sale before 3 years and no refinance is allowed for the first 5 years. - Houses must be occupied with in 4 months after the date of perches, cities official are responsible to verify that( so investors will not take advantage of this offer, buy the house and leave it empty hopping that they will make money after a while cause they are not paying interest). - People ( families ) who gave up their houses in the last 3 years will not be allowed to get the loan. - if the house was not occupied with in 4 months and or the payment were made late, owners will lose the property tax waver. And interest will start on their loan. There are a big number of houses for sale, and there are people want to buy, you have to make it attractive to consumers to buy, this loan will not use any of taxpayers money, you only using money that people have now and want to buy, and will not anger the people who are currently paying their payments on their houses, 1- this will take some of the houses out of the market. 2- will give the houses the new value ( stabilize the value ). 3- will create movement in the market. 4- will give good news for wall street. 5- most people when they move in a new house they fix and paint and put a new carpet and more, that will create jobs for contractors and demand for construction materials, will give cities some revenue from property insp. And other fees 6- families will cumulate a lots of money as equity in their houses in the first 18 months, that they will think 10 times before giving up their home( not like now when they don’t have any equity in their houses). 7- hopefully will increase homes value by that families who are currently own a house will have some equity by rising their home value, then they will not give up the house more

Resolved Question: What options do homeowner's have when a bank forgets to withhold escrow during a residential refinance?

A family member is going through this situation in Pennsylvania. I imagine that the bank gave them a better interest rate based on the fact that they were going to escrow. However, the bank forgot, and is now attempting to increase their monthly payment by several hundred dollars each month. Can't they just pay the taxes and homeowner's insurance on their own? more

Resolved Question: Refinancing?

we want to refinance to get all of our bills into just one managable one. we need a mortgage company that will do stated income, fixed rate, will work with a business in a residential neighborhood and we have not so great credit. If there is such a company i would love to have any information or websites i can view to get more info. thanks!!!!! more

Resolved Question: I own two homes. 1 I live in & am forclosing. 2nd I rent and may need to let go of as well.?

I understand the forgiveness act applies to my residing property. What about the rental property, will they 1099C me? Can they put a lien on my wages or bank acct? I live in CA. Both homes are original loans, no money was pulled out in the form of refinance. (f.y.i.I put down 20% on my residential home when I purchased it & still it's worth much less now so I don't qualify for a new loan without comming up with even more money. My 3yr loan is comming to an end. I'm told that money is pretty much lost). Can the forgiveness act be used more than once and how far apart? Also, can a deficiency judgement be used on me? more

Voting Question: Has anyone heard of a company called Residential Mortgage?

My husband and i are trying to refinance and we are going through this company. Any info would help. more

Voting Question: if a person's name is on the deed,can the other sell without permission and make move? missouri?

residential property, both names on deed and loan, now other is refinancing, cut the other out of the new title and wants them to move,missouri more

Resolved Question: Doing residential home loans with an LLC?

I’m looking to buy homes for cash, renovate them and turn it into a rental. Once I have done this I will need to do a cash-out refinance of 75% LTV or 80% LTV with my LLC. Can this be done and if so do you know of any lenders that will do this type of loan in NC? Thanks more

Resolved Question: Depreciation for Tax purpose?

This is residential rental house. My tax prepare has depreciated charges that I paid for sewage (paid off all one time) using 27 MO SL. What is MO, I couldn’t find that type of convention method on IRS website? By the way, I can’t seem to find the treatment of sewage charge on IRS website, Pl help. This is residential rental condo since purchase (July 2006). On my original loan I paid 1% point (2006) and then next year I refinanced it with the SAME lender and paid 1% and loan fee (2007). Loan term is 30 year. Obviously, tax preparer amortized original loan point for 30 year. Now that I’ve refinanced it am I eligible to take left over amortization for original loan and set-up new amortization for the refinanced loan point for 30 year and take deduction for it even though it is a SAME lender? Does same thing happen to loan fees too? more

Resolved Question: Has anyone heard that Stated Income (no income doc loans) are going away completely?

I have been hearing that lenders will be discontinuing the stated income loan completely. Does this mean that everyone will need to provide tax returns, w2's and paystubs to qualify for residential refinance and purchase loans? How many of you can qualify with what you make to refiance or buy a house? Will everyone have to have an overall debt (monthly minimum payments (on credit report), mortgage payment, property tax and homeowner insurance) vs income ratio of 45% or less? Let's say you make $3500 a month can you afford to buy a house, pay taxes and insurance on it, pay your car payment, credit cards or student loans and still stay at $1500 month total payments so that you qualify? Does anyone think this is unrealistic? more

Resolved Question: anyone needing financing or refinancing. investment properties or commercial or residential?

Resolved Question: What are some of the best ways to protect personal assets in California?

To make long story short, I’m facing a possible foreclosure on my first primary residential property in California. It’s a money purchase loan and it has never been refinanced. Due to the current California laws, I’m protected under what is called “anti-deficiency” law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction. I want to be sure that my small personal assets are shielded from other unseen circumstances so here’s my question: I purchased a small residential parcel lot back in 2003 at a fairly cheap price in California using an owner financing agreement and it will be paid off next month. The grant deed will then be transferred onto my name and gets recorded with the county. What are the best strategic ways to transfer the title to me without the possibility of losing this property in case I get sue. The current value of this parcel lot is at around $45k. I don’t more

Resolved Question: should mortgage person be paid if no acceptable mortgage is calculated?

I have 4 properties- 2 investment, 2 residential. My main home is with WaMu and has a second with Countrywide. The mortgage person told me he could get a second on one of my investment properties that he refinanced, then I could use that cash to re-fi my main home, I would be able to get out $12,000 and then combine the 1st and 2nd plus get lower payments on this home. This has been going on for 2months, and he just told me that he could not get the second from the rental, and that I would have to come to the closing with $20,000 for my main home to go through with WaMu,plus payment would be closeer to $2100,a month with escrows combined! I put a halt to this because it is a worse scenario than I have currently. He is stating that I should pay him $1000 for all his work! Do I need to pay him for his (as he stated child support)? more

Resolved Question: Investing In Owner Financing?

I am very interested in getting into the real estate market. I had planned to deal with sub prime buyers. However the recent news about the sub prime market has changed my mind. I have an idea, and I am curious what some real estate people think about it! I have the credit score to be able to invest in real estate properties. I am thinking that I can finance residential properties, and then turn around a finance them myself to a buyer via a contract for deed, or something similar. I am figuring I can clear $150-$200/month per property. Here is what I think are the benifits... 1.) I don't have to maintain the property like I would if I rented it. 2.) I get a down payment so the buyers are more likely to stay in the house, and should have a lot higher retention rate. 3.) I build a residual monthly income. 4.) If I do take back a house, I refinance it for another 30 years 5.) The buyer will be responsible for all taxes, insurance, etc. So what do you think? Good or Bad IdeaI think the people would be more likely to stay as they would be buying the house, and they would have an initial down payment tied up in the house. Personally if I have to take back the house thats fine, I just don't want to do it every couple of months like with renting...I think doing it this way most people would stay in the houses 5-7 years before they default. I know my uncle made millions by financing land like this in south georgia. I also think it comes into investigating the people your selling too, check them out and make sure they half way decent people with a good job history. I also plan on staying with the lower end houses to start with, so I don't have so much tied up in each property. But, please keep the opinions coming...and thanks! more

Resolved Question: Needs a financial help?

I am Mr. Richard a private legit lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for: Free mortgage/loan assessment. Home Purchase Loans.. Refinance Loans.. Fixed Rates.. Adjustable Rates.. Land Development Loans.. Residential Investment Loans.. Multi-unit Loans.. Personal loans... Business loans... Auto loans... If you need more details or you wish to obatin a loan from me,you can contact me via e-mail: richard_naef_loans@yahoo.com more

Resolved Question: tough Residential Refinance.?

I have a client with a 517 Midscore... appraiasal of 114000.00 need cash out refi..... getting desparate. 3 X 90 but no forclosure filed... Need refi of 65% LTV if possible.......Please ask me for details... thanks more

Resolved Question: How can I get a copy of a residential survey in Dallas county, Texas?

I'm a loan officer, and I am helping someone refinance their house. He can't find his survey. Is there a way for me to get a copy of it from somewhere without knowing who did the survey? I know the house is in Dallas county and have all the other information I need on it. more

Resolved Question: Does anyone know of a good company that refinances a mixed used property in NYC?

I have six family mixed used (residential/commercial) brick building in NYC. I am curious to know of any reputable companies that handles refinancing of this type of property. I appreciate your help. Thanks in advance. more

Resolved Question: Who needs a Guaranteed Loan Offer at a Low Interest Rate?

I am Mr.Harrison A. Walker a private lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for: Free mortgage/loan assessment. Home Purchase Loans.. Refinance Loans.. Fixed Rates.. Adjustable Rates.. Land Development Loans.. Residential Investment Loans.. Multi-unit Loans.. Personal loans... Business loans... Auto loans... If you need more details or you wish to obtain a loan from me,you can contact me via e-mail harrisonalphwlkr_loan@yahoo.com. more

Resolved Question: Who needs a Guaranteed Loan Offer at a Low Interest Rate?

Resolved Question: Mortgage Loan Refi?

At what point in a 30-year mortgage does it make sense to refinance? Is a refi based on equity in the house or is it based on another factor? After a br, when is the time to refi? What credit score is minimum to refi? Mine is over 650. Also, my property has increased in value, there's new construction, both commercial and residential, near my house and the football field. I ask because one banker told me to wait until I owned a quarter of the house in equity. Is that accurate? Thank you. more

Resolved Question: How do I get a loan for any reason from $50K to $10M?

For Real Estate whether commercial or residential, refinance, construction, 2nd mortgage, investment, foreclosure buyback, secured or unsecured, personal, business, signature, and auto. If you can help please contact me via email me via my profile. more

Resolved Question: who needs money to buy a home, investment property, or for contruction?

residential, commercial, investment, construction, refinance, 2nd mortgage, foreclosure buy back, or any other reason concerning real estate. more

Resolved Question: I am interested in finding the price for an acre of land in Robertson Co.,Springfield TN?

We are currently living there and want to buy the land from the owners instead of paying a fee every year, as is the current setup. It's a total of 2 acres and it's zoned residential. If I can get the price for 1 acre, I can figure a good asking price for two. This is her family's land and we want to purchase it so we can refinance the mobile home for much needed home improvements. more

Resolved Question: what percentage is normal for the broker to take on the equity withdrawn on a residential refinance?

I am taking 25k in equity my loan broker's fee is $6,600 my fica score 800 with one and 792 with the other. more

Resolved Question: Can a person on the title but not the mortgage stop me from refinancing?

I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a later date? Please let me know if you have any ideas on how to handle this situation. more

Residential mortgages & refinancing loans. Berkeley, Bay Area, CA

Mortgages and refinancing at Residential Finance Corporation. We offer great mortgage rates on FHA mortgages, 30-year fixed-rate mortgages and refinance loans, home loans, and ...

FHA Mortgage, Mortgage Refinance, Home Loans, Reverse Mortgage ...

Refinancing may be right for you in many circumstances. ... HOME > Lending > Residential > Refinancing Your home refinancing expert

First Republic Bank - Lending - Residential - Refinancing

HOME > Lending > Residential > Refinancing > Complete and Mail Forms Complete, sign and mail forms. Please complete and sign the following forms in order to begin the loan ...

First Republic Bank - Lending - Residential - Refinancing - Complete ...

Today's lower interest rates have spurred you to refinance your mortgage. Now you can expect to reap the benefits of substantially reduced monthly mortgage payments, but you can ...

Residential Division - Refinancing

Prim Company Mortgages for purchase and refinancig Residential mixed use commercial financing Debt consolidation Cash out refinancing Equity lines of credit 2nd mortgages Low rates

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INVESTOR INTEREST: Increased regulation and transparency in Dubai real estate sector has helped to attract renewed interest from investors, says report. (Getty Images) Residential sales in Dubai picked up in February, with the number of properties ...

Dubai sees residential sales double in Feb - ArabianBusiness.com

MILLSBORO -- The proposed sanitary sewer district for The Woodlands of Millsboro took its first official step forward with a public hearing to assess its boundaries. Property owners in The Woodlands, a neighborhood located off Route 24, will soon ...

Hearing planned to discuss residential community sanitary sewer ... - Chincoteague Beacon

Defaults on loans better than subprime have increased at a faster pace than subprime defaults, thanks to job losses and plunging home values in metro Atlanta. “It’s clear that delinquency or mortgage distress is still rising” locally, said Sam ...

Metro Atlanta loan defaults increasing - Atlanta Journal Constitution

The Fed’s April Senior Loan Officer survey showed more net tightening of credit conditions, but at a slower pace than in January. This is the second survey in a row showing a slower pace of tightening. Credit supply thus remains a problem for the ...

US: slight improvement in the pace of credit tightening - FXStreet.com

CHICAGO (MarketWatch) -- The number of mortgage applications rose 2% in the week ending May 1, the Mortgage Bankers Association said Wednesday, with borrowers seeking both more refinance and home-purchase loans. The MBA's seasonally adjusted ...

Mortgage applications climb in latest week - Marketwatch

The House on Thursday overwhelmingly approved a bill to tighten regulation of the mortgage industry, as part of an effort by Congress to eliminate the aggressive marketing tactics and predatory lending practices that contributed to the housing ...

House Passes Bill Against Predatory Mortgage Lending - New York Times Blogs

111TH CONGRESS - New York Times Blogs

(ARA) - Spring -- for many it's synonymous with warmer days, greener landscapes ... and a more plentiful housing market. Just as daffodils start popping up in neighborhoods across the country, so too will "for sale" signs adorn lawns across the ...

Tips for First-time Homebuyers - Newton Daily News

The pace has picked up for Rogue Valley real estate appraisers. Spurred by low interest rates, homeowners are refinancing, buyers are striking deals, and there are still plenty of foreclosure properties available, too. Put them all together, and it ...

Valley appraisers getting busy - Ashland Daily Tidings

WASHINGTON (MarketWatch) -- The pace of mortgage applications filed last week increased a seasonally adjusted 2% from the prior week, Mortgage Bankers Association data show. The MBA's survey, which encompasses about half of all U.S. retail ...