Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
expired Posted by Greenworld123 • Dec 8, 2019
Dec 8, 2019 2:27 PM
Item 1 of 1
expired Posted by Greenworld123 • Dec 8, 2019
Dec 8, 2019 2:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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http://www.mortgagenew
I'll bookmark this
The terms of the promotion waive the appraisal fee, not the appraisal. The confusion appears to stem from posters who said their appraisal was waived. Better apparently is making exceptions on a case-by-case basis, but they have not changed the terms of the promotion to waive appraisals across the board.
I am not talking about the Amex promo, but the better.com online application process. They have an appraisal waiver section in the middle of the application.
Regardless, they haven't waived the appraisal requirement completely. It's case by case, so people shouldn't be confused that they absolutely won't need an appraisal. From the Better FAQ:
We are working diligently with federal agencies and partners to roll out alternatives to in-person appraisals where we can. These measures may vary based on the loan, so your Mortgage Expert can help you discuss your options.
In the meantime, we are requiring appraisers that work with Better.com to observe social distancing standards according to CDC guidelines (e.g., stay home if sick, keep distance, don't touch things unnecessarily).
So here my case:
Locked in today 3.375% 30yrs
With $400 something credit.
Closing cost with escrow 4.1k that im rolling into loan. Avail the amex offer but didnt get the $1000 lender credit because i didnt present any LE.
The thing i dont get is no matter what we tried. My loan officer cant remove the pmi in the new loan?
We tried the following:
Scenario 1:
Loan amount 504k
Home appraisal value 630k
Closing cost: around 4k that im paying.
So LTV is exactly 80% but they still told me i need pmi for the 1-2 years of my loan?
Scenario 2
Loan amount 508k(rolling the closing)
Home appraisal 630k
So definitely a bit over 80% ltv but very sounds to me that they r pushing me to do this.
Btw, home appraisal is waived because 630k is already what fannie mae thinks the value. Anything above that it requires to do the appraisal which i dont want to because i dont like taking chances of lowering the value. Not sure if that right thing to do.
Another one is they told me without escrow account, i will get higher rates which is not true base on some comments here.
I know this kinda long but my main questions is ....
After locked,
1. can i still ask them to get rid of pmi? Like maybe paying another 1-2k out of pocket.
2. How about escrow? I dont like it but sounds to me i have to do it.
3. can i present LE and ask to match it and will get $1000?
Any suggestions are welcome
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After a week of no response to any of my emails, I started calling his office and leaving messages with other people. After the third call in three days he finally started emailing me again. Here's how everything unfolded for me:
First he claimed that the form I sent him was not the proper loan estimate form so he couldn't match. So I emailed him back the correct loan estimate as he asked.
Then he said that he couldn't match the offer since my refinance was only for 110k. They deal primarily with mortgages in the 300-600k range. In the Midwest that is more then most homes sell for. So since he refused to beat the quote I asked for the $1000 guarantee.
Then he claimed that a credit union refinance is not a public offer since you have to be a member and put $5 in a savings account. He blamed it on his legal department. I immediately wrote him back and asked his legal department to review. This credit union is open to anyone that resides in the 5 counties of SE Michigan. It's not any kind of closed club.
Two minutes later he responds that he has seen this issue with my credit union before and the legal department will not make an exception for me. I honestly find it hard to believe that a banker in New York has any idea about my local credit union, or that he checked with any "legal department" that fast.
So clearly my experience with Better.com was a pure bait and switch scam. I filed a complaint with Amex and I sent a complaint to the Michigan Department of Insurance and Financial services. They already asked for a copy of my emails with Better and they said it appears to be a violation of the Michigan Consumer Mortgage Protection Act. I hope everyone else has better luck dealing with these guys but be careful. If you find a good credit union rate, they will probably give you a hard time. Also if you live in the middle of the country with a smaller mortgage balance, they will probably give you a hard time.
So here my case:
Locked in today 3.375% 30yrs
With $400 something credit.
Closing cost with escrow 4.1k that im rolling into loan. Avail the amex offer but didnt get the $1000 lender credit because i didnt present any LE.
The thing i dont get is no matter what we tried. My loan officer cant remove the pmi in the new loan?
We tried the following:
Scenario 1:
Loan amount 504k
Home appraisal value 630k
Closing cost: around 4k that im paying.
So LTV is exactly 80% but they still told me i need pmi for the 1-2 years of my loan?
Scenario 2
Loan amount 508k(rolling the closing)
Home appraisal 630k
So definitely a bit over 80% ltv but very sounds to me that they r pushing me to do this.
Btw, home appraisal is waived because 630k is already what fannie mae thinks the value. Anything above that it requires to do the appraisal which i dont want to because i dont like taking chances of lowering the value. Not sure if that right thing to do.
Another one is they told me without escrow account, i will get higher rates which is not true base on some comments here.
I know this kinda long but my main questions is ....
After locked,
1. can i still ask them to get rid of pmi? Like maybe paying another 1-2k out of pocket.
2. How about escrow? I dont like it but sounds to me i have to do it.
3. can i present LE and ask to match it and will get $1000?
Any suggestions are welcome
$4k closing includes escrow requirements. (A + B + C) = $1,014 which is super low.
(e + f + g + h) = $3,759 which is because of the escrow
pmi is $51 per month
Im right into 80.77% ltv. I can probably just pay the cost to be exactly 80% .
After rate locked, can i still negotiate to remove the pmi and escrow account?
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