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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9,848 Comments
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Disclosed rate assumes a $600,000 rate and term refinance loan on an owner-occupied single family residence in California.
Minimum 740 FICO credit score, 50% loan to value with no subordinate debt. If these factors are not met, you may still qualify
and additional pricing adjustments may apply. Subject to underwriting approval. Not all applicants will qualify.
I applied last week at 3.375% with $2000+ in costs and 2 days ago I had Better Match down to 2.75% with $1000 in credit.
I went to go lock today and I am seeing the rates all different and almost back at the 3.35% rate and am not sure if its because of the holiday but the Loan Estimate numbers are not the rate.
Shahhere
Now, I am trying to match AIM Loan's LE that shows 2.875% with about $1900 cost (without prepaids and escrow).
It depends upon location. It may take 10-20 days.
My rate is for a 15 years; investment property; I locked it for 3.25% ($180K loan) with about $1800 cost (without prepaids and escrow). AIM Loan's cost was $3500.
Now, I am trying to match AIM Loan's LE that shows 2.875% with about $1900 cost (without prepaids and escrow).
I have refinanced IP several times (Mr Copper, AIMLoan, ongoing with Better). I believe it is required only for certain areas. I have never paid flood insurance.
AIM's lender fee is $1000. I tried many websites. AIM seems to be lowest for my investment property.
I don't know if there is a time limit or what.... today in trying to lock in not seeing the rates which I did yesterday so not sure if I should lock and then ask to update to the matched LE or get it updated first before locking.
Shahhere
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only one way to find out. Let us know, it has worked for some people in this thread
I don't know if there is a time limit or what.... today in trying to lock in not seeing the rates which I did yesterday so not sure if I should lock and then ask to update to the matched LE or get it updated first before locking.
Shahhere
You might want to look in to amortization calculators that deal with extra payments.You make the extra payments towards the principal balance.
If you add an extra payment per year, or 1/12th of a payment per month it makes a difference.
NO. THERE IS NO WAY TO PAY INTEREST IN ADVANCE. (unless you have a crooked lender)
You pay interest on the CURRENT PRINCIPLE. If you pay down the principle, then the interest portion of your monthly payments will go down. In reality, if you rmonthly payment is set at $xxx at the start, it will always be that. You can not pay a lower amount, no matter how much you have paid down. But that is okay - just how they do it. Your loan balance will get to zero quicker.
If you pay $50k towards principle, then your loan will be paid off much sooner than originally planned, and that is where you say interest expense.
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If you had a loan for $300k, and then sold the house a month later, you would have to pay off the loan with a balance of around $299,800 (rough estimate). And if you had given the $50k of interest, what do you think would happen to that $50k? Tough $shit.
But, if you had paid $50k in principle, you would then owe only $249,800.
The interest is not fixed for 30 years. The percent is fixed and it is applied monthly towards the current balance.
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