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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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.
I have heard difficult to get good rates on 30 year fixed jumbo loans for refinance.
I think I have only talked to someone on the phone maybe once. Maybe none. Got at least 4 different LE from them before I locked. Got emails from various people as it moved through the process including their title company. Sent a better title estimate and lowered it the same day to match. From first email to final disclosure was about 10 days. Mainly because I sent them multiple competing LE. I am doing a $180k refi with 746 FICO, 30% LTV.
Got note today asking for AMEX account for eventual credit. Closing has $2,200 for all costs and a $1210 credit from lender. So about $1000 for closing, and $2500 credit later.
I just had them locked in at 2.625% 15yrs after they matched another LE. It comes with around $3k lender credits. Since I didn't hit the Amex link when I started the agent said he was able to tag it to my account as if I did so I think/hope I'll get the $2,500 credit later on. For some reason I was not able to bypass the appraisal process so will have to schedule it and pay $550.
2. Regarding previous 2 bank statement - Before the rate lock my account shows money going out(transferred to my wife account for deposit) and money coming in(moved money from my other bank account) apart from this there is nothing more. Is this bank account good for me to provide the statements or they will be more inside scrutiny and they will ask me my wife bank account details and the other bank account where I got the money from etc.
Thanks
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2. Regarding previous 2 bank statement - Before the rate lock my account shows money going out(transferred to my wife account for deposit) and money coming in(moved money from my other bank account) apart from this there is nothing more. Is this bank account good for me to provide the statements or they will be more inside scrutiny and they will ask me my wife bank account details and the other bank account where I got the money from etc.
Thanks
2) Depends. They are just looking to verify enough money to cover closing costs. With all the money moving around, did you always have at least a balance of more than your closing costs? If so it shouldnt be an issue. They are just trying to not get in trouble with the feds.
For most people, paying point doesnt seem to be worthwhile, unless you know for a fact you dont plan on selling the house, refi'ing over the next several years.
2. Regarding previous 2 bank statement - Before the rate lock my account shows money going out(transferred to my wife account for deposit) and money coming in(moved money from my other bank account) apart from this there is nothing more. Is this bank account good for me to provide the statements or they will be more inside scrutiny and they will ask me my wife bank account details and the other bank account where I got the money from etc.
Thanks
re: Bank Account : It all depends on the admin person. They check boxes as each item is reviewed and approved. If they look at just that, the next question COULD be - and how do you pay all your bills? Or they never ask.
For most people, paying point doesnt seem to be worthwhile, unless you know for a fact you dont plan on selling the house, refi'ing over the next several years.
This is anecdotal, of course, but I found that lenders who like to push the points thing are really just trying to hide the fact that their base rate is too high to begin with. There are lenders out there with low rates and no points, so the trick is to just shop around for the best APR.
This is anecdotal, of course, but I found that lenders who like to push the points thing are really just trying to hide the fact that their base rate is too high to begin with. There are lenders out there with low rates and no points, so the trick is to just shop around for the best APR.
re: Bank Account : It all depends on the admin person. They check boxes as each item is reviewed and approved. If they look at just that, the next question COULD be - and how do you pay all your bills? Or they never ask.
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