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!!
expiredGreenworld123 posted Dec 08, 2019 02:27 PM
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expiredGreenworld123 posted Dec 08, 2019 02:27 PM
Amex offer: $2,500 statement credit for home refinance Better.com
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I have not had anyone mention getting that $100 in cash for not matching or beating a LE. A lot of people have been rejected and not sure how much they pushed back on Better to get the money.
He had to do a few back and forths sending them closing disclosure stuff. He got approval for the $1000 in June 2020 and paid in early July.
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Please note, I am NOT a NY resident (nor ever have been), so I'm just speaking as a casual observer vs. someone with experience/knowledge on the subject.
Better said they aren't able to change the rate lock term after locking so I am SOL. I may end up withdrawing and going with another company. Even a 0.125% reduction outweighs the $2500 credit in the long run. We still don't know if that's taxable.
other states may do it differently but every quote/lending estimate I've seen has about the same for the transfer fee (~5k).
some states do not have this for a refinancing if the loan amount is the same and not you're cashing out/etc, is what I've read.
Please note, I am NOT a NY resident (nor ever have been), so I'm just speaking as a casual observer vs. someone with experience/knowledge on the subject.
other states may do it differently but every quote/lending estimate I've seen has about the same for the transfer fee (~5k).
some states do not have this for a refinancing if the loan amount is the same and not you're cashing out/etc, is what I've read.
http://www.freddiemac.
If indeed for NY that transfer tax and mortgage recording tax are two different things vs. terminology differences for the same thing, then a CEMA doesn't impact the transfer tax from what I have seen.
Their email this morning was to ask if I wanted to continue with the CEMA based on the estimated savings and notifying me of the lawyer fee. I declined.
Have you gotten another loan estimate from someone else? How is your credit/ratio of loan? LD gave me a loan that was 0.25 lower by default and no points.
Is it really the rate lock term that is making your rates higher? I got 2.25% but with really high pts. So, I went for 2.5% based on the math of what it would cost me in the 0.25 difference over the life of my loan ... (just a 2-3k more vs paying an extra $4k now).
Speaking in hindsight, you should definitely get at least 1 other quote compare. PM for me the guy at LD that gave me the quote. Someone else I referred him to got a lower quote than Better from the get-go. I think the guy is pretty honest with the quotes (even if he is persistent on following up after).
According to Better's website, can cancel at any time and you'd just be liable for the fees incurred up to that time (appraisal, etc). If they don't match my LD offer, I'm going to ask them how much i'm in the hole for ... if it's $300-500, I'd save a lot more than that with my LD offer.
Better said they aren't able to change the rate lock term after locking so I am SOL. I may end up withdrawing and going with another company. Even a 0.125% reduction outweighs the $2500 credit in the long run. We still don't know if that's taxable.
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So, looking at it now, with all the fees involved for cema and what you could theoretically save, imo, it's better not to waste time applying for it to save what looks like $1k at most (if approved).
http://www.freddiemac.
This essentially matches my understanding, but it is outstanding principal and not original loan amount. However, it again is about mortgage recording tax and not transfer taxes. I've seen others in this thread comment how their state charges transfer taxes even on refis while some, like NC for me, don't.
If indeed for NY that transfer tax and mortgage recording tax are two different things vs. terminology differences for the same thing, then a CEMA doesn't impact the transfer tax from what I have seen.
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