Backing out of a mortgage refi

[LAAFTERHOURS]

[quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

That brings up a good question since a lot of people have been Refinancing lately. If rates keep dropping, when is it appropriate to refi again? I know that’s a loaded question as everyones situation is unique but that answer to that question years ago differs from todays market.

[Coronita]

[quote=LAAFTERHOURS][quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

That brings up a good question since a lot of people have been Refinancing lately. If rates keep dropping, when is it appropriate to refi again? I know that’s a loaded question as everyones situation is unique but that answer to that question years ago differs from todays market.[/quote]

For me a .25% difference is about 80bucks/month. So I’d probably refi with the gov if it’s bigger than .50%. Then again, I’m also working on refing with a private “lender”…

I think (but could be wrong that I can’t refi with FHA for another 2 months…might be wrong)…

[Coronita]

[quote=LAAFTERHOURS][quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

That brings up a good question since a lot of people have been Refinancing lately. If rates keep dropping, when is it appropriate to refi again? I know that’s a loaded question as everyones situation is unique but that answer to that question years ago differs from todays market.[/quote]

For me a .25% difference is about 80bucks/month. So I’d probably refi with the gov if it’s bigger than .50%. Then again, I’m also working on refing with a private “lender”…

I think (but could be wrong that I can’t refi with FHA for another 2 months…might be wrong)…

[Coronita]

[quote=LAAFTERHOURS][quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

That brings up a good question since a lot of people have been Refinancing lately. If rates keep dropping, when is it appropriate to refi again? I know that’s a loaded question as everyones situation is unique but that answer to that question years ago differs from todays market.[/quote]

For me a .25% difference is about 80bucks/month. So I’d probably refi with the gov if it’s bigger than .50%. Then again, I’m also working on refing with a private “lender”…

I think (but could be wrong that I can’t refi with FHA for another 2 months…might be wrong)…

[Coronita]

[quote=LAAFTERHOURS][quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

That brings up a good question since a lot of people have been Refinancing lately. If rates keep dropping, when is it appropriate to refi again? I know that’s a loaded question as everyones situation is unique but that answer to that question years ago differs from todays market.[/quote]

For me a .25% difference is about 80bucks/month. So I’d probably refi with the gov if it’s bigger than .50%. Then again, I’m also working on refing with a private “lender”…

I think (but could be wrong that I can’t refi with FHA for another 2 months…might be wrong)…

[Coronita]

[quote=LAAFTERHOURS][quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

That brings up a good question since a lot of people have been Refinancing lately. If rates keep dropping, when is it appropriate to refi again? I know that’s a loaded question as everyones situation is unique but that answer to that question years ago differs from todays market.[/quote]

For me a .25% difference is about 80bucks/month. So I’d probably refi with the gov if it’s bigger than .50%. Then again, I’m also working on refing with a private “lender”…

I think (but could be wrong that I can’t refi with FHA for another 2 months…might be wrong)…

[Coronita]

[quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

Sorry, I say that’s bullshit. It’s not like you’re buying a car (where there is no cooling off period) and you try to wiggle out of the contract after you already signed the contract…..

The 72 hr of right of rescission is specifically there AS PART OF THE CONTRACT. Granted you have to pay for another appraisal. But if there is a say a .25%+ difference, it’s worth considering because you probably ARENT going to refinance for only a .25%…and you probably cant refi <2 months..

If on the other hand you just don't want the hassle or the other broker can't guarantee you'll be able to lock at the lower rate, well that's a different story...

As far as refinancing, I specifically already asked my broker/etc that if I repay the loan within 1-2 months, would there be any penalty. Specifically, it was no.
However, you probably won't be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.

[Coronita]

[quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

Sorry, I say that’s bullshit. It’s not like you’re buying a car (where there is no cooling off period) and you try to wiggle out of the contract after you already signed the contract…..

The 72 hr of right of rescission is specifically there AS PART OF THE CONTRACT. Granted you have to pay for another appraisal. But if there is a say a .25%+ difference, it’s worth considering because you probably ARENT going to refinance for only a .25%…and you probably cant refi <2 months..

If on the other hand you just don't want the hassle or the other broker can't guarantee you'll be able to lock at the lower rate, well that's a different story...

As far as refinancing, I specifically already asked my broker/etc that if I repay the loan within 1-2 months, would there be any penalty. Specifically, it was no.
However, you probably won't be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.

[Coronita]

[quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

Sorry, I say that’s bullshit. It’s not like you’re buying a car (where there is no cooling off period) and you try to wiggle out of the contract after you already signed the contract…..

The 72 hr of right of rescission is specifically there AS PART OF THE CONTRACT. Granted you have to pay for another appraisal. But if there is a say a .25%+ difference, it’s worth considering because you probably ARENT going to refinance for only a .25%…and you probably cant refi <2 months..

If on the other hand you just don't want the hassle or the other broker can't guarantee you'll be able to lock at the lower rate, well that's a different story...

As far as refinancing, I specifically already asked my broker/etc that if I repay the loan within 1-2 months, would there be any penalty. Specifically, it was no.
However, you probably won't be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.

[Coronita]

[quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

Sorry, I say that’s bullshit. It’s not like you’re buying a car (where there is no cooling off period) and you try to wiggle out of the contract after you already signed the contract…..

The 72 hr of right of rescission is specifically there AS PART OF THE CONTRACT. Granted you have to pay for another appraisal. But if there is a say a .25%+ difference, it’s worth considering because you probably ARENT going to refinance for only a .25%…and you probably cant refi <2 months..

If on the other hand you just don't want the hassle or the other broker can't guarantee you'll be able to lock at the lower rate, well that's a different story...

As far as refinancing, I specifically already asked my broker/etc that if I repay the loan within 1-2 months, would there be any penalty. Specifically, it was no.
However, you probably won't be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.

[Coronita]

[quote=bake]tb you should close this deal. You made a commitment, everybody did a lot of hard work for you, honor your commitment.

If you refi again in two months the wholesale investor may ask the mortgage broker to repay the lender rebate, probably at least $6000.

You should be able to refi again in 6 months with no penalty and good karma to spare.[/quote]

Sorry, I say that’s bullshit. It’s not like you’re buying a car (where there is no cooling off period) and you try to wiggle out of the contract after you already signed the contract…..

The 72 hr of right of rescission is specifically there AS PART OF THE CONTRACT. Granted you have to pay for another appraisal. But if there is a say a .25%+ difference, it’s worth considering because you probably ARENT going to refinance for only a .25%…and you probably cant refi <2 months..

If on the other hand you just don't want the hassle or the other broker can't guarantee you'll be able to lock at the lower rate, well that's a different story...

As far as refinancing, I specifically already asked my broker/etc that if I repay the loan within 1-2 months, would there be any penalty. Specifically, it was no.
However, you probably won't be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.

[teaboy]

Flu, my sentiments exactly… karma-schmarma.

[quote=flu]
However, you probably won’t be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.[/quote]

This is not an FHA loan. I have ~30% equity in the home. So, does that mean I can refi again after 2 months or not?

confused!
tb

[teaboy]

Flu, my sentiments exactly… karma-schmarma.

[quote=flu]
However, you probably won’t be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.[/quote]

This is not an FHA loan. I have ~30% equity in the home. So, does that mean I can refi again after 2 months or not?

confused!
tb

[teaboy]

Flu, my sentiments exactly… karma-schmarma.

[quote=flu]
However, you probably won’t be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.[/quote]

This is not an FHA loan. I have ~30% equity in the home. So, does that mean I can refi again after 2 months or not?

confused!
tb

[teaboy]

Flu, my sentiments exactly… karma-schmarma.

[quote=flu]
However, you probably won’t be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.[/quote]

This is not an FHA loan. I have ~30% equity in the home. So, does that mean I can refi again after 2 months or not?

confused!
tb

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