Backing out of a mortgage refi

[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

[Coronita]

Forget what I was talking about FHA. My mind was wandering….Stupid stupid…

So the question about refinancing…I dug up the notes I sort of scribbled when I was in a hurry from last time…According to my friend, *she* wouldn’t be able to refinance me until I made about 4 loan payments, otherwise she would have to reimburse the lender. According to her, there’s nothing preventing me from refinancing with someone else. I forget all the conversations i had with her. I don’t recall where the 2 month came from. Must of have been something else. Sorry, for the brain fart. Why don’t you ask your broker too.

[Coronita]

Forget what I was talking about FHA. My mind was wandering….Stupid stupid…

So the question about refinancing…I dug up the notes I sort of scribbled when I was in a hurry from last time…According to my friend, *she* wouldn’t be able to refinance me until I made about 4 loan payments, otherwise she would have to reimburse the lender. According to her, there’s nothing preventing me from refinancing with someone else. I forget all the conversations i had with her. I don’t recall where the 2 month came from. Must of have been something else. Sorry, for the brain fart. Why don’t you ask your broker too.

[Coronita]

Forget what I was talking about FHA. My mind was wandering….Stupid stupid…

So the question about refinancing…I dug up the notes I sort of scribbled when I was in a hurry from last time…According to my friend, *she* wouldn’t be able to refinance me until I made about 4 loan payments, otherwise she would have to reimburse the lender. According to her, there’s nothing preventing me from refinancing with someone else. I forget all the conversations i had with her. I don’t recall where the 2 month came from. Must of have been something else. Sorry, for the brain fart. Why don’t you ask your broker too.

[Coronita]

Forget what I was talking about FHA. My mind was wandering….Stupid stupid…

So the question about refinancing…I dug up the notes I sort of scribbled when I was in a hurry from last time…According to my friend, *she* wouldn’t be able to refinance me until I made about 4 loan payments, otherwise she would have to reimburse the lender. According to her, there’s nothing preventing me from refinancing with someone else. I forget all the conversations i had with her. I don’t recall where the 2 month came from. Must of have been something else. Sorry, for the brain fart. Why don’t you ask your broker too.

[Coronita]

Forget what I was talking about FHA. My mind was wandering….Stupid stupid…

So the question about refinancing…I dug up the notes I sort of scribbled when I was in a hurry from last time…According to my friend, *she* wouldn’t be able to refinance me until I made about 4 loan payments, otherwise she would have to reimburse the lender. According to her, there’s nothing preventing me from refinancing with someone else. I forget all the conversations i had with her. I don’t recall where the 2 month came from. Must of have been something else. Sorry, for the brain fart. Why don’t you ask your broker too.

[teaboy]

OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb

[teaboy]

OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb

[teaboy]

OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb

[teaboy]

OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb

[teaboy]

OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb

[Coronita]

[quote=teaboy]OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb[/quote]

Uh… That’s bullshit. Cancel. The only restriction I had was that my broker/friend wouldn’t be able to refinance me within 4 months. But it’s not preventing me from refi’ing with someone else right now 🙂 190 days is a long time more than 6 months!

Also, now would be a good time to go yell at your broker, because you specifically told him/her NO prepayment penalty…

[Coronita]

[quote=teaboy]OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb[/quote]

Uh… That’s bullshit. Cancel. The only restriction I had was that my broker/friend wouldn’t be able to refinance me within 4 months. But it’s not preventing me from refi’ing with someone else right now 🙂 190 days is a long time more than 6 months!

Also, now would be a good time to go yell at your broker, because you specifically told him/her NO prepayment penalty…

[Coronita]

[quote=teaboy]OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb[/quote]

Uh… That’s bullshit. Cancel. The only restriction I had was that my broker/friend wouldn’t be able to refinance me within 4 months. But it’s not preventing me from refi’ing with someone else right now 🙂 190 days is a long time more than 6 months!

Also, now would be a good time to go yell at your broker, because you specifically told him/her NO prepayment penalty…

[Coronita]

[quote=teaboy]OK, so I just signed my refinance closing docs and one of the docs I signed reads:
The refinance loan or purchase loan with Bank/Investor is at No prepayment penalty. However, Bank/Investor or
its successor lender requires the borrower to stay with them for 190 days before they can refinance with other banks.
The borrower has to pay 5 (five) full payments to the new investor after the close of the transaction. If borrowers
choose to pay off the remaining balance or sell the subject property within 190 days, the borrowers have the liability
to pay 2.0% penalty of the loan amount.

I dont remember seeing this the last time I refinanced, which was less than 190 days ago…
Is this typical or even legal? If so, I should probably use my right to cancel…
Help!

tb[/quote]

Uh… That’s bullshit. Cancel. The only restriction I had was that my broker/friend wouldn’t be able to refinance me within 4 months. But it’s not preventing me from refi’ing with someone else right now 🙂 190 days is a long time more than 6 months!

Also, now would be a good time to go yell at your broker, because you specifically told him/her NO prepayment penalty…

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