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Coronita.
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October 29, 2010 at 10:16 PM #625172October 30, 2010 at 12:44 PM #625612
moneymaker
ParticipantThat’s how the rich stay rich. They make their money whether you do or you don’t (refi that is). When they sell the loan there is probably a 6 month term written in saying they cannot cancel the loan (this way the people buyiny the loan get their money (in interest charges) before any real risk is assumed. So the mortgage broker is making money off you and the person they are selling the loan to. Not a bad deal eh! That’s why there are so many of them advertising all the time. This is why I get so pissed off when I can’t get ahold of them by phone, because I know how much money they are potentially going to make off me.
October 30, 2010 at 12:44 PM #625305ParticipantThat’s how the rich stay rich. They make their money whether you do or you don’t (refi that is). When they sell the loan there is probably a 6 month term written in saying they cannot cancel the loan (this way the people buyiny the loan get their money (in interest charges) before any real risk is assumed. So the mortgage broker is making money off you and the person they are selling the loan to. Not a bad deal eh! That’s why there are so many of them advertising all the time. This is why I get so pissed off when I can’t get ahold of them by phone, because I know how much money they are potentially going to make off me.
October 30, 2010 at 12:44 PM #625181ParticipantThat’s how the rich stay rich. They make their money whether you do or you don’t (refi that is). When they sell the loan there is probably a 6 month term written in saying they cannot cancel the loan (this way the people buyiny the loan get their money (in interest charges) before any real risk is assumed. So the mortgage broker is making money off you and the person they are selling the loan to. Not a bad deal eh! That’s why there are so many of them advertising all the time. This is why I get so pissed off when I can’t get ahold of them by phone, because I know how much money they are potentially going to make off me.
October 30, 2010 at 12:44 PM #624620ParticipantThat’s how the rich stay rich. They make their money whether you do or you don’t (refi that is). When they sell the loan there is probably a 6 month term written in saying they cannot cancel the loan (this way the people buyiny the loan get their money (in interest charges) before any real risk is assumed. So the mortgage broker is making money off you and the person they are selling the loan to. Not a bad deal eh! That’s why there are so many of them advertising all the time. This is why I get so pissed off when I can’t get ahold of them by phone, because I know how much money they are potentially going to make off me.
October 30, 2010 at 12:44 PM #624536ParticipantThat’s how the rich stay rich. They make their money whether you do or you don’t (refi that is). When they sell the loan there is probably a 6 month term written in saying they cannot cancel the loan (this way the people buyiny the loan get their money (in interest charges) before any real risk is assumed. So the mortgage broker is making money off you and the person they are selling the loan to. Not a bad deal eh! That’s why there are so many of them advertising all the time. This is why I get so pissed off when I can’t get ahold of them by phone, because I know how much money they are potentially going to make off me.
October 30, 2010 at 4:35 PM #625268sdrealtor
ParticipantFWIW, if you refi in the first few months the lenders lose alot of money particularly on a no cost loan. Underwriting loans has costs involved and they want a fair chacne to recoup them.
October 30, 2010 at 4:35 PM #624707ParticipantFWIW, if you refi in the first few months the lenders lose alot of money particularly on a no cost loan. Underwriting loans has costs involved and they want a fair chacne to recoup them.
October 30, 2010 at 4:35 PM #624624ParticipantFWIW, if you refi in the first few months the lenders lose alot of money particularly on a no cost loan. Underwriting loans has costs involved and they want a fair chacne to recoup them.
October 30, 2010 at 4:35 PM #625390ParticipantFWIW, if you refi in the first few months the lenders lose alot of money particularly on a no cost loan. Underwriting loans has costs involved and they want a fair chacne to recoup them.
October 30, 2010 at 4:35 PM #625700ParticipantFWIW, if you refi in the first few months the lenders lose alot of money particularly on a no cost loan. Underwriting loans has costs involved and they want a fair chacne to recoup them.
November 1, 2010 at 2:14 PM #626289(former)FormerSanDiegan
Participant[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]
To me all the words after “No prepayment penalty” are describing a pre-payment penalty. So if this clause is legal it is essentially equivalent in all cases to a pre-payment penalty, with the exception (I guess) of simply paying it off in full with proceeds from anything other than a refinance or sale.
November 1, 2010 at 2:14 PM #625982Participant[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]
To me all the words after “No prepayment penalty” are describing a pre-payment penalty. So if this clause is legal it is essentially equivalent in all cases to a pre-payment penalty, with the exception (I guess) of simply paying it off in full with proceeds from anything other than a refinance or sale.
November 1, 2010 at 2:14 PM #625860Participant[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]
To me all the words after “No prepayment penalty” are describing a pre-payment penalty. So if this clause is legal it is essentially equivalent in all cases to a pre-payment penalty, with the exception (I guess) of simply paying it off in full with proceeds from anything other than a refinance or sale.
November 1, 2010 at 2:14 PM #625308Participant[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]
To me all the words after “No prepayment penalty” are describing a pre-payment penalty. So if this clause is legal it is essentially equivalent in all cases to a pre-payment penalty, with the exception (I guess) of simply paying it off in full with proceeds from anything other than a refinance or sale.
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