Refi dispute

[scaredyclassic]

My refi was approved. 3.375 w 4975 rebate and a little less than 2000closing costs. We are arguing about loan to equity value and whether my credit should be bigger.

I applied stating 20 perc equity to debt. Appraisal came back 31 perc. They said they’d adjust after final approval. Here we are after final approval and they want me to cave.

Should I?

Are they in violation of fed or state law?

[scaredyclassic]

I’m asking for extra 1,000

[Coronita]

Get it in writing ? 🙂

[scaredyclassic]

Emails just said they’d renegotiate.

However there are pleadings online in a class action against amerisave that are similar.

Think this might violate some law…

[Coronita]

[quote=squat300]Emails just said they’d renegotiate.

However there are pleadings online in a class action against amerisave that are similar.

Think this might violate some law…[/quote]

Go for it….

I didn’t know you’d get a bigger rebate with a lower LTV….

[moneymaker]

Assuming jumbo loan, 11% of say 500k is 50k more in equity,if margin is 1%(may be more) then there kickback might be additional $500. So i say split the difference and ask for $500. What kind of term are you getting?

[scaredyclassic]

30 y fixed conforming not jumbo.

If I walk away I start all over.

Big pain.

They know that.

But then they make nothing but a lifelong hater.

[Coronita]

[quote=squat300]30 y fixed conforming not jumbo.

If I walk away I start all over.

Big pain.

They know that.

But then they make nothing but a lifelong hater.[/quote]

Meh.. I’d just get this refi done get your cash back…Chances are you’re gonna refinance again in 6 months to a lower rate anyway.

[scaredyclassic]

I’m very stubborn and sometimes irrational.

[Coronita]

[quote=squat300]I’m very stubborn and sometimes irrational.[/quote]

If you’re ready for another refi, we got a local guy that has pretty good rates.

[CA renter]

Call their bluff immediately. Tell them that you want the new terms in writing within three days or you’re going to another lender.

Good luck!

[Coronita]

So let’s see, restarting a loan means….

1. Picking a new lender

2. Hoping rates are lower (they probably aren’t because seems like the ticked up about .125-.25%)

3. Maybe paying for this appraisal…Maybe you’re lucky here, but my refi guy makes me pre-pay for the appraisal and then reimburses me when I’m done.

4. Wait another 30 days to close, meanwhile paying more interest for an additional month or so on your existing loan with a higher interest rate.

5. Spending time to gather all your financial data, all your income qualifications, and having the new lender pull your credit again….And for those in the service business (lawyers and doctors) where time is more so money…

Seems to me is that in the worst case scenario, bite the bullet get this loan done…And do another refinance if when rates drift lower again…Seems to me you can just imagine you locked with a rate, and it went slightly lower after you locked, which happens me all the time.

[scaredyclassic]

They capitulated.

[Coronita]

[quote=squat300]They capitulated.[/quote]

cool.

[CA renter]

Well done, scaredy.

[Author]

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