Refi or not? Non-recourse vs recourse loans

[Eugene]

The spread between treasuries and GSE bonds is still much higher than it used to be before the bust. I suggest to wait before making a decision, rates have further to fall.

What’s the area? Do you have cash reserves to pay mortgage for a year without working if things turn bad?

[madmoney]

You can refi with Aimloan.com and they offer you a rebate back, last I checked on a loan up to $697,500 the rebate was almost 2K and closing costs were a little over 2K. So the closing costs aren’t a problem. I closed the loan with them and they are excellent with the best rates I’ve seen. I went with them over Countrywide and my mortgage broker who was trying to use Wells Fargo.

[madmoney]

You can refi with Aimloan.com and they offer you a rebate back, last I checked on a loan up to $697,500 the rebate was almost 2K and closing costs were a little over 2K. So the closing costs aren’t a problem. I closed the loan with them and they are excellent with the best rates I’ve seen. I went with them over Countrywide and my mortgage broker who was trying to use Wells Fargo.

[madmoney]

You can refi with Aimloan.com and they offer you a rebate back, last I checked on a loan up to $697,500 the rebate was almost 2K and closing costs were a little over 2K. So the closing costs aren’t a problem. I closed the loan with them and they are excellent with the best rates I’ve seen. I went with them over Countrywide and my mortgage broker who was trying to use Wells Fargo.

[madmoney]

You can refi with Aimloan.com and they offer you a rebate back, last I checked on a loan up to $697,500 the rebate was almost 2K and closing costs were a little over 2K. So the closing costs aren’t a problem. I closed the loan with them and they are excellent with the best rates I’ve seen. I went with them over Countrywide and my mortgage broker who was trying to use Wells Fargo.

[madmoney]

You can refi with Aimloan.com and they offer you a rebate back, last I checked on a loan up to $697,500 the rebate was almost 2K and closing costs were a little over 2K. So the closing costs aren’t a problem. I closed the loan with them and they are excellent with the best rates I’ve seen. I went with them over Countrywide and my mortgage broker who was trying to use Wells Fargo.

[madmoney]

Esmith,

I wouldn’t mind waiting but I’m in an awkward position. My business just employs my wife and I. My CPA told me to turn off payroll for the rest of the year and do profit distributions instead to save on taxes and social security since I’ve paid a huge chunk already this year.

Thus the dilemma is if I turn off payroll I don’t think I’d qualify very easily for a loan as the banks love the typical w-2 with regular paychecks.

I live in 4S, don’t have a ton of cash reserves, my main reserves are my IRA and cashing that out would get me through half the year. I’m not too worried about cash, my business is recurring internet services so I have a good cash flow among many different customers.

I looked at that sandiego predatory lending link before, it just made me confused a bit more.

So no one knows the answer to my question?

[madmoney]

Esmith,

I wouldn’t mind waiting but I’m in an awkward position. My business just employs my wife and I. My CPA told me to turn off payroll for the rest of the year and do profit distributions instead to save on taxes and social security since I’ve paid a huge chunk already this year.

Thus the dilemma is if I turn off payroll I don’t think I’d qualify very easily for a loan as the banks love the typical w-2 with regular paychecks.

I live in 4S, don’t have a ton of cash reserves, my main reserves are my IRA and cashing that out would get me through half the year. I’m not too worried about cash, my business is recurring internet services so I have a good cash flow among many different customers.

I looked at that sandiego predatory lending link before, it just made me confused a bit more.

So no one knows the answer to my question?

[madmoney]

Esmith,

I wouldn’t mind waiting but I’m in an awkward position. My business just employs my wife and I. My CPA told me to turn off payroll for the rest of the year and do profit distributions instead to save on taxes and social security since I’ve paid a huge chunk already this year.

Thus the dilemma is if I turn off payroll I don’t think I’d qualify very easily for a loan as the banks love the typical w-2 with regular paychecks.

I live in 4S, don’t have a ton of cash reserves, my main reserves are my IRA and cashing that out would get me through half the year. I’m not too worried about cash, my business is recurring internet services so I have a good cash flow among many different customers.

I looked at that sandiego predatory lending link before, it just made me confused a bit more.

So no one knows the answer to my question?

[madmoney]

Esmith,

I wouldn’t mind waiting but I’m in an awkward position. My business just employs my wife and I. My CPA told me to turn off payroll for the rest of the year and do profit distributions instead to save on taxes and social security since I’ve paid a huge chunk already this year.

Thus the dilemma is if I turn off payroll I don’t think I’d qualify very easily for a loan as the banks love the typical w-2 with regular paychecks.

I live in 4S, don’t have a ton of cash reserves, my main reserves are my IRA and cashing that out would get me through half the year. I’m not too worried about cash, my business is recurring internet services so I have a good cash flow among many different customers.

I looked at that sandiego predatory lending link before, it just made me confused a bit more.

So no one knows the answer to my question?

[madmoney]

Esmith,

I wouldn’t mind waiting but I’m in an awkward position. My business just employs my wife and I. My CPA told me to turn off payroll for the rest of the year and do profit distributions instead to save on taxes and social security since I’ve paid a huge chunk already this year.

Thus the dilemma is if I turn off payroll I don’t think I’d qualify very easily for a loan as the banks love the typical w-2 with regular paychecks.

I live in 4S, don’t have a ton of cash reserves, my main reserves are my IRA and cashing that out would get me through half the year. I’m not too worried about cash, my business is recurring internet services so I have a good cash flow among many different customers.

I looked at that sandiego predatory lending link before, it just made me confused a bit more.

So no one knows the answer to my question?

[BGinRB]

There is a relevant post on this thread
SD Lookup thread by Brian.

According to him, refi loan is recourse if the lender opts for judicial foreclosure, which cost more. Someplace else I read that judicial foreclosures are 0.3% of the total # of foreclosures.

[BGinRB]

There is a relevant post on this thread
SD Lookup thread by Brian.

According to him, refi loan is recourse if the lender opts for judicial foreclosure, which cost more. Someplace else I read that judicial foreclosures are 0.3% of the total # of foreclosures.

[BGinRB]

There is a relevant post on this thread
SD Lookup thread by Brian.

According to him, refi loan is recourse if the lender opts for judicial foreclosure, which cost more. Someplace else I read that judicial foreclosures are 0.3% of the total # of foreclosures.

[BGinRB]

There is a relevant post on this thread
SD Lookup thread by Brian.

According to him, refi loan is recourse if the lender opts for judicial foreclosure, which cost more. Someplace else I read that judicial foreclosures are 0.3% of the total # of foreclosures.

[Author]

Posts