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(former)FormerSanDiegan
ParticipantIf you refinance and the loan-to-value is less than 80%, based on the appraisal at the time of refinance, then you would not have to pay PMI.
If you keep the existing loan there are usually pre-defined points where PMI is automatically removed. This should be disclosed in the paperwork. Usually it’s when the loan value is scheduled to reach the point where it falls to 80% of the original appraisal or purchase price. This usually is conditioned on some number of consecutive payments (no lates or missed payments).
As for bringing in an external appraisal and demonstrating that your existing loan is below 80% LTV based ona new appraisal … this usually requires cooperation from the lender and may also be spelled out in the loan documents.
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.
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.
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.
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.
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.
Participant[quote=erik0534]I had a link to my site before but i took it down……..i in no way want to be regarded as a spammer ……….here is the link again http://www.brookstoneassociates.com/searchhomes.html …………all i want is honest feedback …….for I am trying to figure out why no one is using my site????? please tell me if im missing something?[/quote]
OK. The fact that you came back and responded means you are not a true spammer of the worst kind. I apologize for the comment.
I think the main issue is that there are too many competitors in this space and not that many buyers (look at sales figures).Participant[quote=erik0534]I had a link to my site before but i took it down……..i in no way want to be regarded as a spammer ……….here is the link again http://www.brookstoneassociates.com/searchhomes.html …………all i want is honest feedback …….for I am trying to figure out why no one is using my site????? please tell me if im missing something?[/quote]
OK. The fact that you came back and responded means you are not a true spammer of the worst kind. I apologize for the comment.
I think the main issue is that there are too many competitors in this space and not that many buyers (look at sales figures).Participant[quote=erik0534]I had a link to my site before but i took it down……..i in no way want to be regarded as a spammer ……….here is the link again http://www.brookstoneassociates.com/searchhomes.html …………all i want is honest feedback …….for I am trying to figure out why no one is using my site????? please tell me if im missing something?[/quote]
OK. The fact that you came back and responded means you are not a true spammer of the worst kind. I apologize for the comment.
I think the main issue is that there are too many competitors in this space and not that many buyers (look at sales figures).Participant[quote=erik0534]I had a link to my site before but i took it down……..i in no way want to be regarded as a spammer ……….here is the link again http://www.brookstoneassociates.com/searchhomes.html …………all i want is honest feedback …….for I am trying to figure out why no one is using my site????? please tell me if im missing something?[/quote]
OK. The fact that you came back and responded means you are not a true spammer of the worst kind. I apologize for the comment.
I think the main issue is that there are too many competitors in this space and not that many buyers (look at sales figures).Participant[quote=erik0534]I had a link to my site before but i took it down……..i in no way want to be regarded as a spammer ……….here is the link again http://www.brookstoneassociates.com/searchhomes.html …………all i want is honest feedback …….for I am trying to figure out why no one is using my site????? please tell me if im missing something?[/quote]
OK. The fact that you came back and responded means you are not a true spammer of the worst kind. I apologize for the comment.
I think the main issue is that there are too many competitors in this space and not that many buyers (look at sales figures).Participant– insert my previous comment regarding your last escrow here –
Participant– insert my previous comment regarding your last escrow here –
Participant– insert my previous comment regarding your last escrow here –
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