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What the hell is going on. I just got a quote from Chase of 5.85 a couple of days ago. Now the guy says they are at 6. This sucks I want to refi and take NO money out and I'm still having a hard time. Guy from Countrywide was no help at all. Infact he was an asshole and I told him he was.
 

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how much broker fee are u paying....i may be able to help u.

I am a licensed loan officer in 50 states...specializes in Ohio and Michigan (since i live in toledo)



it sounds like they are charging u closing cost and u are getting rate jacked (in other words they are making money off the interest rate as well.)

u have my permission to request my email from mod....or u can type in here my answers and more questions if u want to start.

gl if u find a loan on ur own though as well

-murph/Corey
 

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Hey I am always willing to help support fellow RXer's I will get your Email from WIll and try an give you the info.

Thank you very much.
 

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jus to give u a small heads up/..


the guy at chase sounds hungry as well....its a sales technicque used in a starving world....sounds like the guy isnt very bright considering u called him, which means u are serious about a loan....

Even if he were making money on the rate (which he is 100% of time) the difference between a 5.875 and a 6.00(maybe 300$) is pennies in the long run, especially since more than likely he lost a deal, and most borrowers who are satisfied have plenty of family or friends they can recommend over a lifetime as long as service and quality was presented equally....its a shame that some of these people still try to "sell"...i know its a tough marketplace...but they are resorting to "tout" level...to bring it to a betting perspective.
 

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I'm trying to refinance to pay off some credit cards but am running into problems. Low credit score and stated income. Any suggestions?
 

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I'm trying to refinance to pay off some credit cards but am running into problems. Low credit score and stated income. Any suggestions?




it really depends on what u mean by low credit score and how is the income stated...are u self employed or W 2 stated?? or jus a gambler and cant proove anything?? lol (hey it happens)

also how much LTV are u looking for (in other words --- how much are u looking to borrow VS how much is house worth (true value))

also what is ur credit score...i mean some people think 500 is low..others thing 640 is low...so in other words i dont know what u mean .


feel free to contact me if u dont want to openly discuss this stuff here as well.

mods have my email im sure.
 

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I got an offer at 9.85% and 10,000 closing costs. Not a good deal.

sounds like a subprime loan....is the rate fixed (most important)

and also is it a minimum payment loan or interest only?? (stay away from these...even though loan payments are cheap...u will never i mean NEVER pay them off)


and for future refrence 10,000 may not really be all that much...for instance do u think 10K is alot if ur loan is for 500K (that would be well below market)..but if we are talking bout a 50K loan ...I feel ur pain.

so everything is relative....keep in mind as well, that if u call ur neighborhood bank...say chase or key bank or flagstar, or bank one..or etc etc...they only tell u how much THEY personally are chariging u..thats why most people eyes light up red when they hear 10K...cause most mortgage brokers give u the entire cost....Title fees/ Tax fees/ closing cost/ and THEIR FEE....10 to 1 the broker is only charging 2-3K (depending on loan size)...(typical honest company charges 2-3 % of loan size...so i am basing it on 100K)..BUT the title cost on a 100K home in michigan for example is 550$ for the insurance and there is 3-5 other fees the title company charges that total around 500$.....so 1K from title.

Also most people escrow taxes and insurance on their loans....if u do not, u still may have to pay a portion of the taxes or the full year insurance if EITHER of them is due in 4-6 months from closing (almost 90% of banks enforce this nationwide)...so if ur taxes are 200 per month and u have to make ur 6 month tax payment then its minimum 1200$ there and 400-1000 for one years worth of insurance...so that is roughly 2K there +...(u following???)

so so far its 3 K from broker + 1K from title + 2K from taxes/ins (and thats without escrow..so with escrow its 3K probably (avg) which brings total to =6-7K for a 100K loan.

there is also maybe 6-7 other small fees for paperwork and other "junk" but those total very small in comparison to the rest..so at most one more K to the total.


jus a heads up when looking at loans...the banks will tell u ONLY the broker fee (which is 2-3K on a 100K loan).....they then till u nearer to closing that u must choose a title company (in other words pay the 1K out of pocket)...and then tell u that u have to have ur taxes and ins up to date ...so in other words they semi- trick u into thinkin CLOSING COSTS are 3K when in reality its the 6-10K the other companies mentioned.


GL if u attempt this loan with the other gentlemen


-murph/Corey
 

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My score is 521 as of yesterday. I owe 155,000 on my house that was appraised at 355,000. I have no late mortgage payments in 14 years. My score is low due to high credit card balances(total about 25,000). Mortgage payment is 1450 and I have a line of credit for 50,000. I need about 250,000 to get those high interest credit card rates to disappear. I have a restaurant but it's not in my name. It's in my dad's name. I can prove that I make about 100,000 a year through bank statements, but My w-2 shows 25,000. It's complicated, and I'd like to meet someone who isn't trying to rip me off. I'm not sure how to request your email address but mine is jskorish@msn.com. Hell I'm willing to try anything at this point. Thanks for taking the time to read this.
 

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My score is 521 as of yesterday. I owe 155,000 on my house that was appraised at 355,000. I have no late mortgage payments in 14 years. My score is low due to high credit card balances(total about 25,000). Mortgage payment is 1450 and I have a line of credit for 50,000. I need about 250,000 to get those high interest credit card rates to disappear. I have a restaurant but it's not in my name. It's in my dad's name. I can prove that I make about 100,000 a year through bank statements, but My w-2 shows 25,000. It's complicated, and I'd like to meet someone who isn't trying to rip me off. I'm not sure how to request your email address but mine is jskorish@msn.com. Hell I'm willing to try anything at this point. Thanks for taking the time to read this.


no way

something dont add up

25000 wouldnt have your score in the 520's. what else arent you saying
 

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I have three cards that are on or near maxed. too high of balances. I have no late payments or charge offs. It's funny because I was high 6's about a year ago.
 

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My score is 521 as of yesterday. I owe 155,000 on my house that was appraised at 355,000. I have no late mortgage payments in 14 years. My score is low due to high credit card balances(total about 25,000). Mortgage payment is 1450 and I have a line of credit for 50,000. I need about 250,000 to get those high interest credit card rates to disappear. I have a restaurant but it's not in my name. It's in my dad's name. I can prove that I make about 100,000 a year through bank statements, but My w-2 shows 25,000. It's complicated, and I'd like to meet someone who isn't trying to rip me off. I'm not sure how to request your email address but mine is jskorish@msn.com. Hell I'm willing to try anything at this point. Thanks for taking the time to read this.



I will check out a few programs jus based on the particulars u gave...and email u if i have another question...did u personally call a bank or a mortgage company??? because the rate quote u have sounds like a subprime loan...obviously it isnt from the federal government programs fha...or fannie or freddie mac loans either....jus curious what bank was this company going to use...i have access to all the same programs im sure..but i do want to know why the prog he offered was what it was...it must have been with him making that little old faithful of "hidden money" again....these guys are all the same...its really sad.


I would love to jump right into the bank rates...but it is basically saturday and only the 100 or so online situations are available for viewing right now...but id really like to be able to talk real programs with the lenders on the phone..that way we have something in writing with very solid backing...in other words i dont believe in hoop or pipe dreams...i like cold hard facts and truth...that way we know that u have a good loan to get, or what u have to do to get that good loan..period.

hopefully i am helping u understand a little bit more about your loan and problem u are having.

-corey
 

Professional At All Times
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Try Bank of America. They were at 5.5% for 30 year fixed rate conforming with no loan origination fee.
 

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Banks wont touch me. They want full docs. Thanks. I went through a friend.
 

RX Local
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Try Bank of America. They were at 5.5% for 30 year fixed rate conforming with no loan origination fee.



how many points did u pay for this?? (once again another TRICK to no closing cost....."oh by the way u jus have to pay some points and ur all set" LOL)

i can explain how an honest company CAN really get u that rate....but on bank of america's site right now they are avertising this :


<TABLE class=modcontent1 cellSpacing=0 cellPadding=0 width=70 summary=""><TBODY><TR class=bg-mbna-title><TD width="100%" height=20>Current Interest Rates


</TD></TR><TR><TD class=bg3-hline colSpan=2>
x.gif
</TD></TR><TR><TD colSpan=2>http://www.bankofamerica.com/loansandhomes/index.cfm?template=findrate</TD></TR></TBODY></TABLE>


which if u look under 30 year fixed it is a 5.75 paying 1.151 pts...which jus for example on a 200K house is about 2300$ of FEE...

jus another example of "hidden costs"

NOTHING IS FREE....trust me...its a sales gimmick.
 

Old School
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Banks wont touch me. They want full docs. Thanks. I went through a friend.
ahhhhhh

theres one of the problems "a friend"

a friend who im sure has been pretty dry for buisness.

he's burying you to make money. guaranteed
 

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