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tailingpermit

Mortgage Servicer Thread

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Just now, tailingpermit said:

@mugtang, could we possibly pin this thread so everyone could give their insight to opportunities their mortgage servicer is offering?

Done

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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Anyone that may not make their next month’s mortgage payment...

Immediately reach out to your servicer, Fannie Mae has a program but at this moment you will only qualify if you’re 3 months behind - you do not want a 90 day late charge on your credit report. 
 

I have been told that there are some banks that are offering a deferred payment - simply gets added to the back end of the loan. 
 

I’ve also been told that some banks are offering a 3 month adjustable rate balloon payment. 
 

Let us know your findings here...

 

 

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I'm looking to refinance next week (due to lower interest rates and higher credit scores) with Rocket Mortgage aka Quicken.

It looks like they are offering a 3 month forbearance program where you can get a repayment plan or loan modification to cover the missed payments after the period is up.

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47 minutes ago, bsu_alum9 said:

I'm looking to refinance next week (due to lower interest rates and higher credit scores) with Rocket Mortgage aka Quicken.

It looks like they are offering a 3 month forbearance program where you can get a repayment plan or loan modification to cover the missed payments after the period is up.

Get it in writing and be sure to read the fine print, better yet post it on here.  
 

The Fannie Mae program is only an option if you’ve made on time payments for one year.  
 

So, be very careful - I would be happy to look it over for you.  
 

 

 

 

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According to an email I received, PennyMac is offering short-term forbearance without late payment fees or negative credit reporting to people unable to make their payment due to COVID-19 related issues.

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9 hours ago, tailingpermit said:

Get it in writing and be sure to read the fine print, better yet post it on here. 

The Fannie Mae program is only an option if you’ve made on time payments for one year. 

So, be very careful - I would be happy to look it over for you. 

Are you talking about the refinance?  Or the forbearance part (I was just sharing what I saw online)?  My wife and I are still employed through this, so not looking to defer payments.  But we didn't get a very good rate 4 months ago when we purchased - my credit rating is up 100 points since then.

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3 minutes ago, bsu_alum9 said:

Are you talking about the refinance?  Or the forbearance part (I was just sharing what I saw online)?  My wife and I are still employed through this, so not looking to defer payments.  But we didn't get a very good rate 4 months ago when we purchased - my credit rating is up 100 points since then.

Was talking about the forbearance, great to hear. 
 

You can qualify for the best rate available with a 620 credit score, but you’ll be paying a hefty price on Fannie Mae’s risk assessment fees unless putting a large down payment.  To guarantee you’ll pay the lowest amount of fees, you’ll want a 740 or better credit score - remember it’s the middle score of all 3 agencies.  

 

 

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58 minutes ago, tailingpermit said:

You can qualify for the best rate available with a 620 credit score, but you’ll be paying a hefty price on Fannie Mae’s risk assessment fees unless putting a large down payment.  To guarantee you’ll pay the lowest amount of fees, you’ll want a 740 or better credit score - remember it’s the middle score of all 3 agencies.  

Currently at 4.99% - was under the impression that it was high due to 650 credit score - but now at 750 (experian not middle, but I'd assume all have risen substantially) shouldn't I be in the mid 3%s for a 30 year?  Also could probably see if we can get a home valuation that would push us below 80% LTV to get rid of PMI (currently at 85%)

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7 hours ago, bsu_alum9 said:

Currently at 4.99% - was under the impression that it was high due to 650 credit score - but now at 750 (experian not middle, but I'd assume all have risen substantially) shouldn't I be in the mid 3%s for a 30 year?  Also could probably see if we can get a home valuation that would push us below 80% LTV to get rid of PMI (currently at 85%)

No, you can find a mortgage bank that will simply allow you to pay buy down points (one time fee) for the best rate - most mortgage brokers don’t offer that option.

Correct on current 30 year fixed, ask for a refi breakdown and do the math of the cost of refinancing versus the savings.  Just make sure you’ll still be in the house by the time you break even and start earning the rewards.  
 

You’ll have an appraisal done for the refi, so let’s cross our fingers that you can drop mortgage insurance.  
 

Be sure with the mortgage breakdown and truth in lending paperwork that you’re not being charged unnecessary fees.   

 

 

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@tailingpermit do you have a good resource to help determine whether a refinance makes sense? We bought our house a few years ago as 1st time buyers so I'm sure lower rates are out there, I'm just not sure where to start on determining if a refinance even makes sense for our situation, pay-off goals, etc.. Feel free to shoot me a PM if you need more background info and have time to kill... 

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32 minutes ago, misplacedcowboy said:

@tailingpermit do you have a good resource to help determine whether a refinance makes sense? We bought our house a few years ago as 1st time buyers so I'm sure lower rates are out there, I'm just not sure where to start on determining if a refinance even makes sense for our situation, pay-off goals, etc.. Feel free to shoot me a PM if you need more background info and have time to kill... 

Sending you a PM...

 

 

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I'm going to be in the market for a house sometime soonish, but I think I am going to wait to see how this virus thing unfolds. I might be able to get a deal in a year or two. Will PM you when the time is right.

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6 hours ago, Los_Aztecas said:

I'm going to be in the market for a house sometime soonish, but I think I am going to wait to see how this virus thing unfolds. I might be able to get a deal in a year or two. Will PM you when the time is right.

Take your time, even the hottest seller markets are going to become buyers markets. 
 

At this moment banks are in some way helping out borrowers and the government is propping up mortgage backed securities, that’s about to take a big turn.  

 

 

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On 4/10/2020 at 6:08 AM, retrofade said:

According to an email I received, PennyMac is offering short-term forbearance without late payment fees or negative credit reporting to people unable to make their payment due to COVID-19 related issues.

I just closed on my refinancing. I was with pennymac at 4.2 and refinanced with aligned mortgage for 2.7 interest rate. Saved more than $800 on my payments which don’t start till June. I should note it’s a VA loan refinance after 6 months. Pennymac’s offer to refinance on a VA loan was crap, so I went with Aligned Mortgage, I shopped around they seem to offer me the best deal.

Disclaimer: Any views or opinions presented by this poster (Warbow) are solely those of the author and do not necessarily represent those of the Univesity of Hawaii or it's loyal fans. All quotes and opinions from Warbow are valid for 30 days following the date of post transmission and are subject to change at any time. All information published herein by Warbow is gathered from his own opinions or sources which are thought to be reliable, but the reader should not assume that the information is official or fact.

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On 4/14/2020 at 10:11 AM, Nevada Convert said:

I know of a really good loan officer in San Diego that has some really good deals if anyone is interested. And not bad on the eyes, either. Just PM me, and I'll give you her contact info. 

Not a creeper. Not at all. Did her restraining order expire?

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On 4/14/2020 at 7:11 AM, Nevada Convert said:

I know of a really good loan officer in San Diego that has some really good deals if anyone is interested. And not bad on the eyes, either. Just PM me, and I'll give you her contact info. 

Any nude pics?

Disclaimer: Any views or opinions presented by this poster (Warbow) are solely those of the author and do not necessarily represent those of the Univesity of Hawaii or it's loyal fans. All quotes and opinions from Warbow are valid for 30 days following the date of post transmission and are subject to change at any time. All information published herein by Warbow is gathered from his own opinions or sources which are thought to be reliable, but the reader should not assume that the information is official or fact.

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On 4/10/2020 at 10:15 PM, tailingpermit said:

Sending you a PM...

In a very similar situation as misplacedcowboy - if you're able/willing to share good resources to determine whether a refinance makes sense or not I'd appreciate it. 

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