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Capepuffin

? on refinancing

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if he was an educated loan officer he would have done that in the first place the last time, probably doesnt know how to do one to be honest, check the credit unions and the other things I mentioned above...and the prepay...or 3 points..........same thing...question is, who is the mortgage company or lender...you may go throguh the wholesale side of the saemm company and no prepay...also...........depending upon the company..he might have to give back the money he earned on the first loan......which is why he cant lower his fees...you go elsewhere and he prolly has to empty his wallet..bet hes sweating now.....would love for you to email him this forum and have him come explain himself.

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I was thinking of giving you mortgage guys his phone # so you could call him and ask him to explain himself!

Anyways it is Ameriquest!

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Capepuffin, Here's an idea!!

Call this guy back up and sound a little desparate, and tell him you and DH really want to lower your housepayment, and if he has not already, have him send you a Good Faith Estimate, and a Truth in Lending Disclosure. (If he pulled your credit report, you should have received one within three business days, Saturdays included, by law). If not, there is violation 1!

Now take a little time to review this; (sorry no semicolon to link you direct)

www.consumerlaw.org/initiatives/predatory_mortgage/testimony_amendments_209.shtml

Not only do consumers have to watch out for being overcharged by these guys, they also need to be aware of something called EQUITY STRIPPING. Equity stripping is the main violation here in my opinion, which is where a loan officer comes back to soon to refinance your loan, which causes additional "stripping" of your equity. Do your fellow citizens a favor and get this guy off the street.

Of course, once you have made he and his "higher ups" aware of this, you may get a 5% rate to keep your mouth shut, and I would presume very low closing costs!

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AWESOME! Thanks for the info! I am calling him now! :twisted:

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Just got off the phone with him!!!!! My ear hurts! Anyway I left it with him that he has got to come back with better numbers or I'm not going w/him.

I told him that 3 of my 'mortgage friends' were giving me advice on my loan senario.

Also he said that he would like to talk to one of you on the phone! He said not all because he is busy, but he said give him a call! He said that he gaurentees that you couldn't give me a better deal then him because he is waiving the prepayment penalties.

He also told me that he gets paid the same amount per loan no matter what the situation. He said that he doesn't benefit more or less from anyones loan and that he can't sleep at night knowing that he has done someone a diservice! LOL

Anyway I had an appraiser come today and my home was appraised for more than I expected. 375K That at least made me happy! Bought it 6 yrs ago for 130K. :D:D I needed some good news!

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What it looks like now is:

Current mortgage 150k

Taking out additional 30k (for car)

total mortgage would be 189k

I don't know what the 9k is other than points and fees.[end quote]

And this amount is going back onto your loan, which is eroding your equity.

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Here are the points and fees, I just received the GFE today.

Loan discount fee (2.982%) $4771.20 (Actually the Points are at 2.5 now) ---->after talking to him today it may be going down even lower! I really put him in his place!)

Appraisal Property value $300. (This is actually now $150)

Tax related service fee $35.

Flood search Fee $16.00

Lenders Processing fee $626.

Admin to Amer Mortgage $239.

Application Fee $360.

Interest for 10 days @ 36.82 per day $368.20

TITLE CHARGES

Settlement or closing fee $283.

Title examination $331.

Title Insurance $600.

Escrow fee $295.

Recording fee $150.

Total estimated closing costs $8,006.20

Est prepaid items/reserve $368.20

Total Est funds needed to close $8,374.40

Total Est monthly payment $1,218.95

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Cape,

I've always been curious as to what part of Cape Cod do you live?

My wife and I spent out honeymoon up there (we rented a house in Wellfleet) and last year we took a vacation up there in June and stayed South Yarmouth.

MrGuy

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Hey MrGuy! We live in Sandwich. My husband works in Yarmouth though! :D

Did you like it here? I love it except for the tourists in the summer! :wink:

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OMG not another Ameriquest ! I have just reported them along with NCO.

Stay away from Ameriquest . They are the reason I am here!! They illegally gave my private info out to NCO collection agency(how much I owe on my house, how much I was refi plus cash out amount , how much equity I have, how much we make at work) and they called a couple of our creditors to negotiate down without our approval and no signatures.Now creditors won't negotiate with me and they say i have enough equity to pay them in full. I am in a nightmare right now. Ameriquest also told us we have to sign their papers that night or they will charge us 9% up from 7.3% if we come back, along with their 10,000 loan fee at 3%. The papers they tried to make us sign was for 7.35% and come to find out it was not for a fixed rate like we discussed it was for an adjustable loan with a prepay. They told us if they okd to refi us within the 3 years then we probably wont have to pay penalties. CROOKS! Then they called our creditors and told them all negotiations were off. They threatened us with wage garnishments, liens on our house , and lawsuits, and said we had lousy credits. I shopped a couple of lenders and now have to pay for 0% and 3,000 in loan fees and 350.00 out of pocket for appraisel. Ameriquest appraised our house (again with no signature) but we didnt pay for appraisel , they said it would go into loan(so they could put all that interest in their pocket for 30 years)they appraised for 310,000 . My appraiser so that was too low, it now appraised at 445,000. I got my fixed rate at 6.5% and i have alot of collections on my credit report and charge offs. My lender said my credit isn't that bad like Ameriquest made it out to be.!

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Sorry to hear of your bad experience! :cry: I would definately report them too. If they pull something like this on me I will report them as well. Even if they do give me what I am looking for I will report them! :wink: I don't have to even refi right now and they know that. And I told them if I don't get what I am looking for I will go elsewhere!

Yesterday when I talked to them, I was pretty upset with them. I accused them of Equity stripping. Needless to say he was quite upset!LOL Luckily all of my collections are paid except one in which I am suing. Anyways I let him know that I was aware of what he was trying to do and that I am not stupid! I also know exactly what my scores are, so they can't tell me otherwise, even though they tried to say our score was 620 when it is not!

He is supposed to call me today. I told him to come back and offer me less points and alower percentage rate. I said "You want to earn some money so...You do your job, and get me the absolute best that you can do. Then I will decide if I will go with you!"

It is hard when you get stuck w/prepaid penalties. You are stuck w/them unless you move (which I told him That I would sell my house and move rather than pay their penalties) or wait it out.

When I talk to him today I will ask about their privacy procedures. I will also have him fax me something stating that they will not disclose my private imfo to anyone.

Thanks for sharing with me!

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Capepuffin,

Living on the Jersey Shore and commuting to Manhattan, I can sympathize with you about the tourists. On friday nights and Monday mornings the traffic is awful!

Cape Cod is one of our favorite places to vacation. I think my wife's addicted to Arnold's and The Christmas Tree Shop. Last time we were there she managed to drag us to three of them, including that huge one in Bourne.

Personally, I enjoy how peaceful and off of the beaten path it is. We've had our best luck by going right before the Summer season offically starts. Its not too crowded and most things have opened. One of the funniest things from our last trip was that when we took the historical tour of Nantucket, we were the only ones who showed up! It was like we had our own personal tour guide.

MrGuy

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------------------------------>>>>>>>>>>>>------------------------

UPDATE ON MY LOAN! Got points down to 1.5 and rate at 6.85% 30 yr fixed, with not the best credit. Am I doing better ? :?::?:

I love nantucket! Went there alot growing up on our boat.

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Yes , better.........BUT.............I was offered same and i shopped around , after the 3rd lender I found 6.5 fixed with 40,ooo cashout and with 0 points , my loan only cost me 3,000 with no cash out of my pocket, except for appraiser. And I have approx 6 collections unpaid, one in arbitration with another following behind,altogether I owe about 32,000. Of course that is what my cash out is for. Unfortunately all my cards were for internet gambling online. (I advise all to never play with your real money in any internet based casino, all , ALL<CASINOs online are RIPOFFS)I can prove it. What a messed up life I made for my family and I ! Hopefully I can restore my family and I back to the way we were, LIVING COMFORTABLY! Anyways u should shop around , it pays off in the long run. Also never let a lender negotiate for you. I did better than other lender. (He neg 1 card down to 6466 down from 10777. I did better I neg down to 5300. :twisted::p Good Luck!

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Well I am going w/the offer of 6.85% and 1.5 points. I have called many other lenders and they can't do any better, especially since I have a prepayment penalty of close to 6k! I really would rather go somewhere else but they are waiving the pre pay fee. At least I will be where I want with a 30 year fixed! I can always refi again somewhere down the road if the rates ever go down again.

Finally, I am happy with this. I will be saving over $500 a month that I can put back into the mortgage! Plus with taking out the 30k we can do some of the things we need to do desperately that we don't have the cash for right now, like putting on a new roof and replacing our furnace.

Thank you to all of you mortgage experts! :D You all have really taught me alot. I definately needed an education in this dept and I got one!

Signing the papers tonight!

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Congrats to you cape, you got things down from where they were offered. And your happy with it.

Me and bf are stuck on what loan to do, a fixed 30 yr or 2/28 arm. We would have a much better interest for two years if we take the risk that interest will be low still in two years. We are trying to haggle with the lo, but he don't seem to want to haggle, so we might end up wtih someone else too.

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You owe us lobster tails via email (and email only please), or you can post them here.

It is so good to hear that you were able to get rid of the prepay penalties. I really wish that programs never had a prepay, but in today's market, that is the norm.

So, behind the offer sheet, here is what happened, he had to increase the rate on your loan to eliminate the prepay penalties, which took all his margin that he was charging on the back end of your loan (eliminate prepay = increase in rate) You had him and he knew it. (You still can get him, I wonder if he knows that.)

You have got a pretty decent rate now, and comfortable payments, with a new car, for what, a $10.00 increase in your house payment. AWESOME!

Stories like this make me feel like there is really a purpose for participating in the forums. I'm glad everything worked out.

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Thank you, Thank you All! [:-)x

...I would like to thank the board and all who worked so hard on this with me... I would also like to Thank my parents for giving birth to me...and lets see I am forgetting someone here...OH yes...to my DH, cause if it wasn't for him I would have never been in debt in the first place with a low score to begin with! LOL

...and of course to sis for supplying all of the credit members with free lobster, on my behalf! :wink:

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My old mortgage has been reported as 'paid/ never late' and my new mortgage just posted to my CR as well.

My score jumped 20 POINTSon EX!!!

xdancexxdancexxdancexxdancexxdancexxdancex

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Well tell us what the numbers are I am dying to know.

Congrats to you cape, keep up the good work.

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