Refi dispute

User Forum Topic
Submitted by scaredyclassic on January 10, 2013 - 7:14am

My refi was approved. 3.375 w 4975 rebate and a little less than 2000closing costs. We are arguing about loan to equity value and whether my credit should be bigger.

I applied stating 20 perc equity to debt. Appraisal came back 31 perc. They said they'd adjust after final approval. Here we are after final approval and they want me to cave.

Should I?

Are they in violation of fed or state law?

Submitted by scaredyclassic on January 10, 2013 - 7:50am.

I'm asking for extra 1,000

Submitted by Coronita on January 10, 2013 - 7:55am.

Get it in writing ? :)

Submitted by scaredyclassic on January 10, 2013 - 8:09am.

Emails just said they'd renegotiate.

However there are pleadings online in a class action against amerisave that are similar.

Think this might violate some law...

Submitted by Coronita on January 10, 2013 - 8:17am.

squat300 wrote:
Emails just said they'd renegotiate.

However there are pleadings online in a class action against amerisave that are similar.

Think this might violate some law...

Go for it....

I didn't know you'd get a bigger rebate with a lower LTV....

Submitted by moneymaker on January 10, 2013 - 8:22am.

Assuming jumbo loan, 11% of say 500k is 50k more in equity,if margin is 1%(may be more) then there kickback might be additional $500. So i say split the difference and ask for $500. What kind of term are you getting?

Submitted by scaredyclassic on January 10, 2013 - 8:31am.

30 y fixed conforming not jumbo.

If I walk away I start all over.

Big pain.

They know that.

But then they make nothing but a lifelong hater.

Submitted by Coronita on January 10, 2013 - 10:38am.

squat300 wrote:
30 y fixed conforming not jumbo.

If I walk away I start all over.

Big pain.

They know that.

But then they make nothing but a lifelong hater.

Meh.. I'd just get this refi done get your cash back...Chances are you're gonna refinance again in 6 months to a lower rate anyway.

Submitted by scaredyclassic on January 10, 2013 - 10:39am.

I'm very stubborn and sometimes irrational.

Submitted by Coronita on January 10, 2013 - 11:02am.

squat300 wrote:
I'm very stubborn and sometimes irrational.

If you're ready for another refi, we got a local guy that has pretty good rates.

Submitted by CA renter on January 10, 2013 - 11:02pm.

Call their bluff immediately. Tell them that you want the new terms in writing within three days or you're going to another lender.

Good luck!

Submitted by Coronita on January 10, 2013 - 11:50pm.

So let's see, restarting a loan means....

1. Picking a new lender

2. Hoping rates are lower (they probably aren't because seems like the ticked up about .125-.25%)

3. Maybe paying for this appraisal...Maybe you're lucky here, but my refi guy makes me pre-pay for the appraisal and then reimburses me when I'm done.

4. Wait another 30 days to close, meanwhile paying more interest for an additional month or so on your existing loan with a higher interest rate.

5. Spending time to gather all your financial data, all your income qualifications, and having the new lender pull your credit again....And for those in the service business (lawyers and doctors) where time is more so money...

Seems to me is that in the worst case scenario, bite the bullet get this loan done...And do another refinance if when rates drift lower again...Seems to me you can just imagine you locked with a rate, and it went slightly lower after you locked, which happens me all the time.

Submitted by scaredyclassic on January 11, 2013 - 12:49pm.

They capitulated.

Submitted by Coronita on January 11, 2013 - 12:53pm.

squat300 wrote:
They capitulated.

cool.

Submitted by CA renter on January 11, 2013 - 5:16pm.

Well done, scaredy.

Submitted by scaredyclassic on January 11, 2013 - 6:06pm.

I was extremely aggressive and overbearingly obnoxious. That's not my usual style ... But for some reason I thought that would work best here.

I think usually calm wins. But there is value to being hotheaded and irrational as it makes others think you may not act predictably.

Submitted by givdrvr on January 12, 2013 - 11:00am.

Nicely done. So as someone who is in the early stages with this lender if my appraisal comes lower than 80% LTV they can adjust this if I press the issue?

Submitted by scaredyclassic on January 12, 2013 - 12:02pm.

Maybe. I called other lenders and not everyone does this. Probably better to ask upfront

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