Isn’t it law that PMI is a requirement if under 20% down? The only other way I know is to have lender paid PMI.
Caveat emptor…
They pack points into their published rates, which also often include an exorbitant origination fee (which they’re willing to waive for an even higher rate).
And I’m sure you’ve noticed that their “no PMI” offerings carry a much higher rate compared to their conventional loans. No free lunch, unfortunately. Paying PMI elsewhere may yield lower costs.
Everything is disclosed in fine print, it’s just annoying to have to normalize the way they show costs in order to compare them to how virtually everyone discloses theirs.
I got pre-approved with them a couple of years ago, and they were really efficient. I didn’t end up buying anything at the time so I can’t comment on the entire process, but upfront they were all over it.
1 Like
I remember mortgage and lease approvals that pulled my beacon score. But I haven’t seen one for a while, especially in housing. Older versions of that model had some unfortunate issues as I recall. You (@trism) could move one town over and your new zip code could weigh your score down 20-40 points.
I remember a lot more straw deals and address shim-sham on car loans in the Beacon days.
I saw that. Their title company disclosure is a hoot.
Likewise: I’m not sure I’m going to use them, but I wanted to start with them. I have more than enough to put down to avoid PMI on a conventional, I just don’t want to do that this time around.
I also don’t know if this house will be turn-key or a remodel like I did last time. I wanted financing lined up with minimum cash outlay in case it’s a project.
I recall it was under my credit report as a remark or notes. The automatic underwriting didn’t stop it, but almost all banks stopped once they saw the remark on my report as they treated it like a forbearance so I was banned for either 3-5 years of getting another mortgage with regular banks. I ended up doing a portfolio loan through a CU and thats how I got around it.
1 Like
CitiMortgage had one of our home loans and offered us a free “refi” with 1% less and no fees I think back in like 2012 when they couldn’t write enough paper to satisfy their obligations under the state and federal settlements. Said “why not,” did it and made sure they did not report it as modification.
6 months later the same note showed up that you had - it never made a difference in anything and I was never asked about it by anyone for any purpose.
All right hackers I need your help. I am few days away from closing and I’ve been presented with the new estimate. I flat out said get rid of line C before signing but wanted to confirm before with bigger brains than mine.
Thank you for any suggestions.
Lol it doesn’t work like that.
You have to get title work done and no mortgage company will fund without title being checked out.
If you think you can find cheaper services, you should.
Fair enough, what about others? C2 for example
These are services you can shop for but it looks like your attorney/mortgage company should have provided you with the option early in the process. It might be too late … as you’re few days from closing. All title work is probably already done.
Who picked the title/settlement company?
Refi or initial mortgage?
You told them to get rid of it before knowing what it was?
No thoughts to google in advance and perhaps understand the breakdown of a HUD?
2 Likes
Line C1,C2 and C8 wasn’t in the original document I signed.
Isn’t line 8 your or your banks attorney?
Yes but there is also line H (not here) for the same attorney for $750
One is for settlement services & other for review work of your purchase agreement and stuff.
Hmm ok even during refinancing?
Usually not.
Can we see what you originally signed and how it compares
Sorry forgot to mention these were not in the original estimate.