All Forum Posts by: Emma Johnson

Quote from @Jay Hinrichs:

Quote from @Erik Estrada:

Quote from @Emma Johnson:

Been working on getting a second mortgage on our home for the past 30 days with no closing date in site. Everything requested has been completed. Only “off” thing that happened was an email to our insurance rep asking to be placed as the first and only mortgagee - which I caught and they quickly apologized for and corrected. How can I tell if things are legit here ?

 Check for licensing and reviews. You can quickly search a licensee on the NMLS website with their license number. 

if the property is in Oregon they need state MLS and NMLS registration for ANY loan on a 1 to 4 unit regardless of purpose.

thanks appreciate your feedback- we're only pocking $40k after paying off another heloc and debt. need to finish a big electrical job on the house, etc. so can't save up, but still have over $100K equity. I see an NMLS ID, and OR lic ID on closing docs, but company is based on east coast.

@Andrew Zamboroski

@John Clark 

thank you. Got closing docs today. Quoted $5K in closing costs but ended up being $7k to pull $94K in equity out of home as a 2nd mortgage (additional cost was insurance). 
curious if the below info seems “normal”
appreciate the feedback. We have about $200K equity in our home, both of us are independent contractors / business owners who write off a lot on our tax returns - so I’m not clear if we have to take what we can get or if these terms seem in the realm of normal. 

Quote from @John Clark:

Quote from @Emma Johnson:

Yes I checked It is listed as an option on their website everything online looks legit. Thanks for the suggestion 

What do you mean "an option?" It is licensed or it is not for the loan you want. Also, don't go by the lender's website. Check the state regulatory agency's web site. Also check for complaints against the lender.

Also get a detailed statement from the lender of all closing costs, fees, charges, etc., etc., well before closing. If they spring something on you at the closing table, run, don't walk, away. Nothing should be an "estimate." Better to lose a non-refundable application fee than your shirt.

Yes I checked It is listed as an option on their website everything online looks legit. Thanks for the suggestion 

Quote from @Andrew Zamboroski:

Quote from @Emma Johnson:

Been working on getting a second mortgage on our home for the past 30 days with no closing date in site. Everything requested has been completed. Only “off” thing that happened was an email to our insurance rep asking to be placed as the first and only mortgagee - which I caught and they quickly apologized for and corrected. How can I tell if things are legit here ?

Is the lender licensed for that type of loan (assuming it is required)? That can usually be some comfort. 

Been working on getting a second mortgage on our home for the past 30 days with no closing date in site. Everything requested has been completed. Only “off” thing that happened was an email to our insurance rep asking to be placed as the first and only mortgagee - which I caught and they quickly apologized for and corrected. How can I tell if things are legit here ?