All Forum Posts by: Shaun Weekes

Fannie is 10 and Freddie is 4

Congrats :)

Hello O'brien,

If the bank is telling you that no fees are included in this loan then it seems like a grea deal.  Typically a refinance is going to cost you anywhere from 3 - 4k and even more depending on the loan amount. 

The best thing for you to do is to ask for an estimated HUD which will detail all fees included in the transaction. If no additional fees are on that HUD then you're good. If there are fees then they're not telling you the whole truth.

Did the appraiser come into your home or just do a drive by?  Did you have to pay for the appraisal?  When you bought the home did you have an impound account ( taxes and insurance ) Is the bank going to do this with or without taxes and insurance?  These are a lot of questions that you should ask the lender and yourself to see where they're coming from. 

I'm not sure why they haven't sold the loan but some banks do hold on to some paper and that's not a bad thing.  However they're answer seems a little weird. 

I hope this helps :)

Hello Jessica,

FHA has a three year waiting period for foreclosures and conventional has a 7 year waiting period. If it's an extenuating circumstance like a spouses death or something serious like that you years go down for conventional to 2 years.

I hope this helps and have a good one :)

Hello Ben,

As long as you disclose what's going on and write LOE ( letter of explanation ) as to what you're doing it should be fine. 

Just use a Loan Officer or broker who knows how to structure your deal loan the right way the first time.  This will leave you with less headaches during the purchase process.

Hope this helps and have a good one. 

Hello Barrett,

Welcome to BP and just do some a lot of reading on this site and in a matter of months you'll more then you imagined.  This site is awesome for anything real estate investement.

Take care, have fun and good luck.

Oh, So I just re read your post and if you signed on wednesday most likely escrow was closed on Friday.  So your loan hasn't funded yet. 

Your first payment will be Feb 1st

No proble Sir.  With an investment home it's only one day of recision so it should fund this week.  But you won't lose that interest. 

Take care and have a great day.

Will,

When did you sign you loan documents and what type of property did your refinacne?  Primary residence or investment home?

It sounds to me that your loan hasn't funded yet.  If that's the case call your escrow officer or loan officer and confirm that your first payment is going to be Feb 1st and not Jan1st.

You're never going to be out the interest.  You current lender took your payments so the payoff is going to change as well.  You have a lot of moving parts here so give me more info or just ask your LO as they should be able to answer this question faster.

I hope this helps.

Welcome to BP Stephanie,

It's so important to understand that we live in a great country that allows a hard working person to really flourish.

It doesn't matter what state you live in or what your level of education is. Hard works pays off so study this site and learn for free. Don't get frustrated even though there will be bumps in the road. The real estate industry is a tough one but with the right mindset and the right attitude you WILL find success. It might be in 6 months or 2 years but I promise that if you put in the work you'll be able to obtain the low hanging fruit sooner than later.