Another Refi Thread
Hey so I contacted my bank (Wells Fargo) today to ask about refinancing, and it doesn’t seem like that good a deal. They wanted a point, an appraisal, new title insurance… they said closing costs would amount to like 10K, for a rate of 5.75%. Doesn’t seem like that good a deal. I live in…
Hey so I contacted my bank (Wells Fargo) today to ask about refinancing, and it doesn’t seem like that good a deal. They wanted a point, an appraisal, new title insurance… they said closing costs would amount to like 10K, for a rate of 5.75%.
Doesn’t seem like that good a deal. I live in Bed Stuy, so will definitely be trying HSBC’s Community Works program.
Anyone else getting better news? If so, where?
I don’t totally understand why they won’t assign (cema) to another bank. It has absolutely no bearing on the loan performance (it may actually be better for the borrower as they are not taking as much cash out to cover closing costs.)
I’m not 100% on the fact that they will allow an HSBC to HSBC refi and CEMA. I can see them doing this as a way to keep their existing clients by essentially forcing them to refinance with HSBC or pay the mortgage tax by going elsewhere.
Why wouldn’t they do CEMA on their own loans? That makes no sense. Is it just another way to slow things down?
Adam Dahill,
Thanks for the info. I totally don’t speak your language, though, and have a lot of question about what the words you say mean.
CEMA? Coupons? Lock?
I need to go google some stuff before I talk to you…
Thanks Dave, I’ve got you on my tickler (no pun intended.)
vanburenproud-Wells and all the major banks have more business than they know what to do with so they are artificially keeping rates higher to slow the volume of new apps.
Rates spent the past 2 weeks going higher but have subsided today. We actually had mid-day price changes for the better today. The Fed was buying Fannie 5.5% coupons last week and today they were buying 3.5% and 4% coupons.
My suggestion to you would find someone that you like and trust and work with them while floating the rate. The best pricing is on a 15 day lock. Big difference btwn the 15 and 30 day locks these days. It’s going to take weeks for the CEMA to come back on top of the longer than expected turntimes for loan approval, appraisal, and the clearance of conditions.
HSBC community works is a good program IF you can qualify for it. One thing you need to watch out for is that HSBC has started as of recently to not allow CEMA on their existing loans which is causing quite a problem for those looking to refi and finding out that they have to pay 10+ in additional closing costs. I have already drafted a letter to the VP of HSBC as well as Arnold Diaz of Shame on You about this issue.
adahill@approvedfunding.com
Thanks Dave, I’ve got you on my tickler (no pun intended.)
vanburenproud-Wells and all the major banks have more business than they know what to do with so they are artificially keeping rates higher to slow the volume of new apps.
Rates spent the past 2 weeks going higher but have subsided today. We actually had mid-day price changes for the better today. The Fed was buying Fannie 5.5% coupons last week and today they were buying 3.5% and 4% coupons.
My suggestion to you would find someone that you like and trust and work with them while floating the rate. The best pricing is on a 15 day lock. Big difference btwn the 15 and 30 day locks these days. It’s going to take weeks for the CEMA to come back on top of the longer than expected turntimes for loan approval, appraisal, and the clearance of conditions.
HSBC community works is a good program IF you can qualify for it. One thing you need to watch out for is that HSBC has started as of recently to not allow CEMA on their existing loans which is causing quite a problem for those looking to refi and finding out that they have to pay 10+ in additional closing costs. I have already drafted a letter to the VP of HSBC as well as Arnold Diaz of Shame on You about this issue.
adahill@approvedfunding.com
Call Adam Dahill…his contact details will be found on his profile under other mortgage Forum posts. he seemed to have excellent rates. I haven’t decided to refi yet because my existing rate is still low. Holding out for lower,,,,if they come. Not sure if we haven’ytalready seen the lows yet.