For my recent mortgage refinance, an appraiser came and did a full appraisal for my home. It cost $500. Here’s what the various home valuation web sites said what my home was worth, compared to what the appraised value was: % of Appraised Value Range Zillow 120% 107% – 130% Cyberhomes 100% 90% – 115% […]
Mortgage Refinance Completed
My mortgage refinance is completed. I called the servicer for my old mortgage and they told me the loan was paid off as of Wednesday. The payoff amount matched what my HUD-1 closing statement showed except the servicer took $57 from the payoff amount as fees for recording the lien release with the county. They […]
Signed Mortgage Refinance Documents
I signed the documents for my mortgage refinance yesterday. A recap for the process since the beginning (sorry for lack of updates when I was on vacation): Week 1. Found a good rate. Filled out application. Week 2. Locked rate. Signed disclosure documents. Faxed supporting documents. Week 3. Home appraisal. Decided against waiving escrow for […]
Is an Escrow Waiver Fee Worth It?
Last week was week 3 for my mortgage refinance. Here’s what happened in week 3 with a brief recap for week 1 and week 2: Week 1. Found a good rate. Filled out application. Week 2. Locked rate. Signed disclosure documents. Faxed supporting documents. Monday May 4, 2009. An appraiser came and did an appraisal. […]
Mortgage Broker vs Mortgage Lender
My mortgage refinance process is continuing. Here’s what happened in week 2 with a brief recap of week 1. Week 1. Found a good rate at National Mortgage Alliance (NMA). Received quote on GFE. Filled out application online. Monday 4/27/2009. Rate lock confirmed. 4.5% for 15-year fixed. Lender credit covers all closing cost. Escrow waiver […]
Waiting For a No Cost Mortgage Refinance
Ever since late last year, there have been numerous news reports about the mortgage rate going to 4.5% or the mortgage rate reaching historical lows. The headlines read Treasury mulls plan to lower mortgage rates to 4.5% (CNN, 12/4/2008), Mortgage Rates Fall to Another Record Low (Fox, 4/2/2009), and so on. Then how come I […]
Refinanced to Foreclosure
I heard this on the radio on my way home last week. A lady called a talk show program about her foreclosure story. I’m paraphrasing here: The bank foreclosed my home recently. It was my family home of 35 years. I raised my kids in it. I love it. The bank was WaMu. I begged […]
Mortgage Loans Around the World
In so many articles about the housing and mortgage crisis in the United States, adjustable rate mortgages (ARMs) are invariably mentioned as one of the culprits. People can’t pay when the interest rate on their loan resets. The words ARM and dangerous are often used in the same sentence. Should ARMs bear the blame though? […]
Who Really Robbed FDIC $6 billion
I asked on Monday who robbed FDIC $6 billion from the IndyMac Bank failure. Too bad more of you didn’t chime in. Come on, don’t be shy. It’s not fun if it’s just me yapping all the time. Anyway, here are my thoughts. 1. Defaulted Borrowers. IndyMac took in deposits and lent out the money […]
Who’s MERS and What Do They Have To Do With Me?
I received a notice yesterday from my county recorder’s office. It has something to do with my recent mortgage refinance. Here’s what it says: "KNOW ALL MEN BY THESE PRESENTS, that certain Deed of Trust described below provides that the holder of the Note secured by said Deed of Trust may appoint a successor Trustee […]
Mortgage Refinance Documents: OMG What Did I Sign?
I closed my mortgage refinance last month. I often hear the media saying that people who signed up for an adjustable rate mortgage (ARM) didn’t know their interest rate can adjust. Well, make no more excuses. I’m going to list all the documents I signed at closing and explain what they mean. This way anybody […]
Mortgage Refinance: Closing Process Explained
My mortgage refinance has been approved by the lender. Now it’s time to pick a date for signing the papers. Is any day of the week better or worse than others? Yes, if you want to avoid paying extra interest on a large sum of money. The federal law (15 USC 1635) says if you […]