UnThreaded | Threaded | Whole Thread (29) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Re: Here's what to expect... Date: 10/14/2012 8:41 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
My personal anecdotal information from the trenches (1 recent refi of my current loan, 1 traditional purchase in progress for me, and 1 traditional purchase in progress for my BF, all at least 20% equity/down payment) tells me that for those who are well-qualified, getting a loan can still be pretty quick and easy. In fact, my BF asked to have his closing a week before originally specified in the contract, and the lender was easily able to accomodate that request. Heck, I don't even have to have my current house on the market or under contract, much less sold, in order to qualify for my new, significantly larger mortgage, because even with both mortgage payments (and no other debt), I'm still below 25% DTI (gotta love the low interest rates). And that's even with the processor only counting my easily documented monthly salary income, not the income from bonuses at my job, or my investment income, because she said it would be easier if we didn't count that and it wasn't needed for me to qualify.

Same financials for us, except looking only for 50% of value on a refi in a great area, with no problem with appraisal, no debt beyond this mortgage, and plenty of cash in the bank to pay off the mortgage if we preferred. Still was a PITA. Perhaps it boils down to who you use. The guy we used at Amerisave was basically a salesman who did little more than push our docs to the people who actually looked at them.

IP
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (29) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Post of the Day:
Berkshire Hathaway

Is the Market Overvalued?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement