how long does a lender have to fund the loan on a refinance loan after you sign the papers?
445320
Check you state laws... In California there is a 3 day waiting period.
1178741
Let me break this down for you.\n\nWhen you refinance the loan, the finance company needs to find someone to buy the loan.  However, they also want the money that you bring at closing to pay their own bills  ==> so what some businesses do is that they close you first at the agreed-upon rates and then they gamble that they can sell the mortgage at a profit to another mortgage company in a relatively short time frame (Fannie Mae, SunTrust, Bank of America, Countrywide,  Wells Fargo, etc.).\n\nI want to be clear.  Once you sign documents at closing, it is your obligation to make the mortgage payment ONLY -- even in instances where the refinance company can't sell the loan.  \n\nYou are NOT responsible for correcting their poor business judgment. If you closed on the home, both YOU and THE FINANCE COMPANY signed a legally binding document.  \n\nYou must make the mortgage payments . . . \n\nIn turn, the refinance company is responsible for servicing the loan until they can find a suitable buyer of your mortgage.  Then, when they sell your mortgage successfully, they are legally required to inform you of your new mortgagor\n\nIf the refinance company is NOT in the administrative business of servicing loans, that is THEIR problem -- not yours.  It only becomes YOUR problem when you relieve them of their obligation by signing NEW documents for a new refinance!!\n\nDon't do that . . . \n\nOnce the refinance company fails to pay your property taxes and insurance as documented in the papers you signed at closing, they have violated their duties as fiduciary of the money that you are paying in escrow on a monthly basis.  \n\nThey are also in breach of contract!  And this is a material breach of contract!  They probably are also in breach of several Truth-in-Lending laws as well.\n\nYour mortgage payment should include (principal, interest, taxes, and insurance).  The taxes and insurance portion of the mortgage payment is the amount that should be placed in the escrow amount on a monthly basis and paid to the appropriate parties when due. \n\nYou have to take care of business now, because they are in big trouble:\n\nFirst, make copies of:\n\n(1) the settlement statement you received at closing and/or Good Faith Estimate (hopefully, you should have both).\n(2) the insurance cancellation letters and deliquency notices, if any, from the county tax assessor's office.\n(3) any checks or money orders you made to the refinance company when you brought money to closing. (front and back copies)\n(4) any checks or money orders you paid for property taxes and insurance (front and back copies).\n(5) The truth-in-lending disclosure that shows the annual percentage rate (APR) of the mortgage and your payment schedule.  \n\nNext, contact the Attorney General of the state in which the refinance company is domiciled and report this immediately. \n\nPlease be sure to send a copy of this letter to the refinance company putting them on notice that you are on the case like Magnum P.I.  \n\nBe sure to send the letter to the refinance company CERTIFIED (no-need for return receipt) and keep copies of the receipts from post office.\n\nThe Attorney General will assign a case worker who will review all of the above-mentioned documents you sent them.  The Attorney General will contact the refinance company on your behalf and demand that they will respond to you and him usually within 30 days.\n\nNow, if this company is a big bank, like Wachovia, N.A., SunTrust, N.A., or Bank of America, N.A. or a federal savings bank, you can also send a letter to the COMPTROLLER OF CURRENCY for the state in which the refinance company is domiciled.   Google to get the address.\n\nThey will assign an investigator, who will get down to the truth of the matter.\n\nAnd lastly, do NOT sign any more documents.  They have screwed up big time and they want you to sign more documents to cover up their errors.  \n\nAnd worse come to worse, make a copy of this e-mail and take it
756627
It will probably be really difficult and even if you get one, the rate will likely be really high.  I would get a credit card for six months before I tried to get a loan, if I were you.  If that's not an option and you get a mortgage, I would refinance after 6 months because youre rate will most likely be lower (assuming you pay on time).
684629
There is not a certain length of time you need to wait to repurchase another home. There are some lenders that will allow you to get another mortgage very shortly after a foreclosure. Some have even gone so far as to accept a person that has completed a bankruptcy, the can get a loan after being out of bankruptcy for one day.\n\nWhere this 7 year thing comes in is that your foreclosure or bankruptcy will stay on your credit report for 7-10 years. In the past most lenders would not take a chance on you because of your credit, but things have changed and now there are some willing to take a chance on you.\n\nNow the thing you have to decide is if you want to pay the higher interest rate you will have to pay for you not protecting your credit and getting a negative on your report such as a foreclosure or bankruptcy. \n\nIt is worth it in my opinion and is better than paying rent to someone else where you derive no tax benefits and you own your own property with all the tax benefits.\n\nThere is another thing that you must remember also, all the interest and certain points and closing cost are tax deductable on your federal income tax. Check the itemized deduction page of your federal return it will say all interest you have a form from your mortgage company for then all interest you do not have a form for a mortgage company, below that is another line for points and other fees you paid to secure your loan. (Please check with your tax preparer or CPA for any tax advice) \n\nSo with that being said I see no reason for you not to purchase a home again as long as you are able to maintain the monthly payments, property taxes and annual insurance policy that is required by the mortgage company.\n\nYou should check with a mortgage "Broker" that have programs for those individuals that have had a foreclosure or bankruptcy, tell them up front about your credit problems. There are some mortgage "Brokers" that specialize in individuals with poor or no credit. Make sure that you get one that specialize in these type loans, other wise you are wasting your time. \n\nOnce you have successfully made your mortgage payment for a complete year at the high rate you will have, you may refinance to a lower rate if you so desire. The key here is that you must have paid your mortgage on time without a 30 day late. \n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
594405
You can always refinance.  If your current loan has a pre-payment penalty, that may apply however.
78501
Personally I would wait, but it really depends on why you need to refinance.  If you REALLY need the money for bills or something of that nature then it may be worth it to refinance.  Everyones situation is different and if you only wish to refinance for a rate reduction look at it this way:\n\nLets assume your home is worth $400K\nIf you're paying a higher rate such as 11% because of credit issues or you got a terrible deal your monthly payment on a 30 year fixed is $3,809.29 (not including taxes and insurance.\n\nIf you refinance out of that rate and into 6% because of improved credit your monthly payment on a 30 year fixed is $2,398.20 (not including taxes and insurance.\n\nThat's a difference of $1411.09 and over 8 months that adds up to $11288.72\n\nSo, unless you REALLY are behind on bills and have to consolidate immediately it's going to be cheaper for you to wait.
63484
It depends on when your ARM's fixed interest rate period is set to expire.  As a mortgage professional I always recommend that my clients refinance out of an ARM after the prepayment penalty period expires if there is one and when the initial low fixed rate period is over.  If you're credit is in good shape you may qualify for a similar rate on a 30 year fixed mortgage.
478460
It is a rate commitment loan. Say by the time of closing you have not closed than you could be charged another fee until it is. Usually it is for 30 days and within that 30 days your interset is set at one rate...K Usually for home loans
1136030
Yankee has it right.  Regardless of who is on title, the original Trustors (the people who took out the loan) will remain the same and will still be liable for the loan.\n\nYou can, however, as a long shot, ask the bank to do a modification of the Deed of Trust and take you're ex's name off.  It's rare they'll do that though.  They'd rather make money on having you refi.
648324
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
408639
This depends on a number of factors. First your pre-approval was determined on the state of your credit report at this time. You approval depends on your debt/income ratio and your credit history. It takes into account how many cards you currently have an obligation to repay. Often creditors like to see you having cards and how well you handle them, but too many obligations could scare them off. If you are simple consolidating into one loan, without adding to your overall debt to income ratio, then I see no reason this should harm you. If you are considering taking out more credit, then it would hurt you.\n\nHowever, if you could wait until escrowww closes, I think this would be a safer option. Usually it takes 30 days to close escro on a home purchase. I would get out there and find the house I wanted and close escro, then consolidate cards and other debt into one loan. I think it would also be easier to do so when you have purchased a home. It is always in your best interest credit wise to own rather than rent. When you own you are creating more assets in the form of equity. Lenders like to see your overall financial state and building equity is rather like money in the bank. \n\nI suggest you seek out a financial adviser, pay the fee for a professional opinion and not rely on what is written here.\n\nI wish you all the best life has to offer.
560188
Yes. The person on the title can block your attempt to refinance.\n\nYou can wait to sell, but he will have the same veto power over any contract offer as well.
813190
Most of the disclosures are required to be signed within 3 business days of application.  The Good-Faith Estimate, Truth in Lending, Servicing disclosure, etc... would fall under these rules.\n\nIt's possible that some state-specific forms are required at time of application, though.
713780
Check your contract. Legally they may repossess it one day following a missed payment. However, many contracts specify 30 days.\n\nEven so, many lenders do not repossess that quickly, especially if you call and ask them to work with you to get caught up.
322201
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline.  However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one.  It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions!  Keep asking, information is free!
907320
from my point of view,i just refinance my house and from 3 people that i saw to do that,nobody told me that i can actually save the money i'm going to spend in closing costs,by the 1 or 2 months that you are not going to be having payments until the new effective due date from your new loan payment
796695
It really depends on where you go to apply. \n\nIf she is gouing to be on the loan, most companies will require it paid off at closing, while others may just consider you a higher risk and charge a higher rate. \n\nI would reccommend settling it, even as much as I'm sure you dont want to, it will go away forever if you do it correctly. \n\nHere is a good website that has free settlement offer letters you can download, fill in and print. http://www.expert-credit-advice.com/ They also offer the service and do a good job: \n\nIf you dont settle it, it is bound to continue to cause you and your girl problems later......... \n\n\nGood luck.