w*****y
发帖数: 100 | 1 Hi,
We are in the middle of refinance process. We have 2 loans total. 1st
loan is 80%, 2nd is 10%, so we avoid to pay PMI when we purchased. We
only refinance the 1st one right now.
The current lender offers 4.75% for 30 years fixed with 0.125% point.
Although it's higher than the other offers I got (4.5% with 0 point,
4.25% with 0 point etc). But according to the refinance agent of the
current lender, these are the advantages for refinance with current
lender:
1. We don't need to pay Escort account fee since it's the same lender,
while others guys charge 3k+ escort account related charges.
2. The problem is that the 1st loan is more than 80% of the house
current market value. So if we use other guys, we will need to pay PMI,
which is likely $100+ per month. According to the (current lender's)
refinance agent, we don't need to pay PMI if we refinance with them
because of some kinds of Home Affordability program.
So, overall, refinance with the current lender seems to be a good option
(even though the rate is higher, but no PMI and less closing cost).
My question is:
1. Is there such a program so that we don't need to pay PMI? I never
heard of it before.
2. Is the whole escort account charges thing reasonable?
Thanks! | d******n
发帖数: 2712 | 2 LZ列的优势是现在这个lender鼓吹的？
不知道LZ在那个州，不过对于NJ，NY和CA，我都没见过charge 3K escrow fee的。
escrow账户里需要存些押金，基本上是2个月property tax。不过，这些钱还是客人自
己的。refi使用一个新的loan代替一个旧的loan，原则上是开一个新的escrow，之后关
闭旧的escrow，结算退钱给客人。基本是同一个lender都是这样操作的。
另外，如果是appraisal value降低了，又是最近一两年买的房子，估计是无法避免
Mortgage insurance的，如果是早些年买的，还有可能take两房的特殊program。
在房价跌了的情况下总的LTV可能高过90%，这样，2nd loan是否批准subordination都
是未知数，如果subordination做不下来，也别想refi。 |
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