Your Questions About Mortgage Refinancing Companies

John asks…

Will mortgage refinancing company require my ckecking account statement?

John answers:

Yes

Donald asks…

What is the cost of refinancing with the same mortgage company? payoff 2nd & credit card loans?

I want to refinance my 1st mortgage with the same lender, pay off 2nd mortgage from another lender, get cash out for to pay off other loans. Total amount to borrow is $330,000.00. How much should the lender charge to do this?

John answers:

Z2008,

Just like previously posted, if you are going to use the same lender you already have an account with them – normally they do not charge for closing costs. Just make sure to call the Home Loan department with all your account information and ask them directly.

Hope this helps!
Daisy

Susan asks…

Are there any mortgage companies willing to REFINANCE someone with a great credit score?

We own a plum commercial building in the middle of the best part of the downtown area of a small town. I have top credit—over 800. My sister has about 780. We want to refinance. Our interest rate is 8.5%. Are there any reputable companies that will refinance for a much better rate??

John answers:

Call first and then visit mortgage brokers; ask if they do
commercial. Agree to pay no front fees whatever; no
app fees, no appraisal fees, credit check fees.
None; all of those should come of the new loan

Charles asks…

What is the 4506-T for in regards to a mortgage refinance?

I am a loan officer for a mortgage company refinancing one of my clients. He is stating his income as he is self-employed. One of the conditions required by the lender is a 4506-T tax form. I forwarded it to my client, but he is hesitant to submit this form in fears of being audited by the IRS? What is the likelyhood of this actually happening and what would need to happen for the IRS to take such drastic measures? Otherwise I’m not sure why this is a requirement from the lender…
Of course I haven’t been a loan officer for very long…if I had been in the industry for many years, I doubt I would be coming to Yahoo Answers to obtain smarmy replies from know-it-alls. But hey, you were all in the same boat at one point in your careers, right?

John answers:

I agree with boston. In the fact that you havent been a loan officer very long.

4506-T or even without the T is a form that allows a 3rd party, your lender, to verify what they make from the IRS. They submit the form to the IRS and if they are stating they make 5,000 a month on their loan application, and they are saying to the IRS they make 2,000 a month. Its loan fraud.

All lenders will request that form. Why? Because if it goes into default, they will check. Most lenders dont check before, but it gives them the right to check at anytime.

Nancy asks…

Why Don’t Mortgage Companies Refinance?

Instead of foreclosing on all of those sub-prime loans, why don’t mortgage companies just refinance the sub-prime loans into fixed-rate mortgages and keep money coming in, instead of losing it?
You know, I really don’t care if it’s the Bank’s fault for issuing mortgages they knew the borrowers couldn’t afford, or the borrower’s fault for taking out mortgages they knew they couldn’t pay. All I am asking is, doesn’t it make more sense for the Economy to work out terms that allow the borrowers to still make payments, rather than the banks losing all of that money, and the borrowers losing their homes?

John answers:

You are working under the assumption that the problem in the ARM (Adjustable Rate Mortgage) and not the borrower. The reality is that in most cases the borrower is the problem. Changing the type of loan doesn’t change this. The truth is that a lot of people were given home loans that should not have been given them. Mortgage companies are now realizing this. It makes sense for them to cut their losses, as heartless as that may seem.

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