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It's a refi. You don't HAVE to close until they fix it. Seriously. Make her tell you which MI company it is. Then ask her to go with Radian. I don't work for this company, they are just cheaper and faster and can issue the policy in a day.
Interesting that they are predicting when you will hit 78%. Weird.
They aren't predicting it, i simply predicted it using standard amortization schedule.
So you are saying, stand my ground and ask for it to be changed? This can be accommodated? Is she bluffing when she says to scrap the deal?
Is there any reason for me to believe this wasn't an "accident"?? If its so simple to change, why cant she just change it? Why go through all of this hassle? What is she protecting?
That looks good,especially in light of this week's stock market explosion. This is such a fixable thing, though - have you had any contact with the Processor, they typically handle the MI part, and it would seem that, like most companies, they have access to several MI vendors.
That looks good,especially in light of this week's stock market explosion. This is such a fixable thing, though - have you had any contact with the Processor, they typically handle the MI part, and it would seem that, like most companies, they have access to several MI vendors.
No just my loan officer. she has been very upfront and honest (i think) thus far. I have had my guard up but she has taken time to go over an explain everything. I simply want to know why she cant get me a new quote for the correct MI. There has to be something she is hiding. Have you ever heard of anyone cover the difference out of pocket?
Not every loan officer can choose the mortgage insurance company and rates do vary. Your credit score is 725 - the rest of those numbers are meaningless. (lowest of the two middle scores). The difference is you dropped a tier when they were pricing the PMI. Did they have to update your credit for any reason? As a general rule, we can't let buyers select the lowest coverage, we would be log-jammed and you would start hearing about 1 week+ turn around times in underwriting.
Quite simply, you need to evaluate the rate if you were to walk away, would your credit scores hold thru a change of lenders and would the new lender be able to support the lower MI rate? These are some of the questions to ask, not to mention the aggravation factor. You have 3 days to change your mind. Time to make some phone calls (and get your credit pulled during the rescission period).
LO says MI is through Essent. Like SmartMoney mentioned above, LO says their preferred lender (due to rates and fee structure) mandates they use this MI. PFHTex, LO says they could go MGC Radian etc but it would have to be through another lender which isnt as competitive overall.
Now as for the mistake in MI rate, LO says it was an honest mistake, and sent me both quotes. One is checked off as purchase ($124), the other as Rate Term Refi ($149). LO says when they sent me the info previously, it was an honest mistake they clicked purchase instead of Refi. Just like you said PHFTx, the credit score used is 729 (lower of the middle scores).
Now, that being said, LO says lock to conversion ratio is very important to them, and with that, they are offering to pay me the difference (roughly $1600) in MI charges until the theoretical 78% mark in a check when the loan funds.
All this being said, thoughts? Wise for me to proceed? Or all BS?
The stock market has gone insane this week, and you have a strong deal, MI notwithstanding.
I'd just wrap it up, let them cut me a check, and get on down the road.
Just my opinion. The pain/time/hassle/market unknowns of starting from scratch, having to pay for another appraisal, etc. - I'd sooner just take the cash and sign.
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