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  1. It’s a Fannie Mae conventional mortgage from 2012.
  2. Planning on requesting an appraisal to get rid of PMI because house has increased in value and I’ve paid down principal. I have a Fannie Mae conventional loan currently serviced by Nationstar (Mr. Cooper). Will appraisal be a normal in-person appraisal or a drive-by or computer-generated appraisal? Do I need to get the house in tip-top shape first? Have a few minor repairs and probably a room or two to repaint to max out it’s appeal. Thank you!
  3. I had Blue Cross insurance earlier this year but stopped paying the premiums once I started a new job that provided health insurance, assuming that my Blue Cross policy would just be canceled. Blue Cross just sent me to collections for the past premiums. Is this possble? I did not use this insurance after I stopped paying the premiums. Thanks.
  4. If your mother has a Fannie Mae or Freddie Mac backed mortgage, she may be able to refinance with the same servicer under the Making Home Affordable Program aka HARP. Not 100% sure about the new HARP 2.0 rules, but in some instances there is no income verification required. Maybe if going through the same mortgage servicer and/or if monthly payment is not increasing by more than 20%. I am currently in between jobs and plan on trying for a HARP loan next week.
  5. Originally financed my home 100% with a 30 yr. fixed Conventional/Conforming Mortgage for $249,000 at 6.375%. PMI is included in my monthly mortgage payment. Mortgage is either owned or guaranteed by Fannie Mae per the Fannie Mae website. I pay my mortgage to Chase each month so I presume Chase is likely the servicer. The loan was originally through Philadelphia Mortgage who then immediately resold it after the closing. Currently owe $229,000. Current Market Value Estimates range from $246,000 (Chase) to $255,000 (Zillow). Personally, I think the house could go for that range but could also go for as little as $239,000 based on what I've seen the houses in this neighborhood going for. I am looking for a Refinance under the MHA/HARP program and not a Modification. So here are my questions: 1. Does PMI automatically disqualify me from the MHA Refinance program? Based on my web searches so far, it looks like many people are being turned down because of PMI but I am not sure if it is only those with Freddie Mac mortgages that are being declined or if everyone with PMI is being declined. 2. Would a MHA Refinance negatively impact my credit score? Read somewhere that after MHA, the mortgage payment is reported as partial payment, but not sure if this was for a MHA Refinance or for a MHA Modification. 3. Must I apply for the MHA Refinance through Chase or can I go to any place that is part of the MHA Refinance program? 4. Is there an income cap requirement, that if you make more than a certain amount, you are excluded from the MHA Refinance program? 5. Has anyone had any experience with MHA Refinance. Was it successful? How long did it take? Any surprises? Any tips/recommendations? Thanks!
  6. I currently have conventional 30 yr mortgage fixed at 6.375% with Chase Home Finance. Original loan was for 100% at 249,000. Currently owe about 231,000. Chase & Zillow home estimators put the current value at 252,000 & 259,000. Received flyer in this month's mortgage statement stating that I meet the preliminary criteria for our streamlined mortgage process with reduced income and asset documentation. The offer states that I may be able to refinance my loan much faster at a competitive rate. Also states that I received this offer because of my mortgage relationship with Chase, my mortgage payment history, credit history, and because they believe my home value will meet the streamline guidelines. Has anyone refinanced with Chase under this offer? Is it worth pursuing or is it just a marketing ploy to collect an application fee without ever following up with the actual refinance? Thanks!
  7. Lender: TruMark Financial Credit Union Lender Website: www.trumark.org Your State: PA CRA(s) Pulled: EX (will not pull EQ or TU if requested) Your Score(s) per CRA(s) Pulled: 677 - regular FICO; Do not know Auto-Enhanced FICO New or Used Vehicle: New Approved Amount: $27,000 - the amount I requested Approved Term: 60 mo/72 mo Approved APR: 6.24 (60 mo)/6.99 (72 mo) - if autopay from checking account; 6.49/7.24 - without autopay Monthly Payment: ~ $525.00 (60 mo)/$460.19 (72 mo) - estimates, haven't purchased auto yet Additional Pertinent Comments: credit score of 700+ gets the "A" rates
  8. Does anyone have any experience with the Freedom Credit Union (FCU) in the Philadelphia area? I am thinking of using them for a new credit card and an auto loan for a new car. I did not find any info about FCU in the Creditpulls database or via the Search function. I have FICO scores ranging from 657 - 683, one open revolving account, one open mortgage account and two open student loans - all paid as agreed. I have several closed student loans that are paid as agreed (were consolidated into the two open student loans). I also have several old paid charge offs and collections which will fall off in the next twelve months - these were paid off to obtain the mortgage and before I found Creditboards. No late payments in the last two+ years. Any information will be helpful. Thanks!
  9. samsid


    Last summer I consolidated my eight student loans into two. Two new trade lines appeared for the new loans and the original eight loans appeared as closed trade lines. It took about a month or two for all this to be completely reflected on my credit reports. Also, it didn't seem to have any impact on my FICO scores.
  10. Problem: CA/Credigy (CREDREAPP) is reporting an outstanding balance to Equifax for a settled account and has just increased the balance reported, apparently charging interest on this account. Facts: - This summer I had to settle an old charged-off Discover account with Credigy via First National Collection Bureau to obtain a mortgage. This account was not past SOL. - The total balance due was $7615 (inflated of course) and was settled for $5331. - I have the settlement offer letter as well the letter after the fact stating that this account is now paid in full and that no money is due to either Credigy or First National Collection Bureau. - I have not received any further calls or letters regarding this account after it was settled. - I live in Pennsylvania where I believe a CA cannot resell or come after you for the remaining balance on a settled account. Questions: - Can I get Credigy to go away without paying any more money? - Is Credigy violating any law by reporting the outstanding balance and apparently charging interest? Can I sue them :twisted: ? Thanks!
  11. Background: Two weeks ago I received a commitment letter from a mortgage banker for a FNMA FLEX 100 30 yr fixed loan via an automated system, Desktop Underwriter. Closing is this Wednesday, July 14th. Today I was organizing my mortgage papers for closing when I reviewed a copy of the credit report pulled by the mortgage banker last month. On it, my six student loans were reporting as deferred with a zero balance although I had consolidated these six loans into two (subsidized & unsubsidized) and these loans total 34k. The new loans were not on his report. When I checked my CRs before pre-approval, the balances were accurate. I have since made one payment on the consolidated loans. After pre-approval I told the mortgage banker that I was consolidating these loans so I wasn't sure if they were reporting correctly on my credit reports and I wanted to know if this would be an issue and if my student loans were added in to the equation. He said not an issue and yes, they were added in to the equation. When I later provided the required docs (W2's, paystubs, tax returns, etc), I also offered the consolidation letters and he said they weren't necessary. He is young and did everything so fast that I am concerned that he saw the zero balances and then disregarded the loans. I am worried that this may be an issue between now and Wednesday. I wish I noticed the zero balances earlier but I've also been busy interviewing for a better paying job in same profession which I start next week after closing. I'm leaving my current job on Friday. (The income from my current job was used for the mortgage application.) Questions: 1. Does a mortgage bank verify open accounts, including student loans with zero balances and status of deferred, even when using an automated underwriter? (I sure hope so.) 2. If the new consolidated loans should show up on my credit report when he rechecks my credit this week for new tradelines prior to closing, would this be a show stopper? He says he doesn't check the credit score again so the score impact is not a concern. After I get the mortgage, my DTI ratios would be about 27% / 37% with my student loan included and current income. With new job, ratios drop several percentage points. Thanks!
  12. Hi - Last week I received a commitment letter from mortgage banker for FNMA FLEX 100 30 yr fixed loan. Closing is next Wednesday, July 14th. Will the lender pull my credit again to see the latest credit score just before closing? Why I am asking: My middle credit score just went down 15 points either from the initial mortgage credit pull or from fixing an incorrect balance for an old paid chargeoff. The DOLA did not change, only the Date Reported as well as the balance was changed from $471 to $0. The other two credit scores did not change after being updated similarly - go figure. I believe that I still qualify for same loan but am now a bit worried. Thanks!
  13. Have been preapproved for a 30 yr fixed rate loan at 6.375% as well as an 80/20 loan (80% at 5.75%, not sure about the 20% since I was leaning towards fixed rate at the time). Plan to make an offer on a house tomorrow but would like to reduce the monthly payments so I have more of a safety cushion each month. Because interest rates seem to be trending upwards, is it wiser to pay points to reduce my fixed rate or should I consider an 80/20 loan? I plan on staying in the home 7+ years. Thanks!
  14. Would like some feedback as to the settlement costs provided in the GFE I received for a $255k 30 yr fixed rate loan @ 6.375% with no money down. I live in the Philadelphia suburbs. Thanks! Items Payable in Connection With Loan Loan Origination Fee: 1% - $2550 Loan Discount: 0.5% - $1275 Appraisal Fee: $275 Credit Report: $13 Application Fee: $18 Documentation Preparation: $350 FNMA Desktop Underwriter: $30 Flood Certification: $16 Title Charges Notary Fees: $30 Title Insurance: $1633 Conveyancing Fee: $250 Endorsements: $150 Gov't Charges Recording Fees: $180 PA State Transfer Tax: $2550

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