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Amomof5

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  1. I'm sorry for sounding ignorant, but I promise I did look through threads and do a search before I resulted in posted a new thread. I couldnt find what I was looking for as it seems the info has changed so much. Is myfico still the best place to get fico scores? we dont have any accounts/cards that give us free monitoring and we arent paying for any current monitoring. I used to just pull it at myfico, but after reading some threads I'm kind of confused because I am walking away with the impression they are as reliable as most fako's. Is this accurate? If so, where is the best place to pull fico's. Also, what is the c* list? I tried to do a search to figure it out, but my parameters were too broad and it wouldnt pull anything up. oh, and 3rdly, is Penfed still pulling EQ? We are looking at getting a loan and last time (years ago) they pulled EQ, I was wondering if they were still pulling them or if they pull from one of the others now? Thanks in advance for all your help.
  2. Thank you both. I was sitting here thinking.... if our home value is 480,000 then to refi for a 15 year with no PMI, we need to have it paid down to about $427,000. I know there is no prediction of where interest rates will be in a few years (do we project they will still be relatively low?), but would it possibly make sense to pay it down to $427,000 over the next year or 2 (with extra payments) and then refi into a 15 year FHA streamline? I think I read somewhere that a 15 year or less FHA with a LTV of 89% wouldnt require MIP?! Am I flawed in this course of thinking? Where do I find these handy "break even" calculators or instructions? Our current mortgage is with Bank of America, and while we havent had any problems with them, they havent really been too helpful in figuring out any refi options. The branch manager actually told me he isnt allowed to solicit any refi options to me because of the type of loan we currently have (FHA), I have to ask him... but we are STILL waiting for a phone call with options(3 weeks now) after we did ask him about it.
  3. We closed on our house June 16, 2009. We have a 5% FHA 30 yr fixed loan. Credit score over 700. Been at same job 6 years. We would love to take advantage of a refi, but I'm really confused if it is worth it. We purchased our house for $479,000 and it is paid down to $448,000. We bought when the market had close to bottomed, so while we dont have much equity, the value is close to what we owe/paid. We have heard about the FHA streamline, which seemed like a good way to go, until I read here about the changes in MIP. I will admit, I dont really understand the MIP. I thought when we got our loan, they said we would have it for 5 years, but as I read here, it seems like most people have it longer? And then there were the new MIP law changes, so how would that affect a refi? Is it even beneficial to consider a conventional refi? Should we just stay with our 5% FHA and be happy? We are in northern VA if that matters at all. Thanks in advance for any help/direction you can give us.
  4. it took us 13 weeks from the time we sent it - 12 weeks from the time they recieved it.
  5. I'm trying to find a good online calculator that I can plug in different payment options or extra payments and it will show me how many months it will take off my mortgage loan. Any good suggestions?
  6. It was for September. When they could not find my check I paid the Sep payment a 2nd time. Both September & October are paid. There are no lates. What is going to happen is (for example) I'll make the November payment and several days later they will process the old check I wrote in Aug and there may not be enough funds in my account to cover it. Gotcha! Since they said they located the check and will cash it soon, can you just let that be your November payment? Also, talk to your bank, maybe they will waive the canceled check fee as a 1 time courtesy if you explain the situation - seeing as this is out of your hands and not really your fault.
  7. Yes, here is their fee structure- "This is also to inform you that $6.00 assessed was a Mortgage Pay on the Web service fees. There will be no charge for using this service during the first 1/3 of your grace period (1st - 6th). Payments scheduled for the second 1/3 of your grace period (7th - 11th) will be subject to a $3.00 service fee and payments scheduled for the last 1/3 of your grace period (12th - 16th) will be subject to a $6.00 service fee, unless prohibited by applicable law." I had to speak with 2 reps today to have the $6 fee credited to me. They said this is a 'one time courtesy.' The problem is that I made a payment by check on Aug 21 by mail to TBW because their site was not accepting online payments & I had not as yet been notified that BOA was my new mtg holder. The check was for my Sep payment. That check is still unaccounted for. BOA told me today that my check has been located (where is it?) and will be processed within 60 days. Well shoot, the check is already close to 60 days old. I waited to darn near the late fee date to make the Oct payment because I'm afraid the check will show up & then there will be two drafts for the month. I do not have the funds in my account to cover 2 mtg payments. That is why they assessed a $6 fee for the online payment. So they are basically telling me there is nothing they can do to remedy this situation. If I can't cover 2 mtg payments in one month they said I should put a Stop Payment on my check. Why must I incur a $25 Stop Payment fee when I was trying to make a payment on time and as per TBW's instructions (at the time) on their web site? Frustrated. I'm confused. what month was the payment for that you wrote the check on August 21st? I'm assuming you didnt send in October's payment on August 21st, so the payment was either for your August or September payment, and thus if the money was in your account when you wrote your check, and you havent spent it, then you should still have the money in your account to cover the check - whenever it ends up being processed. If you spent the money, then yeah, you'll have a double payment eventually - whether this month or next or next... at some point, they are going to make you catch up or not only will you accrue late fees, but you'll get 30 day lates or 60 day late dings on your CR. I wouldnt mess with it. If you arent caught up with the payments, find a way fast to get the money in there so you will be when the check cashes.
  8. We mailed ours to Atlanta on July 6th. IRS received it on July 9th. We received our check today in the mail - 14 weeks from the date we mailed it. YAY! So relieved to have it. Off to savings it goes.
  9. WOW! I have kind of wondered about an unofficial audit. DH has been calling every week. It is week 12 for us. On friday when he called they told him that it was in the "last phase of processing". I have not heard anything about "phases" of the processing. Thought it was a simple process. DH was told the last phase could take 2 - 3 weeks. I have been scratching my head about why it would take so long, but this could be the answer. Our 2004 tax year was a doozy as we lived in 3 states during that 12 month period and taxes were not fun and were very complicated. After that it has been pretty easy and cut and dry. I've wondered if they were doing some kind of audit. Sigh.... I guess we will find out soon enough.
  10. We are on week 11 and are told it "Still has not been processed". I know the turn around is varying widely. Some people received theirs shortly after a month, others it has taken up to 12-16 weeks. We are falling into the later category, so I really wouldnt plan on it before 4 months just to be on the safe side.
  11. 8 weeks since received by IRS and STILL waiting......
  12. No welcome letter from BOA yet, but when we log into TBW website, it says our loan was transferred to them. SO, no welcome letter, but I did receive a not very nice phone call from a snotty collection rep at BOA stating I better pay today for August or I'll be hit with a 30 day late. I already mailed my payment in to BOA 2 weeks ago (have the reciept confirmation) but it has not cleared my account yet. I told him he needs to get the 411 on the new TBW transferred accounts before he starts harassing new customers who had no choice about wether or not they were going to be in business with BOA and that he also needs to get clued in on the 30 day late policy BOA has in this case. After he put me on hold and checked with his supervisor, he came back and clarified we wouldnt be getting a 30 day late and that we needed to send a new payment since the old one hasnt cleared. Gotta love that good ol' friendly BOA CS I have come to know and (Cough) LOve. He did give me the new account # but DH is calling the mortgage department about our payment. Guess he should verify our escrow info and balance info as well.
  13. Yep! We got this letter in the mail too!
  14. Alot of sellers here where I live want an approval from a large well known bank but dont care who you actually go through to get your loan. They just want to know that the approval is legit and are weary of the smaller brokers. We were advised by our real estate agent to get a preapproval from a major bank just for this reason. So, we did. We got a pre-approval from Wells Fargo, but went with a different broker for the actual loan. As far as will you get the loan or have any problems? well, I dont think anyone can tell you that for sure except the underwriter. If your broker feels confident he can get you the loan, then I wouldnt worry too much at this point. I have heard of people getting mortgages with DTI's into the low 50%, so I dont think it is out of the question, but I am no expert, nor do I work in the field. I think if your broker got an auto approval you have a better chance.
  15. We dealt with that on a few properties. The ones we had the most compitition for were the foreclosures because everyone was wanting a piece of the supposed "deal" to be had with a foreclosure/short sale. We ended up buying a regular sale home and it went much more smoothly. we lost out on 3 homes before we found the one we ended up buying and I'm really glad we went this direction. We did pay slightly over asking (so we could get a small portion back for seller assisted closing costs), so we didnt get a great "deal" as far as negotiating a lower price, however, compared to what this house was worth several years ago, we are getting it for a few hundred thousand less, so that is the "deal" we are getting. we put in our contract within a week of it being on the market, and I found it, not my realtor (I started looking at houses for more than what we told our realtor we wanted to spend, so she wasnt looking at homes in this price range for us). So it still went fast. I couldnt be more happy though. Hang in there. you will find something you love. FWIW, 2 out of the 3 homes we put in offers on and were beat out on, had their "chosen" offers fall through and we could have ended up purchasing if we had stuck it out. Apparently, this isnt that uncommon. So put in your BEST offer, even on more than one property, and then wait (but keep looking) and dont pull any of the other offers until you have a signed contract in hand on a property you want. In the area I live in, this is a very common practice. Good luck and dont get too discouraged.
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