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Need help w/GFE please.


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Need help w/GFE

 

In the 38th month of a 42 month BK-13 Plan. I just started a business with very little income to show on paper ( last 2 yrs) and would like to payoff my BK and have $10k cash by refinancing or equity loan etc. my scores are about 600-610 and my home is worth about $115k with a balance of 83K. What are some of the better choices for me at this time. I did get a GFE from Dana Capitol. They sound like a predatory lender that help put people into BK. Below are the GFE numbers I received. They sound wacked out??? what do you guys think. I think it was a ARM 2/28io? 88.542% LTV? What other options do I have in my situation?

 

Loan Org Fee -

Loan Discount -

Appraisal Fee (325)

Mortgage Broker Fee 3.5%=2975.00

tax related service fee 89

Processing fee 495

underwriting fee 495

wire transfer fee 22

Application Fee 795

Courier 37

Doc Prep Fee 200

Attorney fee 750

title fee 700

Recording fee 200

Est. Closing Cost 6758

Hazard ins Premium 354 3/mo

Tax and assessment Reserves 300 3/mo

Est. Prepaid Items/Res 937.33

 

Funds to you 19,700k

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When you are in a BK and want to refinance, or purchase, the only options that come to mind are FHA (which require your income to qualify debt ratio-wise) and sub-prime loan programs. Since you say you show very little income I'm venturing to guess if you had to show verification of income with tax returns your debt ratio would be a bit high, which would probably eliminate FHA. That leaves sub-prime, which sounds like what's being offered to you. Sub-prime loans aren't bad, they are mainly used as "band-aid" loans that allow you to re-establish your credit so you can qualify for conforming loan programs.

 

Dana Capital is a national scale brokerage firm with hundreds if not thousands of branches operating underneath them. Some are lone individuals and some are large scale broker shops with 20-50 employees. In order to determine if your GFE is competitive or not we'll need to know the interest rate, if it has a prepay penalty or not, what state you are in.

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I'm sure it's a sub-prime loan. It just seems like a lot in fees added to my loan. If I were to refi in a year my LTV would be taking a big hit. taking two steps back to go one forward. I can clean up my credit some in about 6 months to raise my score but need the cash now. the rate is 8%, no prepay penalty and I'm in NC.

 

The Mortgage Broker Fee at 3.5%=2975.00 seem like a lot.

 

Thank you for your time

Edited by hoobie01
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Need help w/GFE

 

In the 38th month of a 42 month BK-13 Plan. I just started a business with very little income to show on paper ( last 2 yrs) and would like to payoff my BK and have $10k cash by refinancing or equity loan etc. my scores are about 600-610 and my home is worth about $115k with a balance of 83K.  What are some of the better choices for me at this time.  I did get a GFE from Dana Capitol.  They sound like a predatory lender that help put people into BK.  Below are the GFE numbers I received.  They sound wacked out??? what do you guys think. I think it was a ARM 2/28io?  88.542% LTV? What other options do I have in my situation?

 

Loan Org Fee    -

Loan Discount       -

Appraisal Fee    (325)

Mortgage Broker Fee     3.5%=2975.002% OF A $150k loan is the same price as this. so i dont think it is too wacked unless the broker is making a bunch in rebate from the bank. then it is too much

tax related service fee     89

Processing fee    495

underwriting fee    495

wire transfer fee    22

Application Fee 795<= junk. might as well put it on the broker fee line

Courier     37

Doc Prep Fee    200

Attorney fee    750

title fee    700

Recording fee    200

Est. Closing Cost    6758

Hazard ins Premium    354 3/mo

Tax and assessment Reserves    300 3/mo

Est. Prepaid Items/Res    937.33

 

Funds to you 19,700k

Edited by DallasLoanGuy
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