Refinance Loan Quotes & Sayings

If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate. — Jean Chatzky

Many banks do not advertise they are portfolio lenders and many people working at the bank may not even know what a portfolio lender is. If you are calling up a bank and they say they aren't a portfolio lender, don't give up! Ask to talk to a loan officer and ask specific questions about what type of investor programs they offer. Here are some good questions to ask; Do you loan to investors who already have four mortgages? Do you sell your loans or keep them in-house? Do you allow investors with four or more mortgages to do cash out refinance? What terms and loan programs do you offer investors? ARM, 15, 30 year fixed, balloon? What interest rates are you charging and what are the initial costs for your loans? What — Mark Ferguson

Tentane Mutual's policy was not to consider any loan modification unless the borrower was delinquent in their payments. I told Mr. Marsh at the time that it may be easier for him to qualify for a loan modification than a refinance, because the qualification criteria was relaxed. But it was his decision." "But you didn't tell Mr. Marsh at that time that falling — Kenneth Eade

But Mr. Bernstein, didn't you tell Mr. Marsh about six months earlier that, in order to qualify for a loan modification, he had to be delinquent in his loan payments?" "That's for a modification, not a refinance, and that — Kenneth Eade

And you told Mr. Marsh at that time that a refinance was impossible, did you not?" "I did." Every teacher of cross-examination points out that you never ask a question that you do not know the answer to, and you never ask the question "why" because that gives the witness the opportunity to answer in a narrative, but Brent wanted the jury to hear the answer to the next question in Bernstein's own words, so he took the calculated risk. "Why was it impossible?" "Because Mr. Marsh was delinquent in his loan payments." "But Mr. Bernstein, didn't you tell Mr. Marsh about six months earlier that, in order to qualify for a loan modification, he had to be delinquent in his loan payments?" "That's for a modification, not a refinance, and that was Tentane's policy ... " "Object — Kenneth Eade