Comments on: My Servicer Isn’t Participating http://www.truthinforeclosure.com/my-servicer-isnt-participating Sun, 22 Aug 2010 22:39:10 +0000 http://wordpress.org/?v= hourly 1 By: Todd http://www.truthinforeclosure.com/my-servicer-isnt-participating#comment-390 Todd Fri, 03 Apr 2009 01:40:13 +0000 http://www.truthinforeclosure.com/?p=1272#comment-390 Thanks for the questions...you made me dig deep into more docs on the Fannie and Freddie sites. Remember...I'm not a mortgage guy...I'm a foreclosure expert. That's why I hooked up with Brent Lane. Anyway... You're right that if you have a Freddie Mac loan, you must stay with the same lender. I had a hard time finding anything understandable to a layman that said this, but I finally found this <a href="http://www.freddiemac.com/learn/pdfs/uw/rlfrefi.pdf" rel="nofollow">training presentation</a>. As I said in the post...Fannie Mae loans can be refinanced with any lender that can originate Fannie Mae loans. Look at Question 1 on this <a href="https://www.efanniemae.com/sf/mha/mharefi/pdf/refinancefaqs.pdf" rel="nofollow">Fannie Mae Refinance FAQ</a> for more info. As far as the points or "pricing" of the loans goes, that will depend on several factors. 1. Your loan-to-value ratio 2. Your credit score 3. The type of loan product you refinance into It could be as low as 0% and as high as 4.5% for a single-family home. Something I learned, though, is that there is <em>no minimum credit score</em> required. They will use the fact that you're current on your loan (and have been for the last 12 months) as proof you can pay the new mortgage. They run a credit report to help price the loan, but there is no minimum required score to qualify. Hope it helps and thanks for asking a tough one! Thanks for the questions…you made me dig deep into more docs on the Fannie and Freddie sites. Remember…I’m not a mortgage guy…I’m a foreclosure expert. That’s why I hooked up with Brent Lane.

Anyway…

You’re right that if you have a Freddie Mac loan, you must stay with the same lender. I had a hard time finding anything understandable to a layman that said this, but I finally found this training presentation.

As I said in the post…Fannie Mae loans can be refinanced with any lender that can originate Fannie Mae loans. Look at Question 1 on this Fannie Mae Refinance FAQ for more info.

As far as the points or “pricing” of the loans goes, that will depend on several factors.

1. Your loan-to-value ratio

2. Your credit score

3. The type of loan product you refinance into

It could be as low as 0% and as high as 4.5% for a single-family home.

Something I learned, though, is that there is no minimum credit score required. They will use the fact that you’re current on your loan (and have been for the last 12 months) as proof you can pay the new mortgage. They run a credit report to help price the loan, but there is no minimum required score to qualify.

Hope it helps and thanks for asking a tough one!

]]> By: Steve http://www.truthinforeclosure.com/my-servicer-isnt-participating#comment-388 Steve Thu, 02 Apr 2009 13:18:38 +0000 http://www.truthinforeclosure.com/?p=1272#comment-388 My mortgage is owned by Freddie Mac, and my understanding is that I must stay with my current lender (Wells Fargo) when I refinance, but that I would only be charged 1/4 point in closing costs on the refinance. People with mortgages owned by Fannie can shop around, but pay two points at closing? Let me know if this info in incorrect. My mortgage is owned by Freddie Mac, and my understanding is that I must stay with my current lender (Wells Fargo) when I refinance, but that I would only be charged 1/4 point in closing costs on the refinance. People with mortgages owned by Fannie can shop around, but pay two points at closing? Let me know if this info in incorrect.

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