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nine3ninenick | Lender wants to pay me 5% to refinance my loan? |
I just purchased my first home a little over 1 month ago. I have a score of 740ish and received a fixed rate of 6.38% for 30yrs. It was a 100% loan in the amount of 150k.
Today I received a call from my agent saying the lender is having trouble selling the 100% loan and would be willing to pay it down 5% ($7500) if I refinanced with the same terms. They will cover all closing costs incurred and nothing will need to be paid out of my pocket.
This sounds very suspicious to me and I have never heard of anything like it. Is this common practice or do you think they are trying to pull one over on me?
My agent says that they were "caught with their pants down" and now are stuck with my loan. This company sells 100% of their loans and it looks like mine will be the only one they are stuck with.
What should I do????
Additional Details
I am not sure if I explained things clearly enough. My lender is going to cover the 5% and all closing costs. It will be nothing out of pocket for me. All I have to do is sign the new loan for 142500 and just like that, an additional 7500 in equity. Should I take them up on it? Or should I stick with what I have and tell them no? |
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Randall Parker, MBA
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It sounds ok, but I would have a real estate attorney check the documents before signing. If they really are giving you a $7,500 haircut, it would be worth the few hundred dollars that an attorney would charge to review the documents.
Current market conditions are making it tough to package and place loans. Many areas are being forced to reduce LTVs by 5%, because they are listed as "declining." Personally, I think this practice smacks of red-lining, which has been illegal for a long time. A class-action suit will probably ensue by some enterprising attorney with regard to this.
The lender's loss is your gain. You may have gotten really lucky with this one!
Good luck! |
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Cary Cyd
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While this isn't common practice, it could be one of the options being offered as part of the program to clean-up all the bad mortgage deals that banks have gotten themselves into over the last few years.
Ask for a complete disclosure statement showing all terms & the 5%/$7500 paydown on the mortgage value of $150,00, with remaining payments of $142,250 over 30 years at 6.38%. If that's all in order, sign that form ONLY & take a copy of it to the closing to ensure that all figures match.
Tell the agent, upfront, that if the figures don't match at closing you will NOT sign another piece of paper. |
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Kelsey
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Yes, I've heard of this happens, and for the exact reason the lender told you - they cannot get an investor to buy your loan because it's at 100% LTV. TOO BAD FOR THEM - NOT YOU!!!
I mean, come on, if you had the 5% to pay a month ago then why would you have gotten a 100% loan? Honestly, the lender is just trying to exhaust all options so they can make your loan a sellable loan.
You have no legal obligation to proceed with what they're "offering" you. And like you said, you'll just be the one loan they are stuck with - which is always a risk for lenders that sell loans. |
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onetoughkitty
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Why the heck would you pay $7,500 to refi to the same amount and interest rate? I'd tell the lender to shove it. |
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Real Estate Guy
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I haven't heard of anything like this.
You have a good rate and terms.
I wouldn't do it!!!
What scares me is, what happens to the 7,500? You owe 150,000, but will refin only 142,500. What happens to the 7,500 at closing. There has to be a payoff to close out the old loan. |
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United American Socialist States
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If you have closed escrow and have a signed contract tell your agent and lender to jump in a lake. A signed contract means that it's their problem not yours. If they persist contact a lawyer I guarantee they will back down. Of course if they don't then you could end up in a free house. You did not contract with them to sell the loan. That's their behind the scenes dealing to recoup their investment. |
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kemperk
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if you have a big heart, go with them.
I would not.
cheers.
it is legal what they are doing but
you have no obligation [to go along]. |
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frak1a12345
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Almost sounds too good to be true. Since your realtor called you with the offer(thereby lending creedence to the deal) I would investigate with a very skeptical eye. You just may be a very lucky person. Good luck!! |
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