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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Refinance with current lender
When refinancing with your current lender, are there fees that I should look for in the closing statement estimate that I shouldn't be paying because they were paid at the origination of the mortgage?
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Posted 7/23/20 9:03 AM  |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Refinance with current lender
I believe it's the mortgage insurance and loan origination fee.
We looked into refinancing with our lender but the rate they gave us was higher. We ended up using a mortgage broker and got a much better deal (even with those fees).
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| Posted 7/23/20 4:02 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: Refinance with current lender
Posted by ali120206
I believe it's the mortgage insurance and loan origination fee.
We looked into refinancing with our lender but the rate they gave us was higher. We ended up using a mortgage broker and got a much better deal (even with those fees).
Do you have a recommendation for a mortgage broker?
We won't have to pay PMI (mortgage insurance) and I am going to ask about the loan origination fee.
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| Posted 7/23/20 4:53 PM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Refinance with current lender
There is something called CEMA (I believe) that should be waived if you go through your original lender. Basically, you don't have to pay to have a mortgage sat filed because its with the same company or something to that effect. You know...they make this stuff so hard to understand. That being said, even with that waiver, I made out better with a different lender.
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| Posted 7/23/20 5:19 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Refinance with current lender
Posted by FirstMate
There is something called CEMA (I believe) that should be waived if you go through your original lender. Basically, you don't have to pay to have a mortgage sat filed because its with the same company or something to that effect. You know...they make this stuff so hard to understand. That being said, even with that waiver, I made out better with a different lender.
Yes - that's what it is and the same for us. Our original lender gave us a higher rate and we're refinancing from a 30 year to a 15 year 
I'm not on LI but we went through Cross Country Mortgage.
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| Posted 7/23/20 5:38 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Refinance with current lender
You can get a CEMA (Consolidation, Extension, Modification Agreement), which allows you to not have to pay mortgage tax on the principal balance of your existing loan. This is only for NY. A lot of people think you have to stick with your original lender to get this, but you don't- most banks will assign to a new lender. The CEMA process can take 4-6 weeks and turn times are a little slower right now due to rates being so low and volume being so high. Getting a CEMA only makes sense if you still have a considerably high balance (compared to the new loan). I would recommend speaking with a mortgage broker or banker who understands them and can give you a cost comparison. I don't originate loans, but I can help answer questions if anyone has them so you can educate yourself before you speak with someone.
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| Posted 7/24/20 6:57 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Refinance with current lender
Posted by Deeluvsvinny
You can get a CEMA (Consolidation, Extension, Modification Agreement), which allows you to not have to pay mortgage tax on the principal balance of your existing loan. This is only for NY. A lot of people think you have to stick with your original lender to get this, but you don't- most banks will assign to a new lender. The CEMA process can take 4-6 weeks and turn times are a little slower right now due to rates being so low and volume being so high. Getting a CEMA only makes sense if you still have a considerably high balance (compared to the new loan). I would recommend speaking with a mortgage broker or banker who understands them and can give you a cost comparison. I don't originate loans, but I can help answer questions if anyone has them so you can educate yourself before you speak with someone.
Yes, that's what it was. The mortgage tax not sat. The whole thing is very confusing if you aren't in the industry.
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| Posted 7/24/20 11:48 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Refinance with current lender
Posted by FirstMate
Posted by Deeluvsvinny
You can get a CEMA (Consolidation, Extension, Modification Agreement), which allows you to not have to pay mortgage tax on the principal balance of your existing loan. This is only for NY. A lot of people think you have to stick with your original lender to get this, but you don't- most banks will assign to a new lender. The CEMA process can take 4-6 weeks and turn times are a little slower right now due to rates being so low and volume being so high. Getting a CEMA only makes sense if you still have a considerably high balance (compared to the new loan). I would recommend speaking with a mortgage broker or banker who understands them and can give you a cost comparison. I don't originate loans, but I can help answer questions if anyone has them so you can educate yourself before you speak with someone.
Yes, that's what it was. The mortgage tax not sat. The whole thing is very confusing if you aren't in the industry.
I've been in the mortgage industry for 20 years and I still learn something new just about every day! I know it's confusing! LOL
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| Posted 7/24/20 1:46 PM |
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