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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  There is a bit more protection, I think (4+ / 0-)
    Recommended by:
    joedemocrat, fcvaguy, worldlotus, KenBee

    At least I recall signing a zillion papers with the first loan, but even though there were a lot of papers from Schiti, everything had an explanation, plus a bunch of consumer rights documents.  

    It seemed like better information, more protection - but then again I signed my original loan documents without a thought, and turns out they overcharged me and stuff - although I can't say I would have realized that even if I'd read every word since I didn't know what other lenders offered at the time.

    I'm using a loan broker now, and he is not charging me a loan origination fee, and the rest of the fees except the appraisal will be rolled into the loan.  For about $290k (I'm in L.A., stuff's expensive here even now) the total settlement fees are about $3500 or so.  

    It seems like if you're getting a conventional loan they will definitely charge you PMI unless your loan to value is 80% or less.  I don't know if HARP applies if you're not upside down, but it might.

    Read everything and ask questions, and if they are squirrely AT ALL, walk away.  Like I said, go with a recommendation from someone knowledgeable whom you trust.

    I'm certainly no expert (the opposite) except that I've been trying to get a loan and running into obstacles, each one a lesson.

    Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

    by delphine on Sun Apr 22, 2012 at 09:28:57 AM PDT

    [ Parent ]

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