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penalty for early refinancing?

penalty for early refinancing?# Living

C*S2011-08-04 07:08

1 楼

I recently purchased a home. Seeing the low rate now, I plan to refinance
the mortgage. My loan officer said I have to wait for 4 months, otherwise
both I and he will get penalty. I asked him to provide a copy of such
document about early refinancing penalty. He said he cannot provide one
because this document belongs to the investment bank.
Do you guys think what the loan officer said is true or not? I did not find
any refinancing statement document in my loan package that I signed. What
will happen if I ignore what the loan officer said and find another broker
to do the refinancing?
Thanks!

b*12011-08-04 07:08

2 楼

如果你Refi, 他的commission就要被收回去了。

find

【在 C*S 的大作中提到】

: I recently purchased a home. Seeing the low rate now, I plan to refinance
: the mortgage. My loan officer said I have to wait for 4 months, otherwise
: both I and he will get penalty. I asked him to provide a copy of such
: document about early refinancing penalty. He said he cannot provide one
: because this document belongs to the investment bank.
: Do you guys think what the loan officer said is true or not? I did not find
: any refinancing statement document in my loan package that I signed. What
: will happen if I ignore what the loan officer said and find another broker
: to do the refinancing?
: Thanks!

C*S2011-08-04 07:08

3 楼

so if the loan officer cannot provide any document that there is penalty on
my side, then I can safely go away for refinancing?
Just curious, how the loan officer's own benefit (such as commissions) be
protected if borrowers can refinance freely?

【在 b**1 的大作中提到】

: 如果你Refi, 他的commission就要被收回去了。
:
: find

k*o2011-08-04 07:08

4 楼

我好像看过at escrow document.

on

【在 C*S 的大作中提到】

: so if the loan officer cannot provide any document that there is penalty on
: my side, then I can safely go away for refinancing?
: Just curious, how the loan officer's own benefit (such as commissions) be
: protected if borrowers can refinance freely?

p*A2011-08-04 07:08

5 楼

MD/VA loan broker 快出来扁这个过河拆桥的人。。。。哈哈
话说回来，purchase 不知道这么搞一下broker有没有的赚
如果是 no cost refinance,这就是不厚道了, broker 还得倒贴你钱，就亏大了

U*S2011-08-04 07:08

6 楼

记得refi的时候签过一个文件，说是6个月内再refi要付给现在的银行4.5k penalty。

b*12011-08-04 07:08

7 楼

有些小银行会加一些Additional的条款在loan doc里面的。

【在 U********S 的大作中提到】

: 记得refi的时候签过一个文件，说是6个月内再refi要付给现在的银行4.5k penalty。

U*S2011-08-04 07:08

8 楼

flagstar算小银行吗？贷款和refi都是他家的。

【在 b**1 的大作中提到】

: 有些小银行会加一些Additional的条款在loan doc里面的。

b*12011-08-04 07:08

9 楼

Flagstar不算小，是个全国范围的mortgage银行，利率不错，他们的refinance时间限
制是120天。

【在 U********S 的大作中提到】

: flagstar算小银行吗？贷款和refi都是他家的。

B*n2011-08-04 07:08

10 楼

没看懂，常规是有penalty还是没有？正在做purchase贷款，需要特殊问问吗？
上周五lock的rate，不如这周好，本想回头再refi。如果都有penalty，是不是
现在提出来relock更实际些？

b*12011-08-04 07:08

11 楼

先看看Relock到底值得不值得，谁知道今年的利率什么时候最低呢。

【在 B****n 的大作中提到】

: 没看懂，常规是有penalty还是没有？正在做purchase贷款，需要特殊问问吗？
: 上周五lock的rate，不如这周好，本想回头再refi。如果都有penalty，是不是
: 现在提出来relock更实际些？

C*S2011-08-04 07:08

12 楼

I aksed my loan officer to provide me with a written document that describes
the possible penalty for early refinancing. But he said he did not have it
with him. I think this is really weird. How come can a loan officer not have
such refinancing related document??
I am really tired of asking again and again this document. If the loan
officer keeps not giving me such documents, what should I do? Should I
report him to his supervisor or should I simply dump him?
Please help. thanks.

【在 b**1 的大作中提到】

: 先看看Relock到底值得不值得，谁知道今年的利率什么时候最低呢。

s*d2011-08-04 07:08

13 楼

你上次什么时候 close 的
其实 4 个月很快的
再加上 rate lock 一个月，

describes
it
have

【在 C*S 的大作中提到】

: I aksed my loan officer to provide me with a written document that describes
: the possible penalty for early refinancing. But he said he did not have it
: with him. I think this is really weird. How come can a loan officer not have
: such refinancing related document??
: I am really tired of asking again and again this document. If the loan
: officer keeps not giving me such documents, what should I do? Should I
: report him to his supervisor or should I simply dump him?
: Please help. thanks.

b*12011-08-04 07:08

14 楼

问你的Broker要这个：
Disclosure and agreement for recapture of reduction of settlement charges
upon early pay off of loan
上面会写你在多长时间之内不能Pay off。

describes
it
have

【在 C*S 的大作中提到】

c*u2011-08-04 07:08

15 楼

根据我的理解大部分purchase loan没有prepay penalty。如果你在closing document
拿到的纸堆里面没有说有prepay penalty，你就随时可以refinance。那个原来broker
是不是要赔钱，这不是你所需要考虑的事情，因为它赚了钱不会给你，你当然也不用对
他亏钱负责。broker做生意应该早就price in这个factor了。
所有你签过的loan document你应该都有Photocopy，如果你没有签过的，当然和你毫无
关系，我感觉你的loan officer根本没有你签过字的penalty说明。根本就在赤裸裸的
欺骗你。
如果你的loan是被卖到secondary market(基本上所有loan都是），如果你在4个月或者
6个月内refinance，那么原来的loan officer可能会亏钱，他当然不可能给你
refinance。如果他同意，那么他肯定会搞鬼让你的refinance失败。
很多lender也有限制，比如你的loan最后被弄到BOA去了，那么BOA可能不会在短期内给
你refinance。
一句话，如果你下定决心现在refinance，dump那个人是最好的办法。

describes
it
have

【在 C*S 的大作中提到】

c*u2011-08-04 07:08

16 楼

现在重要的就是你去读你的closing document，看到底有没有prepay penalty。根那个loan
office 扯皮毫无意义。

refinance
otherwise
find
What
broker

【在 C*S 的大作中提到】

c*u2011-08-04 07:08

17 楼

这就是玩概率，比如loan officer估计每年有10%的loan会让他亏钱，他就把
commission上涨10%以上。当然loan officer也可以规定只做有prepay penalty的loan
，那么他的生意就会变少，甚至会毫无生意。

on

【在 C*S 的大作中提到】

b*d2011-08-04 07:08

18 楼

加州这边的Loan都没有Pre-payment penalty的。

个loan

【在 c*u 的大作中提到】

: 现在重要的就是你去读你的closing document，看到底有没有prepay penalty。根那个loan
: office 扯皮毫无意义。
:
: refinance
: otherwise
: find
: What
: broker

d*n2011-08-04 07:08

19 楼

除非LZ当时申请的loan是银行自己hold的portfolio loan，否则，应该是broker受的影
响比较大。
如果LZ刚刚close了这个loan不足2个月，建议LZ不要急着refi，省得银行在county注册
的行动不够及时，refi之后把county的record搞乱了，那可有的烦了。

s*82011-08-04 07:08

20 楼

此事很容易，上county网站一看即知，refi一般要也要一个多月，三个月银行应该注册
了。只要楼主keep record，烦不到哪里去，省钱才是最重要的，但是利率走向，实在
是没有任何人知道。

【在 d******n 的大作中提到】

: 除非LZ当时申请的loan是银行自己hold的portfolio loan，否则，应该是broker受的影
: 响比较大。
: 如果LZ刚刚close了这个loan不足2个月，建议LZ不要急着refi，省得银行在county注册
: 的行动不够及时，refi之后把county的record搞乱了，那可有的烦了。

b*d2011-08-04 07:08

21 楼

是啊，就像这个星期利率一下跌了这么多，没有人预见的到。

【在 s*8 的大作中提到】

: 此事很容易，上county网站一看即知，refi一般要也要一个多月，三个月银行应该注册
: 了。只要楼主keep record，烦不到哪里去，省钱才是最重要的，但是利率走向，实在
: 是没有任何人知道。

C*S2011-08-04 07:08

22 楼

They are a direct lender, but they will sell my loan to other banks soon
after.
As to the record issue, as long as the transaction is legal, why should I
the borrower worry about the record? I assume it is the bank (purchase or
refinance)'s responsibility to do a good job, as they are paid to do so.

【在 d******n 的大作中提到】

C*S2011-08-04 07:08

23 楼

The closing document said:
Does your loan have a prepayment penalty? No.
However, the loan officer insists that there be a penalty on me for early
refinancing. I almost know he is cheating. So can I forget about him and
start refinancing with another broker, who will hopeful talk with the
purchase loan officer about any penalty issue, if exisitng at all?

个loan

【在 c*u 的大作中提到】

: 现在重要的就是你去读你的closing document，看到底有没有prepay penalty。根那个loan
: office 扯皮毫无意义。
:
: refinance
: otherwise
: find
: What
: broker

p*A2011-08-04 07:08

24 楼

you are not taking about the prepayment penalty from lander (the bank, who
provided money for your loan), in your case, you do not have prepayment
penalty as you mentioned
You are talking about the prepayment penalty with your loan broker for short
term. Most times, they put one item in your closing document about the
penalty if you do refinance with them and them decide to do refinance again
in few months, such in 120 days. they will lose their commission from
lander (the bank).
If you can not find that, then it does not exist.
Money talks, nothing wrong to ignore their request to you not do the
refinance in 120 days.
They have the risk to have a client as you if they do not put that in the
closing documents.
Lucky Guy!