We are trying to refinance our historic home and Chase is jerking our chain---can we negotiate??

Asked by Grace Hodgkins, 28401 Thu Feb 5, 2009

My husband and I have a credit score of 810 and our home appraised for $233,000 (there was mention of cost to cure which I dispute...ie, exterior painting???Give me a break!) We owe $104,000 on our home and are trying to refinance that balance plus a home equity line of $68,000 plus one credit card ($180,000 total refi amount). Chase says that we have to complete all of the cost to cure items before they will close...is this fair??? $233,000 appraisal amount INCLUDES cost to cure figure. ARRGGGGHHHH!!!!!! Plus, they are charging 1.25 points in addition to our $395 application fee. Can someone please help?

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John Horton, Agent, Wilmington, NC
Mon Mar 16, 2009
Many banks have cut their appraisal down to 60% recently, but depending where you are in Wilmington NC, Real Estate is holding pretty strong. Always go with a local broker if you can. They will get the best appraisal by using a trusted local company.

John Horton
Prudential Laney Real Estate
Commercial/Residential Specialist
0 votes
Marty S, , Irvine, CA
Thu Feb 5, 2009
Chase is VERY strict and they have tightened up a TON! I had a customer at Chase, a friend of mine in Florida. 80% LTV, 755 fico, 100k in assets, the whole 9 yards.

Chase cut the appraisal in HALF to 125k.

I sent the loan to Wells, and closed in two weeks.

Get a second opinion.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Luke Allison, , Asheville, NC
Thu Feb 5, 2009
Different banks stipulate different criteria when it comes to property requirements. Chase could have an in-house requirement about property that is not a requirement across the board for all lenders. However, they are not likely to budge if that is a requirement. You may need to find another lender if they won't budge.

However, you may be out of that fee if they won't let you wait to do the updates.

If you have any questions or need some helps, let me know.
Luke Allison
Flagstar Bank

Apply Online: flagstarloans.com/lallison
0 votes
Jake Thomaier, , Wilmington, NC
Thu Feb 5, 2009
Send the appraisal to me here: jake.thomaier@forthebestrate.com and I'll have my in-house underwriter give you an answer quickly. Cosmetics should not be an issue unless the appraiser says it affects the value he/she came up with.
We can have another local appraiser check it out.
Our company is located at 2004 Eastwood Road,Wilmington,NC AAXA Discount Mortgage.
Your rate for 1.25 points should be under 5% 30 year fixed. You can call me at 910-796-7120. Jake Thomaier
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