Asked by Damien Samuel, 60640 • Mon Jan 5, 2009
So I am in the middle of a refinance, getting an 80% LTV mortgage, and a 10% second mortgage/HELOC. We are structuring it this way primarily to avoid payment of PMI, (total value is approximately $480,000).
Just so you know, I locked in at 4.875% fixed for the first, and prime 3 on the HELOC, so advice telling me to just leave this lender is not all that helpful -- not to mention the difficulty (that I have experienced) finding any other lender willing to provide the 2nd mortgage/HELOC.
At the same time, I feel as though many of the Lender charges are rather extensive, especially those associated with the HELOC. There is a total of $2460 for the first mortgage, and an add'l $1271 for the second (including overlapped closing/escrow fees of $225, and overlapping title insurance of $225. Not to mention a $600 UW, Committment charge that was already charged another $600 on the first.
What can I do to a) not lose this loan, and b) not get ripped off?
Real Estate in Chicago
Popular Categories in Chicago
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!