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FNMA Impact on Refi

Posted on: 21st Jul, 2011 10:40 am
I am considering a refi through Loan Depot Irvine. So far, I have not been advised of any fee to lock in a rate, just been provided regular updates on the daily changes in interest rates on various products. My rep has been very nice/knowledgable/helpful---which always makes me suspicious. he told me my current loan is invested w/ Fannie Mae and FNMA will determine, based on the info provided by myself/loan depot and my current lender, whether an appraisal is even required. I've only refinanced 1 previous home. Can anyone shed any light on what impact FNMA might have on my refinancing? I've never heard of this before but, then again, this would be only my 2nd refinancing. Any help/advice??
Hi Guest!

Welcome to forums!

Fannie Mae is an investor for the mortgage. Depending upon the information that you and your present lender will provide, Fannie Mae will decide whether or not property appraisal is required. You will get a mortgage once the appraisal ensures that you have equity in your property.

Feel free to ask if you've further queries.

Posted on: 21st Jul, 2011 08:23 pm
Thank you. it appears the Loan Depot rep was correct. It's so frustrating that, even having a finance background and MBA, I am relatively clueless when it comes to the the whole mortgage lending/refi experience.

Based on my conservative estimate of my house's market value and the amt I'm trying to re-finance, I think I will be fine on the adequate equity issue. I do still have some concerns about Loan Depot based on the number of complaints/warnings I see on this forum. However, none of the lenders I'm considering are looking too stellar. One additional lender I plan to get a quote from is USAA bank. Do you have any advice/knowledge/ experience with either Loan Depot or USAA?
Posted on: 22nd Jul, 2011 06:08 am
Everyone should compare quotes with several lenders since there can easily be a wide disparity in rates/fees/terms from one lender to the next and from day to day.

Before you can start making comparisons, however, information such as which state you are in, property value, balance, when you last refinanced and current loan plan/interest rate, new loan term you want (30 year/15 year fixed, 5 year ARM?), middle FICO score (actual score lenders use not freebie or "educational scores" you find all over the internet), do you want to pay any closing costs out of pocket or add to loan amount or cover with a higher interest rate, do you want to esrow taxes/HO insurance, are you planning to take any cash out at closing, is the property a single family home or condo, duplex etc., is this your primary residence and how long do you intend to keep the property? May have missed something but all the above can have an impact on what rates/fees you will qualify for.

Provide this info along with rates/fees from USAA and/or Loan Depot on the same day you get them, I will check a few top online lenders I follow to let you know if they are competitive or not and give you some suggestions on what you may want to do.
Posted on: 24th Jul, 2011 01:30 am
Very nice, knowledgeable and helpful usually describe (for me) a loan officer who is working on the behalf of a borrower, and it would never make me suspicious - unless it was clear that these traits were as phony as a $3 bill...but then how can you tell?

Yes, Loan Depot has received a number of negative reviews on the forum - I have no clue myself as to their veracity, beneficence, appearance and good looks, but I would be skeptical simply based on the commentaries I've read. Not so much, however, by someone's personal demeanor, knowledge and helpfulness.
Posted on: 25th Jul, 2011 07:32 am
Thank you for your input!
Posted on: 25th Jul, 2011 08:40 am
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