Phil Grossfield's Blog


Scale of the Universe; Refi Within 6 Months of Purchase

My Schedule…and a Little Extra:  You are small…or big depending on how you look at the universe.  If you’ve ever wondered how big or how small the universe is, or how you relate in scale, then check this very cool website out:  Scale of the Universe.

My Market Watch:  Bonds are pushing lower on news from China and Greece, but don’t expect rates to sharply increase.  As I have suggested over the past several weeks, the stock market is ripe for a correction, any correction…any news even slightly favoring the economy would be a reason for traders to put money into stocks and not bonds.  That said, in general the economy is not in a good place or as I have put it, “the economy has not been fighting for position.”  Even if there is a small correction in rates over the next few days, rates would still be at all time lows and you should be taking full advantage of it.  If you haven’t called everyone in your database who is eligible for a refinance, then hire someone to call them for you.  Disclaimer

My Schedule:  I have two meetings today at 11a and 3p.

Delayed Financing Cash Out – Refi Of Property Bought For Cash Within 6-Months
We now allow Delayed Financing Cash Out which will be a cash out transaction that occurs within 6-months of purchase.  To explain, your client bought a property for cash and now wants cash out…there is no existing lien on the property…Fannie Mae’s rule regarding six month’s title seasoning is avoided.  Let me know if you want details….

Purchases:      3 days from Submission (after registration)…prioritized throughout the process.

Refinances:     5 days from Submission (after registration)…45-day locks still recommended.

Conditions:     48 hours from last uploaded document.

For a Clean Underwriting Decision Resulting in Happiness and Adulation – Read Me
For a Long List of Conditions, a Huge Hassle, and Massive Frustration – Ignore Me

Locks  |  Running DU/DO  |  Register, Submit & Appraisals  |  Upload Conditions  |  CICs  |  Order Docs

Our Lender Fee is only $699 “All-In”
“All-In” means there is no flood fee, tax fee, etc.  Appraisal Waivers accepted with $75 waiver fee.  Appraisal Fees may be reimbursed at closing.  Processing Fees may be charged to the borrower on borrower-paid and for lender-paid we permit outsourced Contract Processing (NMLS Licensed) as a 3rd-Party Fee and therefore may be covered by YSP overage (excess rebate).  YSP overage also permitted for Prepaid Interest, Property Taxes, Hazard, and max $500 towards principal reduction.


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