Talked with a Countrywide rep about getting a ,000 equity loan (not line of credit). I was adamant that there be no or very small (0) prepayment penalty. He said it would be no problem as my credit is solid. I get the truth in lending agreement and the only thing I can find that say anyything about pre-payment is in the loan description where it states "fixed2nd equity 30 year/ 18.57%/Prepay. I am assuming this is some type of pre-payment penalty. If so the Countrywide rep is either incompetent or unethical.
Anyone have a clue if this 18/57% is the prepayment penalty? I’ve called them and left a message but have not been contaced yet. Thanks in advance.
Posts Tagged ‘payment penalty’
Home Equity Loan…getting ripped off????
Monday, August 17th, 2009Recently purchased first home and moving to another state?
Friday, July 3rd, 2009I purchased my first home a few months ago and will be moving to another state due to a better job offer. I know that trying to sell my home may not be in my best interest since I just got it, however, if I do – there is no pre-payment penalty on my loan.
My question is: Am I better off selling my house (have about k in equity) or renting it out and trying to buy a second home in the new state? Would I be able to buy a second home with having this first one? I have been told that I should be able to as long as I can prove the first one is rented out. Is this correct?
I go back and forth with selling because if the job offer doesnt work out, then I would always have a place to come back to if needed. If this would help in providing your answer – I currently live in Texas and will be moving to Colorado.
I would prefer answers from people who have mortgage/lending/real estate experience.
If you a buy a home w/ 100% fiancing and got some “instant equity” how soon can you refinance?
Friday, June 12th, 2009We got approved for a loan w/ 100% fianncing but the payments are high due to PMI. Our price is about K less than the home value, thus we should have some "instant equity". We are just wondering how soon we could refinance in order to have lower payments? There is no pre-payment penalty on our current loan, but since we do not have our own money invested yet, we are wondering if we'd be able ro refinance soon?
Related ‘payment penalty’ sites :
| The Mortgage Prepayment Penalty Pre-payment penalties come in several different shapes and sizes. ... The first thing you want to know is the term of the pre-payment penalty. ... mortgagenewsdaily.com/wiki/ | |
| Don't Pay Pre-Payment Penalties - Quicken Loans No, you don’t need to pay pre-payment penalties. In fact, no home loan we offer sneaks in those nasty things. Find out why pre-payment penalties ... quickenloans.com/home-buying/... | |
| HM Revenue & Customs: PAYE/National Insurance late payment ... If you have 250 or more employees, please note that these penalties have replaced the Mandatory Electronic Payment surcharge which previously applied to you. ... www.hmrc.gov.uk/paye/ | |
| Late Payment Penalties in the UK We have been charging late payment penalties (interest initially) since 1997 and have ... Late payment penalties are simply a pre-agreed penalty that is due if ... paylate.co.uk | |
| Fool.com: Late Payment and Late Filing Penalties Virtually all civil penalties can be excused by the IRS if you can show them reasonable ... For example, if payment is due April 15 and is made May 20, the penalty is 1% (1 ... www.fool.com/School/Taxes/ | |
| Publication 505 (01/2010), Tax Withholding and Estimated Tax You do not owe a penalty for your payment due January 15, 2010. ... If you miss a payment or you paid less than the minimum required in a period, you may be ... www.irs.gov/publications/p505/ | |
| A beginners guide to understanding home loan pre-payment ... The pre-payment penalty is enforced upon the event of either a large portion of the loan ... Soft Pre-Payment Penalties: These are pre-payment penalties that are ... blownmortgage.com/2007/10/12/ | |
| NYS DMV - Insurance Lapse Civil Penalty Payment The payment of this civil penalty does not guarantee that your ... When you verify the information about your civil penalty fee payment, you will see the amount that the DMV ... www.nysdmv.com/ | |
| Mortgage Pre-Payment Penalty Calculator Mortgage Pre-Payment Penalty Calculator - Estimate your mortgage pre-penalty amount using our mortgage pre-payment penalty calculator forsalebyownercenter.com/ | |
| Mortgage Prepayment Penalties Our broker said we could reduce the rate from 7% to 6.75% if we accepted a prepayment penalty. This would reduce our payment by $35 a month, which would help a lot. ... www.mtgprofessor.com/ | |