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Reply #47: You can cut out most of the search/exam and title insurance fees [View All]

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flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-13-09 11:31 AM
Response to Reply #7
47. You can cut out most of the search/exam and title insurance fees
by providing your prior policy and getting a reissue rate. Work with the title agent to just do an update/datedown on the search, and get a reissue on the policy.
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  -Mortgage fix that could save every home owner as much as $500 a month. Dawgs  Feb-13-09 08:12 AM   #0 
  - I think there's something  Delphinus   Feb-13-09 08:16 AM   #1 
  - Exactly.  Stellabella   Feb-13-09 08:19 AM   #2 
  - I would love to be able to refinance at 4%.  midnight   Feb-13-09 08:19 AM   #3 
  - Yeah. Especially when the going rate is about  mountainvue   Feb-13-09 11:32 AM   #48 
  - why does it have to be at original loan amt? I've already pd down a bunch m,  Kashka-Kat   Feb-13-09 08:31 AM   #4 
  - I meant, your original loan after what you've put down.  Dawgs   Feb-13-09 08:41 AM   #5 
  - How did you keep the closing costs so low?  gollygee   Feb-13-09 08:42 AM   #6 
  - yea $3000 - $5000 for some.  Xenotime   Feb-13-09 08:45 AM   #8 
     - Yes. Some of the fees seem exorbitant. n/t  mountainvue   Feb-13-09 11:33 AM   #51 
  - How can you make closing costs less than $500?  ipfilter   Feb-13-09 08:44 AM   #7 
  - Think of it as a government fix to our mortgage crisis.  Dawgs   Feb-13-09 09:00 AM   #10 
  - closing costs are just tacked on garbage to gouge buyers...  msongs   Feb-13-09 09:13 AM   #12 
  - I've gone over my HUD-1 statements with a fine tooth comb.  ipfilter   Feb-13-09 09:56 AM   #18 
  - Some are, but most are legitimate.  MercutioATC   Feb-13-09 10:03 AM   #21 
  - If the origination fee is high, it may in fact be  mountainvue   Feb-13-09 11:42 AM   #59 
  - You are being silly.  Hassin Bin Sober   Feb-13-09 10:35 AM   #29 
  - You are dead wrong. n/t  mountainvue   Feb-13-09 11:36 AM   #55 
  - You can cut out most of the search/exam and title insurance fees  flvegan   Feb-13-09 11:31 AM   #47 
  - The upfront MIP on FHA loans can be added  mountainvue   Feb-13-09 11:35 AM   #52 
  - Many people purc hased low-rate variable loans with the understanding that the rate would increase.  MercutioATC   Feb-13-09 08:50 AM   #9 
  - Because it will help keep the value of you home from going down.  Dawgs   Feb-13-09 09:04 AM   #11 
     - I'm not opposed to helping the responsible buyers who fell on hard times.  MercutioATC   Feb-13-09 09:23 AM   #13 
     - Some people did not sign up for these loans.  justgamma   Feb-13-09 09:44 AM   #14 
     - Mortgages can not legally change like that.  MercutioATC   Feb-13-09 09:54 AM   #16 
     - Mortgage can't change when sold.  Statistical   Feb-13-09 10:11 AM   #23 
     - "These people shouldn't be rewarded at taxpayer expense."  Dawgs   Feb-13-09 09:51 AM   #15 
     - Who pays if you reset all variable rate mortgages to their original (teaser) rate?  MercutioATC   Feb-13-09 09:57 AM   #19 
     - yeah, fuck em.. let's put those fuckers out in the streets.  dionysus   Feb-13-09 10:41 AM   #32 
        - Thank you.  Dawgs   Feb-13-09 10:49 AM   #34 
        - Yeah... fuck many renters who have been waiting  taught_me_patience   Feb-13-09 11:30 AM   #45 
     - Maybe homes are overpriced and values should fall?  taught_me_patience   Feb-13-09 11:28 AM   #43 
        - Uh, my home price fell by $50,000 in the past year and a half. Prices have already come down.  Dawgs   Feb-13-09 11:39 AM   #57 
  - I think the best housing stimulus would be this:  KillCapitalism   Feb-13-09 09:56 AM   #17 
  - In other words, free money  Dreamer Tatum   Feb-13-09 10:00 AM   #20 
     - Exactly.  MercutioATC   Feb-13-09 10:05 AM   #22 
  - The total cost of such a stimulus plan would be $130 billion.  Dawgs   Feb-13-09 10:20 AM   #24 
  - $350 a month(my scenario) sounds a lot better than $67(tax cut) a month.  Dawgs   Feb-13-09 10:48 AM   #33 
  - it would be easier if the government would provide tax credit  Fresh_Start   Feb-13-09 10:25 AM   #25 
  - Would that tax credit be realized in the monthly mortgage payment?  Dawgs   Feb-13-09 10:27 AM   #26 
  - they could do it for the current year taxes so you'd get the  Fresh_Start   Feb-13-09 10:30 AM   #27 
  - the mortgage companies already report to the federal  Fresh_Start   Feb-13-09 10:36 AM   #30 
  - Huh? So people could spend their tax credit at Walmart?  Oregone   Feb-13-09 10:34 AM   #28 
     - what does walmart have to do with it?  Fresh_Start   Feb-13-09 10:41 AM   #31 
        - People only get their own money back if they had the income to pay taxes in the first place....  Oregone   Feb-13-09 10:52 AM   #35 
           - actually thats not true  Fresh_Start   Feb-13-09 10:55 AM   #36 
              - So....essentially you think the government should subsidize the banks?!?!?  Oregone   Feb-13-09 11:01 AM   #37 
                 - its not the same thing because the people chose how to spend  Fresh_Start   Feb-13-09 11:10 AM   #40 
                    - Think of it this way, today you can deduct your mortgage  Fresh_Start   Feb-13-09 11:22 AM   #42 
                    - Anyway you cut it, you are paying a person percentage of mortgage for them.  Oregone   Feb-13-09 11:50 AM   #65 
                    - It really is the same thing  Oregone   Feb-13-09 11:45 AM   #61 
                       - Why do you assume I wasn't thinking of government owned lending?  Dawgs   Feb-13-09 11:49 AM   #63 
                          - I never assumed anything...  Oregone   Feb-13-09 11:53 AM   #68 
                             - Sorry. I misread.  Dawgs   Feb-13-09 11:56 AM   #70 
  - If you refinance a loan, you restart the clock. I took out a 15 yr. fixed loan at 6 3/8% in 2001. I  sinkingfeeling   Feb-13-09 11:01 AM   #38 
  - Yes, but if you go from a 30 to a 25 or 20, with lower interest, then you can  Oregone   Feb-13-09 11:07 AM   #39 
     - And not every homebuyer would or needs to refinance.  Dawgs   Feb-13-09 11:16 AM   #41 
  - How do you expect the people that provide your closing services  mountainvue   Feb-13-09 11:30 AM   #44 
  - See post #24 and #33.  Dawgs   Feb-13-09 11:33 AM   #50 
     - Banks getting "a ton of new business"  mountainvue   Feb-13-09 12:05 PM   #78 
        - So I'm only allowed one chance at making a point? I can't revise it later?  Dawgs   Feb-13-09 12:10 PM   #81 
  - Dupe.  mountainvue   Feb-13-09 11:30 AM   #46 
  - Better idea  taught_me_patience   Feb-13-09 11:33 AM   #49 
  - WTF!!! NOT fixing our mortgage crisis will SCREW everyone.  Dawgs   Feb-13-09 11:35 AM   #53 
     - The way to fix is to let foreclosures happen  taught_me_patience   Feb-13-09 11:38 AM   #56 
        - So, you think that hundreds of thosands of owners being "under water" by over $100,000 is good?  Dawgs   Feb-13-09 11:45 AM   #60 
        - So you think thousands of owners who enjoyed 100-300% apprecation in 2004-2006  taught_me_patience   Feb-13-09 11:54 AM   #69 
           - How many times do I have to tell you that all of that appreciation is gone?  Dawgs   Feb-13-09 12:06 PM   #79 
              - All of the appreciation is not gone  taught_me_patience   Feb-13-09 12:10 PM   #82 
        - allowing more foreclosures  pnutbutr   Feb-13-09 11:50 AM   #64 
        - But if you are a renter looking to buy, its all in your interest  Oregone   Feb-13-09 11:59 AM   #74 
        - Why not delay the inevitable?  Oregone   Feb-13-09 12:00 PM   #75 
           - We'll end up like japan where home prices are still 50% below  taught_me_patience   Feb-13-09 12:03 PM   #76 
              - huh?  Oregone   Feb-13-09 12:12 PM   #84 
  - I'm at 6.35% right now  pnutbutr   Feb-13-09 11:36 AM   #54 
  - Why couldn't you refinance and save $300 a month?  Dawgs   Feb-13-09 11:41 AM   #58 
     - refinancing won't help  pnutbutr   Feb-13-09 11:47 AM   #62 
     - Fixed rate 30 year APR would be at 4% in my scenario.  Dawgs   Feb-13-09 11:52 AM   #66 
        - I tried recently  pnutbutr   Feb-13-09 11:57 AM   #72 
     - I could refi right now....  Oregone   Feb-13-09 11:56 AM   #71 
        - Under my scenario, with help from the government, you would pay less than $1000 in closing costs.  Dawgs   Feb-13-09 12:05 PM   #77 
  - No flame, but what you've missed is the artificial inflation of house prices  Greyhound   Feb-13-09 11:53 AM   #67 
     - Home prices have already come down.  Dawgs   Feb-13-09 11:58 AM   #73 
        - Please see this chart - THEY HAVE NOT COME DOWN ENOUGH  taught_me_patience   Feb-13-09 12:08 PM   #80 
        - Whatever. The point is you are okay with the economy collapsing, while everyone is not.  Dawgs   Feb-13-09 12:12 PM   #83 
           - No, he's just not advocating artifically inflating home prices again.  MercutioATC   Feb-13-09 03:20 PM   #86 
        - The artificially induced house inflation went on for 5 or 6 years and even then,  Greyhound   Feb-13-09 12:22 PM   #85 

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