Pmi problem
I'm in Illinois , trying to refinance with harp2.0. All was going well, sent in forms ,did credit check, everything good. Found out I had pmi, or Lpmi not sure which, with Radiant. Now told can't be helped because of it. I didn't know I even had this. I was locked into 4.25 loan with New American, everything rolled into the loan, no appraisal, etc. Now I'm being told Can't because of this radiant co. I'm really disappointed. Any Help would be appreciated,Mark by markbi_276_577 from Plainfield, Illinois. Apr 17th 2012
Ray Hazucka (r.hazucka@mybbmc.com)
#64 ranked lender in Illinois - 36 contributions
you need your HUD-1 to determine whether LPMI or PMI. Do you have it?
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You are going to be subject to the rules (called overlays) that the various lenders are imposing. Your best bet is to seek out a local Mortgage Banker/Broker. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. More importantly, They will have access to loan products of many lenders, not just those of one bank, and can properly guide you. If you are working with just one bank, you are stuck with just their products and overlays, which may not be in your favor. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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