Refinance Problems

The rate is not bad, but the fees are outrageous. You should be looking at closing "costs" of around $2,000 or less, plus any funds for impounds (for taxes and Insurance). If they try to jack-up your rate or fees because of this, I'd say walk and start over, but there is no reason for them not to do this deal. You clearly meet Fannie and Freddie guidelines and it is likely you could get approval on identical or better terms if you started over. If you do decide to start over, work with a Mortgage Banker/Broker that is local to the property. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Credit unions are very similar to your local banks.. They have but one program and if you don't fit, you don't get the loan... 47% with a 740 score should go through easily for the automated system.. My guess is that your CU is throwing in an overlay, or their own additional internal guideline which is not allowing you to get approved.. but in any case, this should have been caught when you applied and when the file was underwritten, not days away from closing... so what you need to do is contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I'm a lender in Upstate; I would recommend that you work with someone local first off- It seems that a 47% DTI would go through a freddie mac automated underwriting model, I'm closing a loan with the same varibles tomorrow. Give me a call. 315-445-2000 x217- The rate they're offering seems a bit high as well- 30 year? Conventional? FHA Streamline?

I agree that the rate seems a little high unless it is a HARP 2. Give me a call and we can discuss. 908 933 0253 ask for Peter. Or call my cell 347-231-4444

All good advice...seems like a decent deal, it all depends if you want to start over again ...if you don't mind waiting another 30 days or so you should be able to save some money and get a better rate..