BoA 让我吐血了。Hope they can close one of the two loans soon. 今天刚刚在 QuickenLoans 申请了一个 rental property cash-out refi. 在线 chat 一番就搞定了。感觉甚好。答应了田鼠要来汇报一下。但愿对有需要的同学们有用。Chat 基本原封不动搬上来了，除了隐去一些敏感 info.
有什么高见也请提出，谢谢！
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You have been connected to Rick Gorski.
Rick Gorski: Hello Borrower, how are you today?
Borrower: hello
Rick Gorski: Are you looking into possible purchase or refinance options today?
Borrower: I am looking for refinancing the loan for my rental house.
Rick Gorski: How many total properties do you own?
Borrower: two, my primary residence and the rental house
Rick Gorski: Do you have 1 or 2 mortgages on the rental home?
Borrower: 1 and 1 for my primary residence.
Rick Gorski: Current balance on the mortgage? Value of the property?
Borrower: 170k and the house is worth $525k based on a very recent appraial by BoA.
Rick Gorski: What ideally are you looking to accomplish with the refinance?
Borrower: I would like to refinance it to 350k.
Rick Gorski: Is this a single family home or condo?
Borrower: lower my monthly payment and some cashout. It is currently a 15 yr loan and I want to refinance it to 30yr and 350k
Borrower: SFH
Rick Gorski: Are you the only person on the loan and title of the home?
Borrower: The other loan has a monthly payment of ~2800
Borrower: No. My wife and me.
Rick Gorski: The primary home has a payment of $2,800? Is that a 15 year as well?
Borrower: My wife and me are on the title but I am the only borrower for both loans.
Borrower: No that is a 30yr 7/1 ARM.
Rick Gorski: Current rate on the primary home loan and the rental property home?
Borrower: 4 and 3.875
Rick Gorski: Okay... let's take a look at some options. What are your full names, current address, address of the rental property, and best contact phone number?
Borrower: I would like to know what kind of rate you can offer before moving forward. Is that ok?
Borrower: My income is ~1111 in the last three years.
Borrower: and my credit score is ~750
Rick Gorski: What county is each property located?
Borrower: the only other debt is a ~$111/month car lease payment.
Borrower: both are in San Diego county.
Rick Gorski: Both single family homes? Taxes/insurance included into the payment?
Borrower: yes. Both have additional property tax about 1% and insurance of ~500 for each/yr
Borrower: my primary house is worth 111111
Rick Gorski: How many years into the 7 year ARM are you?
Borrower: just started.
Rick Gorski: Balance on that loan?
Borrower: 11111
Rick Gorski: How many payments into that loan are you?
Borrower: will make the first payment in Sept
Rick Gorski: At 4%, correct?
Borrower: yes
Rick Gorski: Good move on that loan... county loan limits just decreased. You have a great loan there that can not be done anymore.
Borrower: i see.
Rick Gorski: What are your payments on the rental home now?
Rick Gorski: How much are the annual taxes/insurance on the home?
Borrower: ~2400
Borrower: tax ~~4000/yr and insurance ~500/yr
Rick Gorski: Okay... let's do this... (assuming perfect credit and qualifying debt to income ratios)...
Rick Gorski: Option 1:
Rick Gorski: 30 year fixed... 4.875%... $1,900 in TOTAL costs... $350,000 loan amount... $2,227/month OR
Rick Gorski: Option 2:
Rick Gorski: 30 year fixed... 4.5%... $5,300.... $350,000 loan amount... $2,148/month
Borrower: I want zero point zero fee
Rick Gorski: I can do 4.99% for ZERO costs... $2,251/month.... $350,000 on an investment property cash out loan
Rick Gorski: Initially, we accept a good faith deposit of $500 on a credit or debit card that is 100% credited back to you upon closing. It allows us to lock the rate/pricing, a commitment to business, and gets the appraiser out to the home.
Rick Gorski: My VP would need to approve this as this WELL below market pricing for this loan. You will need to have a 740+ credit score and lower debt to income ratios.
Rick Gorski: The application will take about 20 minutes here and the loan process is about 3.5 weeks on average now. To start, how would you like to handle the initial deposit (card number/expiration date)?
Borrower: The $2,251/month is total payment (p/I and tax and insurance?), right?
Rick Gorski: Correct... using $4,000/year for taxes and $500/year for insurance
Borrower: OK. The P+I payment is $2,251/month for 350k at 5%
Borrower: no 1,878.88
Borrower: $2,251/month including tax and insurance
Rick Gorski: $1,876.74 at 4.99%, correct... $2,251 with taxes/insurance included
Rick Gorski: ZERO costs
Borrower: Great. What do you need from me in order to lock the rate?
Rick Gorski: Card number/expiration date on the card you will use for the initial $500 deposit that will be 100% credited back to you upon closing.
Borrower: The appraisal will be ordered after all the information required for locking the rate is confirmed, i.e. I will not be charged the $500 if you find that I do not qualify for the anticipated loan?
Rick Gorski: Correct.
Rick Gorski: It is not an application fee. It is once we have checked credit and debt ratio.
Borrower: Sounds good.
Borrower: My 7/1 ARM loan should be in escrow yesterday but my BoA loan officer told me they are still working on it and will be closed in the next day or two. And I just filed my 2010 tax return two weeks ago. Does any of these prevent you from locking the rate for me today?
Borrower: In other words, should I wait for a few days?
Rick Gorski: No. We would just verify the new loan payment prior to closing (on your closing documents) and your 2010 returns will need to be approved by the IRS prior to closing. That will not detour anything and it would be safer to lock now as if pricing even changes 1/8th it will not be a free loan anymore.
Rick Gorski: When ready... card number/expiration date for the initial deposit?
Borrower: I guess you will need my address etc too? Now or later?
Rick Gorski: We will do that all now. Should take only a few minutes.
Borrower: OK. Could you sumarize the loan?
Rick Gorski: I am not sure what you mean based on everything we have discussed already
Borrower: ok. let me summarize: the loan is a 30yr fixed at a rate of 4.99%, zero points and zero fee. Correct?
Rick Gorski: Correct.
Borrower: Great. I assume I will need to submit all docs online, correct?
Rick Gorski: We will do the application here. You will e-sign the approval and you will need to fax or scan/e-mail me some documents based on what the approval asks for.
Borrower: I assume you have been doing this for a while. Is it typical that ALL docs will be asked at one time?
Rick Gorski: I have 9 years of banking experience personally. I have been with Quicken Loans for the last 3 years and I am a President's Club banker (highest position in banking to have). We will ask for most everything we need upfront and see if anything else is needed throughout the process.
Rick Gorski: To start, what is your full name, current address, and address of the rental?
Borrower: and you said it typically takes about 25days for the whole proces to close escrow?
Rick Gorski: Correct.
Borrower: The reason that I am asking these questons is that BoA is asking me for documents until the last day and the promised to close escrow by the end of August but they told me today they wil still need a couple more days ---- and can't promise me a date!
Borrower: I want to do it through somebody who is dependable.
Borrower: Hope you understand.
Rick Gorski: I understand. We are MUCH faster at closing loans... I promise you that.
Borrower: And you are more competitive than ... BoA, Chase etc in rate/pricing?
Rick Gorski: Yes. Much more. If the loan limits didn't just change on the primary loan, I would be certain to have you in process on both loans, but you need to close the BOA loan there as things have changed.
Rick Gorski: Card number/expiration date for the initial deposit?
Borrower: I see. OK. Let's do it
Borrower: card #: 111111111111111 and exp date: 08/2014
Rick Gorski: You will be only person on the loan, correct?
Borrower: yes
Rick Gorski: What is your full name, current address, and address of the rental property?
Borrower: Borrower , current address: 1111 11111 1111on, 111111d, CA 91111
Borrower: Rental property: 1111 arear areea eawreawrs, CA 91111
Rick Gorski: What is your date of birth and social security number?
Borrower: dob: 111111111 and ssn: 111111111
Rick Gorski: June 29 here.
Rick Gorski: What is your home and cell phone number?
Borrower: "June 29 here"?
Rick Gorski: My birthday is June 29
Rick Gorski: What is your home and cell phone number?
Borrower: I see. What you need to tell me that? :) Which year?
Borrower: My cell phone is 111111111111. No home phone.
Rick Gorski: What year was the home built? Has the home been listed for sale in the last 6 months?
Borrower: 1988 and it was listed for ~two months before August 2011. Does this affect the loan?
Rick Gorski: When was the home delisted?
Borrower: Well I need to find out the exact date but it is before the end of July for sure.
Rick Gorski: I just verified.... not an issue as it is under 70% loan to value. I was worried for a moment. What was the home last listed for sale at?
Borrower: hold on
Borrower: Date Description Price % Chg $/sqft Source
07/09/2011 Listing removed $525,000 -- $327 --
06/28/2011 Price change $525,000 -8.8% $327 --
06/04/2011 Price change $575,876 -4.2% $358 --
05/13/2011 Listed for sale $600,876 46.6% $374 Agent
Borrower: I have a lease contract for 3 yrs and the rent is $2800/month
Rick Gorski: Okay... during the process (not initially), we will need evidence of the home being de-listed and a letter stating that you do not intend to sell the property in the near future, but you are good here.
Borrower: yes
Rick Gorski: Okay... what month/year did you purchase the home?
Borrower: 05/28/2002 purchased it for $010,000
Rick Gorski: Are you self employed or W-2?
Borrower: W-2
Rick Gorski: Employment: Name of employer, address of employer, phone number, approximate date of hire, annual income, and job title
Borrower: Employer Inc.
211111 xYz road
San ````, CA 9````
Borrower: Started Jan 2008 as a xx , annual income in the past three yrs is ~xxxk/yr
Borrower: The phone number is Phone: 4``-xxxx0xxx. Ask for xxx xxxxhes or xxxa xxxx for verification of employment.
Rick Gorski: On your primary home, what is the current total house payment with taxes/insurance?
Borrower: after the refi or right now? it will be different starting Sept
Borrower: are you still there?
Rick Gorski: Sorry about that.
Rick Gorski: My director pulled me away
Borrower: what is your phone number in case we get disconnected?
Rick Gorski: I would rather use the right now payment (assuming it is going down)... my number is 216-466-8158
Borrower: $3100 P/I + ~800 for tax and insurance /month
Rick Gorski: Payment is going down with the refinance, correct?
Borrower: yes it will be ~2800/month for P/I
Rick Gorski: Homeowner's insurance for rental: Name of company, address, and phone number
Borrower: xyz insurance
Borrower: hold on ... let me get the agent info for you
Borrower: 1111111111
Farmers Insurance
````````````` Rd, Ste ```
San Diego, CA 92111
License Number: 1111111
111111111190 (Office)
111111111111 (Fax)
Rick Gorski: Thank you.
Rick Gorski: Government/monitoring questions:
Borrower: ok. after this the application is done,right?
Rick Gorski: Are there any outstanding judgments against you?
Rick Gorski: ***This should be just about it***
Borrower: no
Borrower: so you will fill in the application for me and I will e-sign?
Rick Gorski: Have you declared bankruptcy within the past seven years?
Borrower: no, never.
Rick Gorski: Have you had property foreclosed upon or given title or deed in lieu thereof in the past seven years?
Borrower: no, never
Rick Gorski: Are you a party to a lawsuit?
Borrower: no, never
Rick Gorski: Have you directly or indirectly been obligated on any loan, which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?
Borrower: no, never
Rick Gorski: Are you presently delinquent or in default of any Federal debt or any other loan, mortgage, financial obligation, bond, or loan guarantee?
Borrower: no
Rick Gorski: Are you obligated to pay alimony, child support, or separate maintenance?
Borrower: no
Rick Gorski: Are you a co-maker or endorser on a note?
Borrower: no
Rick Gorski: Are you a US citizen?
Borrower: 1111111111111111111111111111111111
Rick Gorski: Do you intend to occupy the property as your primary residence?
Rick Gorski: How did you hold title to the home? Solely, Joint with Spouse, or Joint with another person?
Borrower: Well, I may move back to it when my kids are grown. I hold the title with my wife.
Rick Gorski: And... what is your race?
Borrower: Asian
Rick Gorski: Last part for now... assets: How much do you have in checking/savings/401k? Who are the accounts with? ***Approximates***
Borrower: checking/saving: ~$1111 with Chase. 401k: ~$11111with 111111 and ~$1111 with Fidelity
Rick Gorski: Okay... next steps:
Borrower: and ~$111401k with 1111111111fund
Rick Gorski: 1) You will get an e-mail with the link to your approval in the next 30 minutes. Build a username/password and sign/accept/submit the online application
Borrower: great. so you will fill in the application for me and I will e-sign?
Rick Gorski: 2) Print out the "Hand Signed Documents" found after you have completed the e-sign
Rick Gorski: 3) Scan/email or print the following to me tomorrow morning/tonight:
Rick Gorski: Most recent pay stub
Rick Gorski: Most recent checking/savings statement with ````e (only need this one)... The statement must have your name, address, bank name, account number, and 30 days of activity
Rick Gorski: Copy of `````````d
Rick Gorski: ***I will complete the application, lock the loan, approve it and send you everything to e-sign, yes****
Rick Gorski: My direct office number is 216-466-8158... e-mail is richardgorski@quickenloans.com... fax is 877-393-9312
Borrower: sounds good.
Rick Gorski: I will follow up with you tomorrow morning to confirm that I have received everything.
Borrower: Ok. One question: if the rate drops sharply afterwards, what can you do?
Rick Gorski: Up to you ... I can lock or float the rate. I would suggest locking, but it is up to you. By locking, you are locked into today's market pricing whether the rates get better or worse. If floating, we can monitor the rate and lock when you like, but it is not guaranteed until we lock.
Borrower: Based on your professional opinion, what do you suggest?
Rick Gorski: Lock
Rick Gorski: 100%
Borrower: OK. Let's do it.
Rick Gorski: You are all set. Did you copy down everything for the next steps?
Borrower: YOu lock it today or tomorrow after you have all the info?
Rick Gorski: I am locking tonight.
Borrower: at 4.99% zero point and zero fees?
Rick Gorski: Correct.
Borrower: can you do better?
Rick Gorski: No... it is by far the best option.
Borrower: I mean the rate. 4.99% is the best that you can do?
Borrower: today?
Rick Gorski: I can do better with closing costs. 4.99% on a cash out investment loan is by far the best option.
Borrower: alright. So I will receive an email shortly if not already?
Rick Gorski: You will receive it shortly.
Borrower: shall we wait until I have that email before ending this chat?
Rick Gorski: That is up to you. Either way is fine with me.
Borrower: ok. let me check my email ....
Rick Gorski: It is not sent yet.
Rick Gorski: Still working on the approval. It will be about 30 minutes.
Borrower: I just want to make sure I get everything right now and will email you all the docs that you asked for tonight. Tomorrow I will be kind of busy.
Rick Gorski: Okay... please hold.
Borrower: ok
