SFH#1 update
May 15th, 2007 by KenricThe inspection was yesterday. I haven’t received any inspection report yet. They have until today to send one in. I hope they didn’t leave the projector light on again.
The appraisal is Wednesday. I’m going to go over and let him in cause of the key situation.
We still don’t know where the key from the lockbox is. Those F***in real estate agents!
Title company called and said I had a prepayment penalty on my loan and that the may remove it if I was able to show I had a bonafide non-related sale. I had to call my loan company to discuss my loan. They said I just needed to submit a signed contract to get it removed. Those F***in lenders, they always stick the prepay penalty on every payoff just to stick it to the less savvy. I wonder how many people who don’t read HUD-1′s or know their loans fork out an additional 6 months of interest at closing without even knowing.
Posted in Real Estate | 4 Comments »
Stumble it!
Sounds like you had a rough one today.
By Allan on May 15, 2007
It’s just frustrating because the same stuff happens every time.
By Kenric on May 15, 2007
Is there a way to avoid paying a prepayment penalty??
Thanks,
Mike
By Mike T on May 15, 2007
Mike,
There’s no way to avoid a legitimate prepayment penalty. However, if you plan ahead you can minimize the penalty. To do this you need to make a partial payment 13 months prior to selling of refinancing of 20%. Then when you sell or refi, you’d be able to pay down another 20%. So you’d pay your prepayment penalty based on 60% of your balance instead of 80%.
By Kenric on May 15, 2007