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aspiring1
1302 Posts |
 Posted - 07/17/2008 : 3:33:33 PM
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Has anyone had any "luck", getting prepayment penalties waived with any lenders...
i.e., refinancing someone's ARM into a fixed rate loan? |
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monarchdad
1811 Posts |
Posted - 07/17/2008 : 3:43:11 PM
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| Are you taking them back to the same lender? That's the only I've ever heard of lenders waiving pre pays. |
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aspiring1
1302 Posts |
Posted - 07/17/2008 : 4:18:45 PM
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quote:
Originally posted by monarchdad
Are you taking them back to the same lender? That's the only I've ever heard of lenders waiving pre pays.
LOL, I wish. In most cases the lenders are subprime and are no longer around.
I haven't attempted to have any prepays waived yet, I usually try and refinance the
prospects/clients after the PP has ended, or when the PP is within a month of ending.
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brianconner
354 Posts |
Posted - 07/17/2008 : 4:36:09 PM
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| I haven't tried in awhile, but I never had much luck. |
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Agent_Mike
372 Posts |
Posted - 07/17/2008 : 5:07:04 PM
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Getting lenders to waive your pre-pay is a myth. The only conditions under which there's a remote possibility are few banks like world and wachovia that will waive their own pre-pay if you're sending the loan back to them.
If you're taking the clients from one bank and sending them to another bank and trying to get pre-pay waived, it will not happen.
What will most likely happen is that their bank will solicit them behind your back and offer them a better loan with no pre-pay. |
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