Joe Armstrong
member
Posts: 78
Reg: 01-06-12
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10-03-12 07:00 PM - Post#155504
Short and simple. Did you know that you can refinance your mortgage (At the lowest rates I have ever seen) have no out of pocket expense and receive a rebate from your current lender for property taxes and insurance escrows? Curious? PM me and I will do an in depth analysis for you!
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 Webmaster
Community Manager
Posts: 3214
Loc: Allen, Texas
Reg: 01-24-00
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10-04-12 03:40 PM - Post#155559
In response to DrivinTooFast
Service First Mortgage-Joe Armstrong is an Allen Online advertiser
click here
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DrivinTooFast
enthusiast
Posts: 1878
Reg: 02-20-08
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10-04-12 05:49 PM - Post#155579
In response to Webmaster
Service First Mortgage-Joe Armstrong is an Allen Online advertiser
click here
OK, Let me rephrase. This is stupid idea. Oh sure you can refinance, but if you get a refund of your escrows, you have to pay them right back to the County in property taxes.
You can choose whomever you want to refinance and I do not have a dog in this hunt, but to insinuate that you get a refund from escrow that you can pocket is down right immoral. It's bad mortgage advice like that which created the financial mess in the first place. If you are refinancing, I suggest checking out a provider that gives real financial advice and run your own numbers. Be sure to check out fees and principle games being played by unscrupulous mortgage brokers too.
Edited by DrivinTooFast on 10-04-12 05:49 PM. Reason for edit: No reason given.
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Webmaster
Community Manager
Posts: 3214
Loc: Allen, Texas
Reg: 01-24-00
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10-05-12 12:18 AM - Post#155599
In response to DrivinTooFast
Service First Mortgage-Joe Armstrong is an Allen Online advertiser
click here
OK, Let me rephrase. This is stupid idea. Oh sure you can refinance, but if you get a refund of your escrows, you have to pay them right back to the County in property taxes.
You can choose whomever you want to refinance and I do not have a dog in this hunt, but to insinuate that you get a refund from escrow that you can pocket is down right immoral. It's bad mortgage advice like that which created the financial mess in the first place. If you are refinancing, I suggest checking out a provider that gives real financial advice and run your own numbers. Be sure to check out fees and principle games being played by unscrupulous mortgage brokers too.
Wow. Why attack this business if you disagree with his idea. Please no flaming. May I suggest that you ask Joe Armstrong for a clarification.
Allen finds it on. . . Allen Online! |
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Joe Armstrong
member
Posts: 78
Reg: 01-06-12
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10-05-12 08:19 AM - Post#155611
In response to Webmaster
The post was for informational purposes only and was not intended as advice. The advice would be presented to the consumer after the in depth analysis that I offered to anyone that was curious to know more.
There are 3 different types of refinancing, Limited cash out, Rate/Term and cash out. All of which must present to the consumer a tangible benefit. Limited cash out is when a consumer refinances to change rate, term or both and chooses to finance all of the closing costs. This is the most common and the rebate I mentioned is purely a byproduct of the refinance. It is not a choice if the consumer currently escrows for taxes and insurance. A rate/term refinance is when the consumer chooses to refinance and pay out of pocket all closing costs associated with the refinance, at this time of the year that would include all property taxes due. The cash out is when the consumer refinances and cashes out equity in the home. Closing costs can either be paid out of pocket or financed.
Everyone's financial situation is different and there are often times that refinancing just does not make financial sense and yet there are many times that it does. It just depends on ones unique situation.
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DrivinTooFast
enthusiast
Posts: 1878
Reg: 02-20-08
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10-05-12 10:13 AM - Post#155626
In response to Joe Armstrong
I have no issue with discussing refi's, my issue is when a mortgage broker dangles an escrow rebate out there. It is wrong plain and simple and it is especially wrong if you plan on closing Oct/Nov when taxes are due. If the escrows were incorrect from the original lender, the borrower simply needs to ask for a escrow analysis and if they are incorrect the borrower will receive a check from the servicer.
I think we have seen the results of using your mortgage as an ATM using cash out financing and it is worst kind of horror film for the individual and the country. To suggest that rolling in your taxes into a new refi mortgage and pocketing the escrow is good for anybody is like taking child care advice from Sandusky.
I also think it is wrong for advertisers to throw out fishing posts in the discussion forums, it can lead to some very seedy activity - but that is an issue with Allen Online not related to refi activity. You cannot advertise in the newspaper with an "InfoAdvert" without disclosing that it is an advertisement. I believe that fishing posts like the original post are simply veiled advertising rather then legitimate questions/comments and should be labeled as such.
Edited by DrivinTooFast on 10-05-12 10:46 AM. Reason for edit: No reason given.
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Webmaster
Community Manager
Posts: 3214
Loc: Allen, Texas
Reg: 01-24-00
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10-05-12 11:21 AM - Post#155632
In response to DrivinTooFast
While I am sure that Joe Armstrong would like to increase his business, he is also trying to be helpful as you are.
Perhaps you missed the "Please Read First" topic in this forum which it indentified Joe Armstrong as an advertiser.
Staying neighborly,
Web
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Harry_Max
newbie
Posts: 6
Loc: Australia
Reg: 08-21-13
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08-21-13 01:20 AM - Post#162924
In response to Webmaster
I really appreciate to above discussion, well before read this discussion, I have no proper information about refinance, but after reading this discussion, I also have some proper information about refinance, I think it's really nice and keep it up guys ...
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