expert advise on mortgage

R

roran

Registered Users (C)
All,

Will I be able to refinance with AOS status? We have been having mortgage for 1 1/2 years. We just thought of refinancing and already locked the rate. The lender has asked for visa/PR papers. My huband has H1. I am on EAD. Will I485 receipt suffice?
This is when my damn frustration kicks in 'cos of delay in this GC.

Thanks for your help..
 
Dont worry the Visa and the EAD should be enough. All they need to know is that you are legally working. They might want to see your 485 approval but other then that it should not be a problem. Do you that people without there green cards have gotten houses. Believe me Im in the buisness myself.
 
Hey,
We had some probs few days back in getting a commitment from a mortgage company cos we didnt have GC. These people understand only H1 visa or Greencard.They kept saying that we didnt have valid visa and didnt consider EAD.But we did get it in the end after lot of headache.So you want to make sure before itself, that they understand EAD and are OK with that.

Best of Luck!!!
 
We had some probs ref too on EAD. NOvGCWAIT is right, mortgage companies are a bunch of jerks - they only know H1B or GC.

We were ref with the same mortgage company so they waived the GC requirement.
 
i am going to the broker's

office today. Let's see what happens. Worse case, i may have to refinance with my current mortgage company.
 
EAD is not your LEGAL STATUS

Hey Guys EAD does not show your legal status. Its only an authorization from INS that you are allowed to work.

Your legal status is only through the valid NON - IMMIGRATION VISA and if that expires then through valid I-94, but again that is only for the immigration officers.

Its always has been advised that you should stamp the new visa on the passport, but I know, like many other even I didn't do it, so now I am also sailing in the same boat as you guys are....


Wish You all good luck
 
Just 485 receipt would be fine. I refinanced for 2nd time this year a month back. I am looking to refinance now as well. Do you know any lender who give no closing cost option.

Thanks
 
I think you are wrong vinidel

Visa will never give you a valid non-immigrant status ( for that matter no status). Visa is only valid to enter the country. EAD/H1/any other immigration document will give you a status.
EAD is pretty much THE document for a legal status to staty in the country and work. Its too bad that the mortgage companies does not know about the document. You can very well stay in the country and work with an expired visa or I94 as long as you have a valid INS document.

I hope you guys can explain this to a mortgage company. I am in the same situation as roran. I am planning to buy a house/condo/TH pending my GC apporoval, but Its no where near the sight.
 
I bought a house even before I started my GC process. At that time I gave copy of my H1 to the mortgage company. After that I refinanced 3 times in 3 years, even though I was in my GC process I told them I've GC. They did not ask for any documents. Even if they ask I was planning to give them a copy of I-485 receipt notice or EAD. Trust me that would be enough if you explain to them properly, or tell them to talk to your immigration attorney. If they deny you mortgage because you dont have GC you can sue them(I guess) as long as they say, "Equal housing Lender". Stand strong and you shall get what you want.

Just one more tip; If possible, try to get no point no closing mortgage.

Good luck
 
Just send your EAD

roran:
I refinanced my house last month and I did send them clear copy of EAD front and back.No questions asked. Donot forget to mention "STATUS: ADJUSTEE" on the copy.
 
Thanks..

I am planning to take both my EAD and 485 receipt and see what happens. I am planning to change from 30 year to 20 year term with a less interest with no change in monthly payment.
No points for sure.
 
Good tips Fizk....

I understand No Point but what do you mean by no Close ? Did you mean no closing costs? If yes, is it possible?

Thanks,
BR
 
BladeRunner

Yes I meant no point no closing cost mortgage. I refinanced my 30 year fixed rate of 6.5 to 15 year fixed rate of 5.5 without any points or closing cost. I dont know the current rate, it may be lower.

I live in MA; please note that rates may vary from state to state.
 
Avoid Chase

Hi,

When I got my house, initially my mortgage broker got me a loan approved with Chase. Few days before closing they revoked the decision saying that I do not have GC. They knew all the time that I have H1 and I485 applied.

It caused me a big problem and then had to go with Citi, which was smooth but little expensive in closing costs.

Then a friend of mine (Canadian - in the same boat) had problems with Chase. We later learned that Chase would approve the loan first and then when some one is actually looking at the papers, they figure out the person is not GC holder or Citizen and Reject at the later stage (sometime a week before closing!)

Just avoid Chase. Tell your mortgage broker in advance to avoid Chase.

BTW, does anyone has any referances about no-points & no closing costs refinance. I have 5.75 5/1 ARM in MA.

Happy Holidays.

Cru.
 
Avoid Sovereign Bank in NJ

I had the same problem described by cru... except that the bank in quesion was Sovereign Bank... and I had to switch to GMAC Mortage at the last moment.. which caused an increase in closing costs by approx $2K.

Make sure that you are well aware of the conditions of yr committment letter and get a smart attorney.



PKNM
(Pata Nahin Kab Milega!)
RD : 09/04/01
Everything else - not good!
 
fizk and others

fizk --
"no point no closing mortgage" - what does this mean? Also, are you saying that there are 'no closing cost' mortgage lenders?

Others --
Has anybody taken a mortgage(first timers) recently? If so please post details. Thanks!
 
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