GAS LEASE SIGNED = NO LOANS - GoMarcellusShale.com2024-03-28T18:26:35Zhttps://gomarcellusshale.com/forum/topics/gas-lease-signed-no-loans?feed=yes&xn_auth=no Thanks, That actually looks…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3254132012-07-23T22:19:51.458Zulflyer5https://gomarcellusshale.com/profile/ulflyer5
<p> Thanks, That actually looks like it will help. I couldn't find anything like that. I will definitely look at that some more. </p>
<p> Thanks, That actually looks like it will help. I couldn't find anything like that. I will definitely look at that some more. </p> Based upon what I found, I th…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3253192012-07-23T22:03:26.877Z2pwt9ru4672sqhttps://gomarcellusshale.com/xn/detail/u_2pwt9ru4672sq
<p>Based upon what I found, I think your local lending institution is making something of a mountain out of a molehill.</p>
<p></p>
<h2>FHA rules: Keep your distance</h2>
<p>The Federal Housing Administration, or FHA, Fannie Mae and Freddie Mac all have something to say about mineral rights. Together, these three entities set standards for most U.S. mortgages.</p>
<p>The FHA guidelines state that existing homes must be at least 300 feet from any active or planned oil or natural gas drilling…</p>
<p>Based upon what I found, I think your local lending institution is making something of a mountain out of a molehill.</p>
<p></p>
<h2>FHA rules: Keep your distance</h2>
<p>The Federal Housing Administration, or FHA, Fannie Mae and Freddie Mac all have something to say about mineral rights. Together, these three entities set standards for most U.S. mortgages.</p>
<p>The FHA guidelines state that existing homes must be at least 300 feet from any active or planned oil or natural gas drilling site. New or proposed construction must be at least 75 feet away, unless measures are taken to mitigate noise and reduce the chance of contamination from spills. That distance is cut to 10 feet if a drilling site has been abandoned in compliance with local safety requirements. Minimum distances from petroleum product wells are established after an engineering assessment.</p>
<p>The FHA doesn't track how many mortgage insurance applications are denied due to drilling operations. But those short distances suggest the number would be few, and the FHA says that's a reasonable assumption.</p>
<h2>Fannie, Freddie follow local customs</h2>
<p>Fannie Mae won't purchase or securitize any mortgage if the property has a "title impediment," a technical term that refers to a claim of ownership or property rights. <strong>Among the allowable exceptions, however, are existing oil, water or mineral rights that are "customarily waived by other lenders" and "do not materially alter the contour of the property or impair its value or usefulness for its intended purposes."</strong></p>
<p>Current homeowners who want to assign such rights must submit an Application for Release of Security and a copy of the proposed lease to the loan servicer.</p>
<p>Before granting a release, the servicer must consider the effect on the owner's property rights, the potential effects of any hazards, nuisances or damages, and local customs and community attitudes.</p>
<p>Freddie Mac's guidelines also allow title exceptions. <strong>Existing oil, gas or mineral rights are among these exceptions, if certain conditions are met. The rights must be "commonly granted" by lenders in the local area and must not result in any damage to the property or impairment of the property's use or marketability as a residence. No right of surface or subsurface entry is allowed within 200 feet of a residence, and a title policy endorsement is required to protect the lender.</strong></p>
<div style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;"><br/>Read more: <a style="color: #003399;" href="http://www.bankrate.com/finance/mortgages/how-oil-gas-rights-affect-mortgages.aspx#ixzz21UAdB7xB">How Oil And Gas Rights Affect Mortgages | Bankrate.com</a> <a style="color: #003399;" href="http://www.bankrate.com/finance/mortgages/how-oil-gas-rights-affect-mortgages.aspx#ixzz21UAdB7xB">http://www.bankrate.com/finance/mortgages/how-oil-gas-rights-affect-mortgages.aspx#ixzz21UAdB7xB</a></div> I have done that already as…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3252352012-07-23T21:34:24.935Zulflyer5https://gomarcellusshale.com/profile/ulflyer5
<p> I have done that already as well. Amerisave was one and was told the same. They sell to Fannie Mae.</p>
<p> I wasn't trying to stir anything here I was looking for the bank Lori used is all. I will try them first. I don't necessarily need to refinance but if I can save money. I am always for that. I forgot the exact savings it would be but it was worth the effort. I think. But people should be aware of the issue all the same. I typed in fannie mae and gas leases and found I am surley…</p>
<p> I have done that already as well. Amerisave was one and was told the same. They sell to Fannie Mae.</p>
<p> I wasn't trying to stir anything here I was looking for the bank Lori used is all. I will try them first. I don't necessarily need to refinance but if I can save money. I am always for that. I forgot the exact savings it would be but it was worth the effort. I think. But people should be aware of the issue all the same. I typed in fannie mae and gas leases and found I am surley not alone .</p> Nope.... I merely googled mor…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3252332012-07-23T21:27:23.814Z2pwt9ru4672sqhttps://gomarcellusshale.com/xn/detail/u_2pwt9ru4672sq
<p>Nope.... I merely googled mortgage rates and plugged in an Ohio zip code, this is one of many that popped up. </p>
<p>A year or so ago I did do a refi that was done entirely online, other than a local agent that showed up at my home for me to sign their paperwork. It was smooth as glass, but it was not this particular company. I am merely vouching for the simplicity of doing an online refi. </p>
<p>Good luck.</p>
<p>Nope.... I merely googled mortgage rates and plugged in an Ohio zip code, this is one of many that popped up. </p>
<p>A year or so ago I did do a refi that was done entirely online, other than a local agent that showed up at my home for me to sign their paperwork. It was smooth as glass, but it was not this particular company. I am merely vouching for the simplicity of doing an online refi. </p>
<p>Good luck.</p> Thanks Steve
I will write…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3251112012-07-23T21:20:33.252Zulflyer5https://gomarcellusshale.com/profile/ulflyer5
<p> Thanks Steve</p>
<p> I will write them or call and see what they have to say. Do you have any experience with them?</p>
<p> Thanks Steve</p>
<p> I will write them or call and see what they have to say. Do you have any experience with them?</p> ULFLYER,
Not sure what you…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3251072012-07-23T21:15:08.708Z2pwt9ru4672sqhttps://gomarcellusshale.com/xn/detail/u_2pwt9ru4672sq
<div class="detail-list borrower-view" id="yui_3_5_0_1_1343077802382_985"><div class="generic-box yui3-widget-stdmod" id="loan-details"><div class="module-head yui3-widget-hd clearfix" id="yui_3_5_0_1_1343077802382_1023"><h5 id="yui_3_5_0_1_1343077802382_1033">ULFLYER, </h5>
<p>Not sure what you are looking for exactly, but I took the liberty:</p>
<h5>Rate Details…</h5>
</div>
<div class="module-body yui3-widget-bd clearfix" id="yui_3_5_0_1_1343077802382_984"></div>
</div>
</div>
<div id="yui_3_5_0_1_1343077802382_985" class="detail-list borrower-view"><div id="loan-details" class="generic-box yui3-widget-stdmod"><div id="yui_3_5_0_1_1343077802382_1023" class="module-head yui3-widget-hd clearfix"><h5 id="yui_3_5_0_1_1343077802382_1033">ULFLYER, </h5>
<p>Not sure what you are looking for exactly, but I took the liberty:</p>
<h5>Rate Details</h5>
</div>
<div id="yui_3_5_0_1_1343077802382_984" class="module-body yui3-widget-bd clearfix"><table id="yui_3_5_0_1_1343077802382_983" class="form-data">
<tbody id="yui_3_5_0_1_1343077802382_982"><tr id="yui_3_5_0_1_1343077802382_1009" class="odd"><td id="yui_3_5_0_1_1343077802382_1008"><span id="quoteid_tip" title="" class="definition yui3-tooltip-trigger">Quote ID</span>:</td>
<td id="quote-id">ZQ-KBPQYTJ</td>
</tr>
<tr class="even"><td><span id="datesubmitted_tip" title="This is the date and time a lender submitted your loan request." class="definition yui3-tooltip-trigger">Date submitted</span>:</td>
<td id="date-submitted">July 23, 2012 02:09PM PDT</td>
</tr>
<tr class="odd"><td><span id="loanamount_tip" title="The amount of money being borrowed, calculated by subtracting the down payment from the purchase price (e.g., Purchase price = $300,000; Down payment = $100,000; Loan amount = $200,000)." class="definition yui3-tooltip-trigger">Loan amount</span>:</td>
<td id="loan-amount">$200,000</td>
</tr>
<tr class="even"><td><span id="mortgagebalance_tip" title="The remaining principal on the original mortgage to be paid off during this refinance." class="definition yui3-tooltip-trigger">Mortgage balance</span>:</td>
<td id="mortgage-balance-amount">$200,000</td>
</tr>
<tr class="odd"><td><span id="cashOut_tip" title="During a refinance, it's when a person takes out a new mortgage on the same property for an amount greater than the previous mortgage. The difference is taken in cash." class="definition yui3-tooltip-trigger">Additional cash out</span>:</td>
<td><span id="cashout-amount">$0</span></td>
</tr>
<tr class="even"><td><span id="loanInterestRateTypeField_tip" title="This is the type of loan and includes the length of the loan and any adjustments if the loan is adjustable (e.g., 30 year fixed, 5/1 year ARM)." class="definition yui3-tooltip-trigger">Loan product</span>:</td>
<td id="loan-product">15 year fixed</td>
</tr>
<tr class="odd"><td><span id="interestRateField_tip" title="The interest rate is the yearly rate charged by a lender to a borrower in order for the borrower to obtain a loan. This is usually expressed as a percentage of the total amount loaned. Note that rates may increase for adjustable rate mortgages." class="definition yui3-tooltip-trigger">Interest rate</span>:</td>
<td id="interest-rate">2.75 %</td>
</tr>
<tr id="yui_3_5_0_1_1343077802382_981" class="even"><td id="yui_3_5_0_1_1343077802382_1005"><span id="rateAssumedLock_tip" title="The assumed lock in the period, expressed in days for which the lender will guarantee a rate. Note: This rate is NOT locked until you contact the lender and ask them to lock the rate." class="definition yui3-tooltip-trigger">Assumed rate lock</span>:</td>
<td id="assumed-lock">30-day</td>
</tr>
<tr id="yui_3_5_0_1_1343077802382_1007" class="odd"><td id="yui_3_5_0_1_1343077802382_1006"><span id="noteDueInField_tip" title="If the note is due before the amortization term, as it is with a balloon mortgage, set the due date here as a number of months. By default, the term and note due in values are the same." class="definition yui3-tooltip-trigger">Note due in</span>:</td>
<td id="note-due-in">15 years</td>
</tr>
<tr class="even"><td><span id="apr_tip" title="Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, lender fees, and certain other financing charges the borrower is required to pay. Using APR to compare quotes is helpful because it takes into account both the interest rate and financing fees. The APR is calculated by Zillow." class="definition yui3-tooltip-trigger">APR</span>:</td>
<td id="annual-percentage-rate">2.75 %</td>
</tr>
<tr class="odd"><td><span id="isPrepaymentPenaltyField_tip" title="A pre-payment penalty means that if you pay off your mortgage loan earlier than agreed, you will pay a penalty. However, if you agree to pay a pre-payment penalty, you will usually get a better interest rate. " class="definition yui3-tooltip-trigger">Pre-payment penalty</span>:</td>
<td id="pre-payment-penalty">No</td>
</tr>
</tbody>
</table>
</div>
</div>
<div id="remove-monthly-payment-content"><div id="monthly-payment" class="generic-box yui3-widget-stdmod"><div class="module-head yui3-widget-hd clearfix"><h5>Monthly Payment <span id="estimatedByZillow_tip" title="Zillow calculates the principal and interest portion of the monthly payment using the standard amortization formula based on the loan amount, interest rate, and other information provided by lender. Then it estimates values for property taxes, homeowners insurance, and mortgage insurance based on data it has available so that you don't have to determine these values yourself. The actual monthly payment may be higher." class="de-emph definition yui3-tooltip-trigger">(Estimated by Zillow)</span></h5>
<div class="actions"></div>
</div>
<div class="module-body yui3-widget-bd clearfix"><table id="graph-wrapper">
<tbody><tr><td id="table-col"><table class="form-data">
<tbody><tr class="odd"><td class="orange-text">Principal & interest</td>
<td id="principal-interest" class="orange-text">$1,357</td>
</tr>
<tr class="even"><td>Property taxes <span class="de-emph">(estimated)</span></td>
<td id="property-taxes">$523</td>
</tr>
<tr class="odd"><td>Homeowners ins. <span class="de-emph">(estimated)</span></td>
<td id="hazard-insurance">$44</td>
</tr>
<tr class="even"><td>Mortgage ins. <span class="de-emph">(estimated)</span></td>
<td id="mortgage-insurance">N/A</td>
</tr>
<tr class="odd"><td><strong>Total</strong></td>
<td><strong>$1,924</strong></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<div id="tcf-data-module" class="generic-box yui3-widget-stdmod"><div class="module-head yui3-widget-hd clearfix"><div>Total Spent</div>
<div></div>
</div>
<div class="module-body yui3-widget-bd clearfix"><table id="graph-wrapper">
<tbody><tr><td id="table-col"><table id="tcf-data" class="form-data clear">
<tbody><tr class="odd"><td class="orange-text"><div>True Cost</div>
<a id="true-cost-help-tooltip" class="zbt icon help launch-tooltip" href="http://www.zillow.com/mortgage/BorrowerQuoteDetail.htm?quote=ZQ-KBPQYTJ#" name="true-cost-help-tooltip"><span>What's this?</span></a></td>
<td class="orange-text"><span class="TenYears" id="tenyears-total-spent-true-cost">$39,222</span></td>
</tr>
<tr class="even"><td class="cost-breakup">Fees</td>
<td class="cost-breakup" id="total-spent-fees">$350</td>
</tr>
<tr class="odd"><td class="cost-breakup">Interest</td>
<td class="cost-breakup"><span class="TenYears" id="tenyears-total-spent-interest">$38,872</span></td>
</tr>
<tr class="even"><td class="cost-breakup">Mortgage ins.</td>
<td class="cost-breakup"><span class="TenYears" id="tenyears-total-spent-mortgage-insurance">$0</span></td>
</tr>
<tr class="principal-line odd"><th>Principal paid</th>
<td><span class="TenYears" id="tenyears-total-spent-principal-paid">$123,997</span></td>
</tr>
<tr class="even"><td><strong>Total</strong></td>
<td><strong class="tcf-total"><span class="TenYears value" id="tenyears-total-spent-total">$163,219</span></strong></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
<div id="contact-header-next-steps-bottom" class="hdp-style-contact"><div class="generic-box"><div class="module-head clearfix"><h5>Contact Lender</h5>
</div>
<div class="next-steps-module clearfix"><div class="next-steps-lender-infobar"><div class="lender-infobar vcard clearfix"><a class="lender-business-name" href="http://www.zillow.com/profile/johnfearon/"><img alt="Profile picture for johnfearon" class="photo" src="http://photos2.zillow.com/is/image/i0/i11/i565/IS-11hfddkgz6u5.jpg?op_sharpen=1&qlt=90&hei=76&wid=76&size=76,101&scl=1" height="76" width="76"/></a></div>
</div>
</div>
</div>
</div>
</div> From what I understand its…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3251032012-07-23T21:03:20.810Zulflyer5https://gomarcellusshale.com/profile/ulflyer5
<p> From what I understand its not so much the banks. But Fannie Mae. If I want to get the lower interest that's what it needs to be. Conventional bank MTGs are in the 5 or 6% or higher and it won't do any good. All I wanted to do was take advantage of the lower rates and pay off my MTGS sooner and for less money. I wasn't looking for more money but for less cost of money. My equity is double what I wanted to borrow. And both my wife and I are over 800 credit. Like I said the issue seems to…</p>
<p> From what I understand its not so much the banks. But Fannie Mae. If I want to get the lower interest that's what it needs to be. Conventional bank MTGs are in the 5 or 6% or higher and it won't do any good. All I wanted to do was take advantage of the lower rates and pay off my MTGS sooner and for less money. I wasn't looking for more money but for less cost of money. My equity is double what I wanted to borrow. And both my wife and I are over 800 credit. Like I said the issue seems to be with Fannie Mae and gas leases. So for now I will just keep adding extra to the loans I have and get rid of them that way.</p>
<p> Thanks</p> David,
Whatever financial ins…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3250992012-07-23T20:52:29.710Z2pwt9ru4672sqhttps://gomarcellusshale.com/xn/detail/u_2pwt9ru4672sq
<p>David,</p>
<p><br></br>Whatever financial institution told you that is somebody that you would likely not wish to do business with in the first place. First of all, in Ohio, thanks to the Super Priority law that is in effect, an oil and gas lease ALWAYS has priority over a mortgage and would not be displaced by virtue of a foreclosure by a lender. This is true regardless of whether or not the lease predated the existence of the mortgage. Secondly, an oil and gas company would NEVER be…</p>
<p>David,</p>
<p><br/>Whatever financial institution told you that is somebody that you would likely not wish to do business with in the first place. First of all, in Ohio, thanks to the Super Priority law that is in effect, an oil and gas lease ALWAYS has priority over a mortgage and would not be displaced by virtue of a foreclosure by a lender. This is true regardless of whether or not the lease predated the existence of the mortgage. Secondly, an oil and gas company would NEVER be considered a creditor/lender to a property owner UNLESS the oil and gas company paid off your past due mortgage or paid off your past due taxes (providing they have the contractual right to do so by virtue of the lease language). So there would be very limited circumstances that a mortgage company would need to be concerned with. If the gas company were to take that action, their only recourse is to recoup any funds they might expend out of your royalty income stream. </p>
<p>I'd go find yourself a legitimate lender with a higher degree of competence!</p>
<p></p>
<h1>1509.31</h1>
<p>(D) If a mortgaged property that is being foreclosed is subject to an oil or gas lease, pipeline agreement, or other instrument related to the production or sale of oil or natural gas and the lease, agreement, or other instrument was recorded subsequent to the mortgage, and if the lease, agreement, or other instrument is not in default, the oil or gas lease, pipeline agreement, or other instrument, as applicable, has priority over all other liens, claims, or encumbrances on the property so that the oil or gas lease, pipeline agreement, or other instrument is not terminated or extinguished upon the foreclosure sale of the mortgaged property. If the owner of the mortgaged property was entitled to oil and gas royalties before the foreclosure sale, the oil or gas royalties shall be paid to the purchaser of the foreclosed property.</p> Home equity was never a pr…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3250942012-07-23T20:33:51.730Zulflyer5https://gomarcellusshale.com/profile/ulflyer5
<p> Home equity was never a problem as far as I know. But PNC would not do a first MTG refi either. They were one of the ones I called. I was looking at lowering my rates anything above 3% just doesn't seem worth it. Thanks, Dave</p>
<p> Home equity was never a problem as far as I know. But PNC would not do a first MTG refi either. They were one of the ones I called. I was looking at lowering my rates anything above 3% just doesn't seem worth it. Thanks, Dave</p> Thanks, I though about tryi…tag:gomarcellusshale.com,2012-07-23:2274639:Comment:3253152012-07-23T20:31:08.737Zulflyer5https://gomarcellusshale.com/profile/ulflyer5
<p> Thanks, I though about trying them but after being told by so many others I just assumed it would be the same response. I will give them a call as well. Dave</p>
<p> Thanks, I though about trying them but after being told by so many others I just assumed it would be the same response. I will give them a call as well. Dave</p>