Replies to This Discussion

Permalink Reply by 2pwt9ru4672sq on July 23, 2012 at 5:15pm

ULFLYER,  

Not sure what you are looking for exactly, but I took the liberty:

Rate Details

Quote ID:	ZQ-KBPQYTJ
Date submitted:	July 23, 2012 02:09PM PDT
Loan amount:	$200,000
Mortgage balance:	$200,000
Additional cash out:	$0
Loan product:	15 year fixed
Interest rate:	2.75 %
Assumed rate lock:	30-day
Note due in:	15 years
APR:	2.75 %
Pre-payment penalty:	No

Monthly Payment (Estimated by Zillow)

Principal & interest $1,357 Property taxes (estimated) $523 Homeowners ins. (estimated) $44 Mortgage ins. (estimated) N/A Total $1,924

Total Spent

True Cost What's this? $39,222 Fees $350 Interest $38,872 Mortgage ins. $0 Principal paid $123,997 Total $163,219

Contact Lender

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Permalink Reply by ulflyer5 on July 23, 2012 at 5:20pm

  Thanks Steve

 I will write them or call and see what they have to say. Do you have any experience with them?

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Permalink Reply by 2pwt9ru4672sq on July 23, 2012 at 5:27pm

Nope.... I merely googled mortgage rates and plugged in an Ohio zip code, this is one of many that popped up. 

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. 

Good luck.

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Permalink Reply by ulflyer5 on July 23, 2012 at 5:34pm

  I have done that already as well. Amerisave was one and was told the same. They sell to Fannie Mae.

  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 .

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Permalink Reply by 2pwt9ru4672sq on July 23, 2012 at 6:03pm

Based upon what I found, I think your local lending institution is making something of a mountain out of a molehill.

FHA rules: Keep your distance

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.

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.

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.

Fannie, Freddie follow local customs

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. 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."

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.

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.

Freddie Mac's guidelines also allow title exceptions. 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.

Read more: How Oil And Gas Rights Affect Mortgages | Bankrate.com http://www.bankrate.com/finance/mortgages/how-oil-gas-rights-affect...

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Permalink Reply by ulflyer5 on July 23, 2012 at 6:19pm

  Thanks, That actually looks like it will help. I couldn't find anything like that.  I will definitely look at that some more. 

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