Posted by Lisa_LAArea on 6/20/05 12:47pm
Msg #46158

RTC

is an RTC used for a new home purchase and also for a second home purchase? i got some conflicting information from a signing service.....my client was a realestate agent and new EVERYTHING, if you all know what i mean.

Reply by Jenni on 6/20/05 12:56pm
Msg #46160

A new purchase does not have a RTC, nor does a rental or 2nd home.
A refin and HELOC for a home that is the primary home, does have a RTC.

Hope this helps.

Reply by Sylvia_FL on 6/20/05 1:05pm
Msg #46164

Also a "streamline" loan does not have an RTC

Reply by Donna_CA on 6/20/05 1:03pm
Msg #46163

My experience is what Jenni has stated. I just did a new home purchase on Saturday and RTC was not included.

Reply by Tina_MA on 6/20/05 2:47pm
Msg #46199

There is never an RTC on a purchase.

Lenders are not required to offer RTC's on 2nd homes, vacation homes, or investment property. However, some lenders WILL offer RTC's in those instances as a customer service.

Reply by Lisa_LAArea on 6/20/05 3:43pm
Msg #46226

Thank you all for your replies.

Reply by BrendaTX on 6/20/05 3:48pm
Msg #46229

Good stuff here, huh?

First investment property I did (around #9) I did not know that there were no RTCs on the refi. I could not get the SS so called title. For a minute they got all in a tizzy...they collaberated...then they told me in a huff that none was needed.

I slithered off.