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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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It will be difficult for you to get a FHA loan as your score is only 550. However, your husband can qualify for a FHA loan as his score is around 620-650. He can take the loan alone in his name. Your husband can speak to the local lenders of your area and check out what type of rates you would get. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you in knowing whether you would get a loan or not.
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Procrastination is the enemy of your financial sucess |
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Gil
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Post subject: "Points" |
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Kindly explain how this term is used in the world of mortgages.
Thank you. |
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don11
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Post subject: refi or not? |
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Hi people, great forum you have here!
I own two properties and would like your opinion if I should bother refi'ing.
My current middle fico score is 637
I own a 3 unit apt building that I do not live in. I've owned it for 5 years and never been late on a payment. I currently owe $64k and the APR is 8.72%. Zillow.com lists it's value at roughly $119k so I have plenty of equity in it.
My primary residence has a 1st mortgage at 5.88% and I owe $45k on it.
There is also a 2nd mortgage at 9.48% and I owe $24k on it.
According to zillow this property is worth $95k.
I have called about refi's but have been told that I need to pay for an apprasial out of pocket BEFORE they will give me a yes or no answer to the refi. I'm concerned that after paying the $800 for 2 apprasials, the bank could come back and refuse to refi. Then, I will have wasted $800.
Any help or advice would be appriciated.
thank you |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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guest, i'd have to opine that neither of these is necessarily a great move for you.
my reasoning: with your investment property, you'll pay a severe premium based on your credit score (upwards of 3 additional points). if you are attempting to take some cash out of that equity you have, you'll be penalized even more for that.
as for your primary residence, you could find yourself being limited to 85% of the property value (if a cash-out), which would be a loan of about $80750 based on your zillow citation. the second mortgage you mentioned may cause it to be cash-out. fha is your best alternative for a primary residence refinance since you'd only pay an extra quarter of a point for the credit score - whereas with a conventional loan it's an additional 1.75 points.
as for the appraisal situation, that's the essence of the situation. the lender can tell you if you'll be approved in theory, subject to appraised value. however, they can't promise anything until the value is determined. and, of course, that means you pay the appraisal cost up-front - it is a third party fee, not a lender fee, and the third party deserves to get paid for the work done, after all.
i've not given you much hopeful information, but it's the facts as i see them in your case. if you're simply trying to refinance to lower your rates with no cash coming back, it may be worth the trouble.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Samuel
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Post subject: Terminology |
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| Exactly what does 5.125% with 1.875 points mean? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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the first number means the interest being calculated on your loan will be at 5.125%. as an example, based on $100,000, the interest for one month will equal $427.08. that's calculated by multiplying $100,000 by 5.125% and dividing by 12 months (100000X.5125/12). Each month you pay for a loan, the interest will decline (quite slowly at first and then more so as time goes on).
the 1.875 points mean that you are paying 1.875% of the loan amount as a fee to the lender (fee = points). again, using $100,000 as a guide, that would mean your points paid are equal to $1,875.00. each point is equivalent to one per cent of your loan amount.
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George M. Akerley
Loan Consultant
860-221-5044 |
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confused about banks
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0.10 Dollars($)
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Post subject: refinance my double wide |
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| My wife and I would like to refinance our double wide. We own the property and the house is on pier settings and tied down with no axles under it. Both of our credit scores are 790+. The balance on our mortgage is less than 57,000 and I am assuming an appraisel value of 90,000 to 120,00 for the property and home. Why can't I find a bank willing to refinance me for 75,000. |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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confused about banks,
if you are going to refinance it on both (your and your wife's name) then i do not find any reason why banks will decline it.one reason may be (i am just guessing) if you or either your wife have lost full time job.
So, only in this condition it could be little difficult to convince bank officials but still you can do it.
keep in touch........
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confused about banks,
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| Every bank that I have talked to said that since my double wide is not on a permenant foundation there is nothing that they can do. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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confused - that's pretty standard requirements for lenders as it concerns mobile and modular housing. there are lenders throughout the usa who grant loans on mobile and modular housing, so my thought would be that you ought to be able to locate one who could assist you.
i am not personally aware of who you might find to deal with but an internet search will afford you lots of possibilities.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Friend in need
Guest
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Post subject: got burned |
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| we currently have 2 mortage loans. we JUST found out they are interest only loans. If we refinance will our monthly payments go down eventhough we don't have very much principal built up? We have been told by the lender we are working with that we can only refinance one of the loans because we have very little principal built up. We had a penality stipulation, we could not refinance before 7/1/09. What are your thoughts? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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JUST??? did you never read any of the documents you signed at the closing, nor pay attention when you would periodically receive statements from your lender?
the only way your monthly payments will be reduced when you switch from interest-only payments to payments of full principal and interest is if your interest rate is going to be reduced markedly. the far greater likelihood is that your payments will be substantially higher, so as to allow for reduction of the principal each month.
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George M. Akerley
Loan Consultant
860-221-5044 |
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brenita
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Post subject: refinancing/ wth cash back |
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| if you are sef employed can you use your bank statements for proof of income. |
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Post subject: |
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| are you there |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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yes, guest, there are people here online.
brenita, you used to be able to do what you propose to support claimed income, but i believe that's gone now.
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George M. Akerley
Loan Consultant
860-221-5044 |
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