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nygiants93 · Joined: 15 May 2007 Posts: 1 2.08 Dollars($)

Here is the story. My wife and I purchased a house 100% financing back in October of 06 for 156,000. We have a 80/20. 80% = 124,600 (7%) monthly of 835.47. 20%=31,135 (12%) monthly of 320.93. Once we moved in , the house was appraised @ 9k higher than purchase price. Since then, we have repainted the entire house, and added a $4,000 fence. We live 20 miles outside of Raleigh NC, and the market seems to be very stable here. There is a 300 house development being built behind me and my town is one of the fastest growing area's in Raleigh. We have made 7 on time payments. What we are hoping to accomplish is; I would like to refinance and go from our 3 yr arm to a conventional loan if possible and also cash out 30K if possible. Our current situation is income of 65k (combined) both @ jobs for 4 yrs and 2 yrs. Credit scores 647 & 627. Current debts 2 car loans (7900 & 18000) Payments on these of 166/300 monthly. Credit cards 13 accounts totaling $11000. 5 of these accounts are @ 50% or lower, the other 8 are @ 90 %. We have student loans but all are deferred and will be redeferred until we refinance. I do not want to get killed on closing costs but understand and don't mind if these costs can be rolled into the new loan. Can swing a mortgage of $200 more after refinancing. I want to use the $$$ to payoff all credit cards and one of the cars. There has to be a way to do this. When I see people with sub 500's getting 100% financing now I know someone can help us with this. Also, this does not have to be done know. I can wait until Sept when we have been in the house for a year, I just want to prepare now and do what I have to do to accomplish this. Thanks.

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Nygiants, is there any prepayment penalty clause for your mortgage? And if it is their then for how long?

wablola · Posted: Tue May 15, 2007 1:09 pm Post subject:

Hello nygiants93,

Same question as easow ask. Is there a Pre-payment Penalty (PPP) tied to your loan? And if so, how long is the PPP for? Reason why easow and I are asking if a PPP is tied to the loan is that if you refinance within the time frame of the PPP, you will have to pay a penalty for refinancing.

If you do not have a PPP, I would suggest to wait and refinance when you can get your FICO at least above 660. Having a FICO of at least 660 will provide you better loan programs and more options.

I would also suggest to have at least 3 months reserves when you are ready to refinance. This will make it easier for you to qualify for the loan. 3 months reserves can be either savings, money market, retirement funds, etc...

Hope this information helps.

sara · Posted: Tue May 15, 2007 11:23 pm Post subject: RE: Refinance to pay off debts

Hi Nygiants,

Welcome to the forums.

There are a lot of debts that you need to get rid of. And, that is why you're looking for a cash-out refinance. I guess you are thinking of refinancing with a fixed rate loan. If that is so, then it's a good move on your part. This is because you have around 13 cards already and there's a car loan too. And, refinancing with an ARM would again require you to carry on with variable payments and who knows if the rates go even higher than what they are now.

Your credit scores are moderate, and considering your income, I should say there can be a number of options out there for you. But you need to shop well for that and by the way, have you talked with a few lenders. What are they offering you?

Take Care

Samantha · Posted: Wed May 16, 2007 2:06 am Post subject: RE: Closing costs in refinane

Hi Nygiants,

If you are looking to refinance your current mortgage, try to find out lenders who are willing to offer you comparatively lower rate of interest than your existing rate. But then you are ready to go with a loan which will include the closing costs also. In that case, you may be offered a higher rate of interest compared to what you could get if you pay the costs.

However, until and unless you contact some lenders, it will not be possible for you to get an estimate of the costs that you need to pay while managing a mortgage.

Hope this helps...

God bless you.

Samantha

Guest

would like to find a refinance on my mobile home also have va oualified

jameshogg · Posted: Wed Feb 03, 2010 11:54 pm Post subject:

Hi david,

Did you speak to your present lender in order to get a refinance? If you haven't spoken to him, then I would suggest you to do so. Depending upon your financial situation, you would be able to get a refinance. You can even speak to other lenders and check out what type of rates you would receive.

This community has a number of lenders who may be able to help you in getting a refinance. You can seek a no obligation free mortgage consultation from the lenders of this community. This will help you know what type of rates and terms you would get.

Thanks

bg0427 · Posted: Thu Feb 04, 2010 7:26 am Post subject:

There are plenty of us that would love to earn your refinance business. Mobile Homes are a different animal minimum credit score on mobiles is 660.

gmakerley · Posted: Thu Feb 04, 2010 9:46 am Post subject:

brad are you aware of lenders offering loans on mobile homes? there are so many requests that get placed in forums here every day.

bg0427 · Posted: Thu Feb 04, 2010 10:00 am Post subject:

Yes There are two that I know of.

gmakerley · Posted: Thu Feb 04, 2010 10:13 am Post subject:

you might want to search around on here for those who are asking about loans, and pass along that information to them. there seems to be a severe shortage of lenders who'll readily consider mobile/manufactured housing.

Posted: Thu Feb 04, 2010 11:26 am Post subject:

Thanks George. My bank will do manufactured with a 660 score. Anyone with questions can feel free to contact me.

bg0427 · Posted: Thu Feb 04, 2010 11:27 am Post subject:

Thanks George. My bank will do manufactured with a 660 score. Anyone with questions can feel free to contact me.

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