Financing in Arizona>Question Details

Amanda, Other/Just Looking in Arizona

Is it true that a good mortgage broker can get around the 6 month wait to refi after taking a house off the market?

Asked by Amanda, Arizona Wed Nov 28, 2012

We want to refinance to lower our interest rate (currently at 4.5%), get rid of PMI, and pull some cash out to pay off debt. Our credit scores are between 670 & 695. We currently owe about $165K and believe it to be worth around $230K to 250K. Our problem is that we were temporarily insane and considered moving. My husband was offered a new job and we put our house on the market. About 3 weeks later, he was notified that he would have to take a $12 per hour pay CUT. We said no thank you and took our house off of the market. Our sanity is back and we are definitely going to stay here, we have no plans to move. After pulling our house off the market we called our bank to try to refi but we were told that we had to wait 6 months from the date we pulled our house off the market. WHAT! So I did a little research and read that this is not always the case and that a good mortgage broker can help get it done. Does anyone know if this is true or do we need to suck it up and wait the six mnths

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I work with a couple of lenders on a regular basis and I can send you their information if that will help you.
0 votes Thank Flag Link Wed Nov 28, 2012
Hello Amanda:

I have a lender which will allow you to do a cash-out refinance one day off listing. The issue is they will only go to 70% of your value, which puts you right about at what you owe. If you do not find anyone offering better, it may be worth it if you can lower your interest rate AND get rid of PMI.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496; (M) 602-565-3646; (F) TBD
EM: BParker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes Thank Flag Link Wed Nov 28, 2012
There are lenders with local underwriting and manual underwriting not following the "book" underwriting guidelines that your bank is apparently using.

Jeff Masich
HomeSmart Realty
480-556-0940
http://www.JeffMasich.com
Scottsdale, Arizona
0 votes Thank Flag Link Wed Nov 28, 2012
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