Financing in 94123>Question Details

Sf Real Esta…, Home Buyer in San Francisco, CA

Loan - How to Refi

Asked by Sf Real Estate, San Francisco, CA Mon Oct 6, 2008

I bought a condo three years ago and put $10k down. The condo is priced at $800k and my down payment was to diversify my investments. It is not for lack of income (combined income for wife and I is $300k).

My loans are a five-year fixed interest only (first) and a fixed second home equity line.

I have 18-months until the first resets and want to refi, but don't have 20% to put into a down-payment.

That said, it would not be possible for me to refi in the current market, correct? I assume yes.

0 votes Share Flag Financing in 94123

Help the community by answering this question:

Answers

9
Maybe it will reset and your payment will be lower.
0 votes Thank Flag Link Fri Oct 10, 2008
Hi There Homebuyer,

There are options out there for you. Rates are very good right now and there are ways to make your situation work at 90% LTV. I would love to speak with you and earn your trust. Rates are set to go down more next week and you may want to get a couple different Good Faith Estimates. I have a couple ideas of what would be the best way to structure your refinance but have a few more questions. Please feel free to contact me. As a Private Mortgage Banker for Wells Fargo I specialize in larger mortgages and have particular expertise for your situation. I am available over the weekend.

Jacqueline Kounkel
Wells Fargo
Private Mortgage Banker
303-907-3334
Cell Phone
0 votes Thank Flag Link Thu Oct 9, 2008
Natasha Lovas wrote "since you've owned for 3 years, I would still guess that the property has increased in value such that your current "loan to value" is 80% or less"

My jaw is on the floor, having dropped precipitously (like the housing and stock markets)

Natasha, In what part of San Francisco or anywhere in the country has property increased by 25% in the past 3 years?
0 votes Thank Flag Link Thu Oct 9, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
We have a variety of programs that could be ideal for you. At your earilest opportunity give me call.


Will
Wells Fargo Home Mortgage
willis.addo@wellsfargo.com
0 votes Thank Flag Link Thu Oct 9, 2008
Hi Refi-er,

I hope your refinance goes well. I think there are quite a few more options than the media would have us believe...of course, it is tough out there. Credit is much harder to get than before but not impossible.

Recently, I blogged about how to chose a mortgage broker. It was geared towards San Francisco home buyers but it is quite relevant to your situation as well.

Choosing the right mortgage broker or banker will be paramount to your success navigating the tighter refinancing guidelines.

If you want specific recommendations, please feel free to email me.

Cheers,
Danielle Lazier
Zephyr Real Estate
danielle@sfhotlist.com
http://www.SFHotlist.com
0 votes Thank Flag Link Mon Oct 6, 2008
One option, of course, is to pay off your second mortgage. That will reduce your total "loan to value" and make refinance simple.

If you can't or don't choose to do that, since you've owned for 3 years, I would still guess that the property has increased in value such that your current "loan to value" is 80% or less. When the current value of a property is in question, I usually call my appraiser and have him run the comps. There is no charge for this.

Chances are good that you can refinance. The rate probably won't be lower than the loan you obtained three years ago, but it could be pretty close. The type of new loan you should obtain will depend on how much longer you plan to live in the property.

Call me if you would like to obtain more information.

natasha lovas
Web Reference: http://www.natashalovas.com
0 votes Thank Flag Link Mon Oct 6, 2008
Hi,

given the situation of the Real Estate Market more likely your unit lost value? The best possible way to keep your current payment would be to call your lender and try to negotiate a loan modification to try to keep the same interest at least for the next 3 years?

Most banks are a little more receptive now days to do this.. It can get very frustrating at times talking to them, you have to be persistant your refi won't fly with anybody at least for now.
0 votes Thank Flag Link Mon Oct 6, 2008
It's very possible to refinance in this market if you are a responsible qualified buyer. Give your mortgage officer a call and he or she will be happy to help you.
0 votes Thank Flag Link Mon Oct 6, 2008
Call Greg Kelisky and ask him if he can be of help. Greg owns his own mortgage company in S.F. If he can't help, he can at least put you in the right direction.

Greg's number is 415-828-5818.

Good luck,

Dave Tapper
Web Reference: http://Teamtapper.com
0 votes Thank Flag Link Mon Oct 6, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer