Financing in Fontana>Question Details

Arthur Espin…, Home Buyer in 92337

Looking for a refi.

Asked by Arthur Espinoza, 92337 Mon Sep 24, 2012

Total owed is $242,000, ($202,000 to Calvet and $42,000 to WF 2nd.). I just want to have one mortage. Do not want any cash out at all. Never been late on any payments/current.

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Answers

6
Good afternoon Arthur,

Your best course of action is to meet face to face with a Local Mortgage Banker. She'll review all the facets of a successful refinance application to determine if you qualify and what loan programs you'll qualify for so that you can apply for the loan and lock in a great low rate for a single mortgage payment.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
It really depends on how much equity you have in your home. I am not sure how anyone can say with any certainty that you can refinance both mortgages into 1 without knowing how much your home's value is. The real estate agent who helped you buy your home would be a good source of that information as they can do a Comparative Market Analysis (CMA) to determine what other similar homes to yours are selling for, therefore giving you a good idea of what your home's appraised value could be if an appraisal is done.

Since it appears you are a Veteran, then the VA offers 100% financing and could very well be your best bet - as FHA financing only goes to a little over 97% loan-to-value and conventional financing would only go to 95%. Plus with FHA & conventional financing (over 80% loan-to-value) there is annual/monthly mortgage insurance which VA doesn't have. VA does have the VA funding fee though (unless you are exempt), but FHA has a similar upfront fee called the upfront mortgage insurance premium (which you can't get out of).

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Tue Sep 25, 2012
Hi Arthur, yes it's possible to use your VA eligibility to refinance into a VA loan. It will allow refinancing of both mortgages into 1 at a loan-to-value of 100% of your home's value, so if your appraised value is lower than what you owe, you'll have to bring in some funds in order to refinance. We can provide a "lender credit" to help with closing costs however, we do that by giving you a slightly higher interest rate than what you'd qualify for if you didn't want us to give you a lender credit - typically it's around .25% higher in rate but we can crunch some numbers in order to get better specifics. I'd recommend you email me at shane@thebesthomeloans.com or send a private message through my Trulia profile and I will get back to you the same day.
Flag Tue Sep 25, 2012
Shane, Well your reponse is the best so far. At lease you provided me with staright to the point information. So, you say that I can use my VA to refi my currant mortages? And yes I'm an Air Force Vet. Comps are running at or a little lower that the total I owe.
Flag Tue Sep 25, 2012
Now is a great time to refinance your home. Interest rates are great, but they won't stay low for long.
Web Reference: http://8889ListIt.com
0 votes Thank Flag Link Mon Sep 24, 2012
Yes you can refinance your house and have one loan only.
I can help you.
Diego Dominguez
Malibu Funding
Loan Officer
Nmls 936005
9093499970
0 votes Thank Flag Link Mon Sep 24, 2012
Hello Authur.

I have an office in Fontana and can help you with your refi. I have several questions for you, please call me. My number is (909) 578-6437 cell (909) 349-1544 Office Let's schedule a time to meet this week so we can go over your options.

Thank you.
Leticia Martinez, Real Estate Broker
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Arthur,

Please give me a call when you have a chance.

We may be able to help you.


Craig Chastain
909.243.4251
0 votes Thank Flag Link Mon Sep 24, 2012
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