Occ596828, Home Owner in East Los Angeles, CA

i need a broker to help me on refinance my house

Asked by Occ596828, East Los Angeles, CA Thu Jul 14, 2011

Help the community by answering this question:


Occ, you & your soon-to-be-ex-wife will need to determine if your wife can qualify on her own if she wants to just refinance in her name - do you feel that your wife has enough income on her own to do so? What is her monthly income? What are her monthly debt payments? How much is the new loan you are looking for? How much do you feel your home would be worth/appraise for? How much are the property taxes & homeowners insurance amounts on this home she'd just be living in? Is her credit OK/does she know her scores?

Then to figure out if you can qualify to buy a condo for yourself to live in, what is your income? What are your monthly payments? How much of a sales price are you considering? How much are you looking to put down? Is your credit OK/do you know your scores?

"Buying out" someone in a divorce is an acceptable reason for wanting to do a cash out refinance, and in your situation the proceeds of the cash out refinance should be fine to use as a down payment on a new home. They key is to be able to determine how much equity you have in order to take the cash out, which means a pretty accurate read on your home's appraised value should be one of the many preliminary steps that you and the loan officer should take.

If you'd like, I'd be happy to help you figure out your situation & what options you'd have.
1 vote Thank Flag Link Thu Jul 14, 2011
In order for people to give you input & advice on what you need to do in order to refinance your mortgage on your home, you need to provide more information

Why do you need to refinance your home?
High interest rate?
On an ARM about to adjust?
Need to cash cash out?
1 vote Thank Flag Link Thu Jul 14, 2011
a referral for you:
Shane Milne,
Very good person

Good luck and may God bless
1 vote Thank Flag Link Thu Jul 14, 2011

If you have any questions about this or if your inquiry is still open and you require help, feel free to get in touch. I'm in CA and happy to be of service.

Rob Spinosa
0 votes Thank Flag Link Wed Jul 20, 2011
Also bear in mind that most lenders are going to require you and your wife to have a fully executed and recorded property agreement prior to funding. There will be no requirement for completion of the final divorce however. I would strongly recommend getting approvals for both your wife's refinance and your new purchase at the same time and with the same lender. That will ensure that both of you are coming out "whole" and the entire process is a "win/win".

I have represented both spouses in a divorce situation many times and ensuring fairness and equality in the settlement process makes for a much smoother and transparent transaction.
0 votes Thank Flag Link Thu Jul 14, 2011
Hello Occ596828,

Feel free to give me a call or email if you'd like to compare interest rates with other lenders. Good luck and have a great day!

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Fax: (310) 451-6407
0 votes Thank Flag Link Thu Jul 14, 2011
Yes me and my wife are going to divorce and we both are looking to refinance to take my name and she will be on the new loan we planing to pull 25k to pay some bills and use some money for me buy a condo!!
0 votes Thank Flag Link Thu Jul 14, 2011
We work with clients throughout CA.
Web Reference: http://www.bma-loans.com
0 votes Thank Flag Link Thu Jul 14, 2011
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