Home Buying in 33196>Question Details

evelynme, Home Buyer in Miami, FL

If I sell the paid property and pay down my homestead property, how much equity do I need to refi? Is it still no higher than 80% of FMV? I would hate

Asked by evelynme, Miami, FL Thu Jan 23, 2014

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There are many different options out today to restructure your existing mortgage. If your home loan is currently owned by fannie mae or freddie mac, you may not have to pay down your principal at all. If it is not, then you can actually go all the way up to 97.75% of your home’s value.

I could go over all your options with you and show you the payment differences as well as your cash to close differences to allow you to make an educated decision in which option you should go with. Far too often I see people want to spend way too much of their hard earned savings they already have to save far too little on a monthly basis. For instance...if you have $20k cash today but take that cash to pay down your principal for a $100 payment difference, it will take you over 16 years to recoup the savings you paid out. This is money that could also be used in case of an emergency, can be gaining interest, etc.

Feel free to give me a call to go over all your options.

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0 votes Thank Flag Link Tue Jan 28, 2014
Problem is I do not have Fannie Mae or Freddie Mac and cannot take advantage of the HARP. Are there any other options? I have BOA private mortgage and do not want to declare bankruptcy.
Flag Tue Jan 28, 2014
All depends in what you are going to apply the money to the principal in the homestead property. More information 305 519-3199
1 vote Thank Flag Link Fri Jan 24, 2014
Good Morning Evelyn, The question sounds like you wish to take advantage of today's excellent rates on your homestead property with a "Rate and Term" refinance. Also, you are holding an investment property that you would sell to improve your Loan to Value Ratio on your homestead property. The LTV at most lenders is around 75% still for the best rates. I would recommend that you first engage an experienced REALTOR to assist with an evaluation of the market value of each home, for a "sale value" and a "re-fi value" respectively. Keep in mind that the appraisal on the property being rate and term re-fi'ed, will be conservative and less than FMV.
Next, I would recommend that you engage the services of an attorney that can evaluate the offers from the lender, making sure you are getting a good deal, and close the loan for you, while representing you. This is a big difference. An attorney actually represents your best interests; a banker, title company, or mortgage broker, DO NOT. Can you see the difference? A good real estate attorney, especially a FUND member, will be able to advise you as to ALL parts of this equation. And the whole time, do so while looking out for you!
I sincerely hope this message assists you. And if you are experiencing difficulties with a mortgage, all the more reason to seek out this very same kind of professional advisement. There are several offices in Miami that can provide these services including ours. Ask questions such as "Has your office handled my set of circumstances before?" or " May I have a free initial consultation?" Good luck whatever you decide.
1 vote Thank Flag Link Fri Jan 24, 2014
I am assuming your homestead property is currently delinquent and paying off the outstanding debt is not going to make the credit issues disappear, you need good credit to refinance your home.
0 votes Thank Flag Link Thu Jan 23, 2014
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