You can refinance the day after you close your escrow.
The original appraisal must be utilized. If the borrower is trying to take advantage of the new value, he must wait for six months to pass.
If he paid cash and wants to pull his cash out? This is termed delayed financing.
Depending on loan amount, you can pull up to 80% of the original investment out of the property.
You will be required to provide a new appraisal, but the purchase price must be utilized for 6 months.... more
R You purchased the home from a real estate agent.
Contact them and get a good referal. The loan agents that are referred from a know source are your best bet.
On line lending? You will be working with a voice or an email at the other end of the line.
Bank? May take weeks and weeks...unless referred from real estate agent.
I prefer to meet my clients in person. I usually find a convenient location for both us.
I feel if you are going to be entrusting your biggest investment to someone, you should be able to meet them and have access to them when you need them (evenings/weekends).
Here is the specific conforming guideline, so this will apply to those lenders who would offer you the best terms on fixed rate loans, for example:
"Deferred installment debts, such as deferred student loans, must be included as part of the borrowerâ€™s recurring monthly debt obligations. If the borrowerâ€™s credit report does not indicate the monthly amount that will be payable at the end of the deferment period, the lender must obtain copies of the borrowerâ€™s payment letters or forbearance agreements so that a monthly payment amount can be determined and used in calculating the borrowerâ€™s total monthly obligations.
Exception: For a student loan, in lieu of obtaining copies of payment letters or forbearance agreements, the lender can calculate a monthly payment using no less than 2% of the outstanding balance as the borrower's recurring monthly debt obligation. However, if any documentation is provided by the borrower or obtained by the lender that indicates the actual monthly payment, that figure must be used in qualifying the borrower."
Just be certain that your current lender measured you by this standard. Let me know if you have any questions.
It can but there a a lot of variables. I deal with them in a variety or ways.
1. I try to get the loan approved as is. Many times this is possible
2. I try to get the collection removed or disqualified. Sometimes this takes some time.
3. Many times we just pay the collection out of the refinance. This is the best time to negotiate a discount on the pay off. That is because you will not get hit on your credit for that until the loan is closed.
In fact if you can pay the collection I would advise my clients not to pay it themselves. If anything pay it out of escrow.
I certainly would like to work on this for you if you like. I do not charge anything for cleaning up credit, I get paid on doing the mortgage.... more