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Financing in Lakewood : Real Estate Advice

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  • Local Info11
  • Home Buying13
  • Home Selling0
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Activity 4
Tue Jan 29, 2013
Team Melendez answered:
I agree with the other Realtors please check around. give us a call so we can help you, Team Melendez




Melody & Robert Melendez
Keller Williams
562 552 1500
DRE#01871045
0 votes 4 answers Share Flag
Tue Jun 22, 2010
Richard Schulman answered:
Contact Eli Weinberger at Bank of America, 310-927-2467 or eli.weinberger@bankofamerica.com. He has helped several of my clients on their loans (including refinancing) for their investment properties and always does a great job. Tell him I sent you, he'll take great care of you!

Please feel free to contact me if you have any further questions or need any help with your properties.

Richard Schulman
Keller Williams Realty
(310) 482-0173
schulmanrd@yahoo.com
... more
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Fri Mar 26, 2010
answered:
You received some good advice here, however, in the event you elect to do an FHA cash out refi, you will receive your MIP credit applied to your new loan to keep your loan costs down.

Also, please note that if you are looking to purchase an investment property, you will need a minimum down payment of 20% for a one-unit property.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
... more
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Fri May 16, 2008
Trey Bowden answered:
Sandra,

You are wanting to do what so many home owners have already done...and in many cases it's a geat idea. Let me provide you with a bit of information that can make you a better borrower and avoid getting ripped off or making some wrong assumptions about the refinance process in our current housing market.

1. The term of the type of refinance you are seeking will be one of two:
a. if the two mortgages were taken out at the same time (i.e., to purchase your home) then it will be a "rate and term" refinance.
b. if the second mortgage was taken out after you closed on the first mortgage you took to purchase your home, then the term is "cash out". Even though you will not be taking cash out of your home's equity, most lenders will consider this transaction a "cash out" refinance.

2. If your transaction is a "cash out" refinance, most lenders have an upcharge for this program. This upcharge usually comes out of the price they pay the broker/banker. The amount of this upcharge varies from lender to lender but is usually .25% or less. This means .25% of the total new loan amount.

3. Be aware that in the present conditon of the housing market your appraisal might come in for less than needed to cover the refrinance. In this case you will most likely still be required to pay for the appraisal.

4. The refinance amount is limited to your credit profile and credit scores and the type of refinance (rate and term or cash out). Conforming loans (Fannie and Freddie) limit cash out refinances to 90% and rate and term refinances to 95%. FHA will allow 97% rate and term and 95% cash out refinances.

Good Luck!

Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277
... more
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