I would be more than happy to give you a professional assessment. I work with over 40 different lenders to provide more opportunities for my clients. Feel free to contact me with questions or to get started with your refinance.
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
Since lenders are no longer legally able to provide you a GFE without a property, the best way is to contact a couple of lenders (Realtor referred is best) and ask them how much are there lender fees. For example, my company does not allow the LOs to charge the standard 1% Loan Origination Fee, so our total lender fees are a flat $1,590.00 period. As far as giving you an ball park number, we can offer you a Itemization Worksheet that should give you a pretty good idea as to what what you are going to need to close your transaction i.e. Title, Escrow, and Recurring Closing costs. Depending on the loan amount ($150,000.00 +) and the time of year you purchase your closing cost are generally 3% of the purchase price.
Don, to reinforce other answers, FHA mortgage financing should be considered as a solution because it requires at least 3% down payment (down payment can be gift money from qualified sources), allows for blemished credit and competitive mortgage rate, terms and etc. Please keep in mind that the subject property must be FHA approved to allow for FHA financing. Perhaps, you benefit from working with an experienced mortgage professional who can provide you a detailed comparison of FHA financing versus continuing to rent in order to save up for an ideal 20% down payment with conventional mortgage financing. This can help you answer your question of why buy now or later knowing your personal and financial goals.... more
Dan, I would not rush to refinance your ARM. It is likely your first adjustment may not shock you depending on the specifics of your ARM (1 yr ARM?, index and etc); you should refer to your mortgage closing documents (aka, mortgage note with ARM rider) for confirmation. Within the past year, mortgage pricing from lenders are not necessarily helping condo owners and potential buyers. For condo owners, you may find that refinancing a mortgage on a condo will lead to higher rates and or closing costs. For condo buyers, you will find that securing a mortgage will lead to higher rates and or closing costs, unless you have 25% down payment. The reasons for this include a oversupply of condos in the market, historically lower appreciation of condo value and lending guidelines with the mortgage industry.
If your personal plans are to sell your condo within a year, it does not make financial sense to refinance your existing mortgage. It is best to focus on selling your condo first and using the sale proceeds toward the purchase of your larger home.... more