We bought a house on shortsale for $120k less than it's appraised value with 100% financing. We've lived at

Asked by Harvey Flesey, Alameda, CA Wed Feb 13, 2008

our house for a year and are looking to refinance our loans into a single loan. What can we do to get the best rate possible?

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Lisa Cartola…, Agent, Oakland, CA
Thu Feb 14, 2008
You definitely need to talk to a good mortgage broker. Rates can be affected by not only the prevailing rates, but your credit score, the appraised value of your home in the current market, if you have any money for closing costs. Also rates can vary depending on if you are doing a cash out refi or just a straight refi with no cash out.

As you can see there are a lot of variables. Sitting down with a good mortgage broker who can discuss all the variables and options will be your best bet so you can see what the rates would look like for you in the current market. I can highly recommend Chris Hudson. He is honest, straightforward and very thourough. His website is http://www.myhomeloanplan.com.
Web Reference:  http://www.lisacartolano.com
2 votes
Annie Nguyen, Agent, Fremont, CA
Mon Mar 10, 2008
What kind of your present loan is? You can call John Dutra at Executive Metro Mortgagefor more information.
510 578-0503 Good luck
0 votes
Michael Stud…, Agent, Alameda, CA
Mon Feb 18, 2008

As you've heard, a temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package. And Congress has authorized an increase of the single family residences limits to the lesser of $729,750. Great news for you and I living in Alameda where we are one of the higher median priced areas on average nationally. Finally, some relief!

Here's something you can do right now. Many mortgage brokers are anticipating refinances in the coming months. Consequently, they are packaging loan submission files now and getting them ready to submit for approval once this loan limit is raised This change in the loan limit will allow those people with jumbo loans up to $729k to refinance into conforming loan programs with much better rates. 30 Year Fixed conforming loan rates are currently at 5.50%. ARM rates are right around this level as well. Calll any of these professionals below for some assistance with your specific situation. Mention my name and you should get a call back same day.

Marc Geshekter, RPM (SF) (415) 722-3196

Melinda Rogers, Bank of America (Alameda) (510) 520-3318

Tom Nitsan, MPR Financial (Albany) (510) 527-6146

I'd like to share with you one resources that I've found helpful personally and my clients have had success with. Dick Lepre's RateWatch Newsletter - real estate professionals and consumers make this their "go to" site for simplifying recent news headlines and understanding the economic fundamentals that keep us skirting recession. Check out his RateWatch newsletter at http://www.loanmine.com/ratewatch

Hope this helps! And hang on, relief is on the way!
0 votes
Liz Stevens, , Berkeley, CA
Thu Feb 14, 2008
Call Chet Gohd of RPM Mortgage in Alameda County. He will tell you what is possible, what he can do to refinance your property. If he says it can be done - it will be done. No empty promises. I used him on my last two refinances, and he definitely gave me the best option and then delivered it as promised. He is RPM Mortgage. 510-524-1526. Tell Him Liz recommended you to him. All the best. Liz
0 votes
Jean Powers, Agent, Castro Valley, CA
Thu Feb 14, 2008
Hi Harvey,
You need to get in touch with your lender to find out if you can refi into one loan, the values in Alameda have come down even though you purchased for $120,000, your home may or may not appraise since you purchased only a year ago, if you are not happy with your current lender, I do have names of 2 great lenders in Alameda, let me know if you need help or call the agent who sold you your home
0 votes
Andrea Davis, , Fremont, CA
Thu Feb 14, 2008
Great Timing - as you know rates are very low and with the new stimulas package is a factor for many families to consider. I urge you to visit this website for information which is updated daily with Mortgage Minute News - look at more then one Mortgage Broker and ask - How many people you've worked with continue to work with you year after year, and how many years have you been in this business....this will tell you alot about the individual.
Check out: http://www.LDavisHomeLoans.com
Good Luck
0 votes
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