Most Mortgage Originators are familiar with a stream line refinance and it usually costs under a thousand dollars to complete… It is a type of refinance that is a no doc refi… The qualifications are you cant get any cash out and you must pay the mortgage n the property on time for the past 6 months… Call around to a few mortgage and ask about it… I know FHA offers it but not certain about non conforming or conventional. Good Luck you can call this guy and talk more about it with him his name is Rick Solosky and is the largest originator of FHA 203k loans in the North East… His umber is 1800-726-loan and you can tell him I told you to call about a streamline. I am not sure he can originate in your state but he can give you all the details you need on streamline refinancing.
Good Luck
Douglas Timko notes4sale@yahoo.com
Need Advice for Refinancing my residence!! - Posted by Cognac
Posted by Cognac on December 13, 1998 at 21:03:09:
Hello,
Hoping that someone could help me… I am thinking of refinancing my personal residence and I presently owe more than 80% LTV and am wondering what interest rate can I expect to get? (I think I am at or below 90% LTV) Is there any place I can go and get 7.0% or less??
Re: Need Advice for Refinancing my residence!! - Posted by Erin Stevens
Posted by Erin Stevens on December 14, 1998 at 18:56:00:
Typically, as far as I know, a streamline refi pertains to VA and FHA loans. If you have a conventional mortgage, you can refinance up to 95% LTV for JUST a rate & term refi (lower rate and/or term and pay only seasoned existing liens) at the prevailing market rates (6.75 - 6.875% no points). However, you will have to pay PMI to insure the lender (which is true for any LTV over 80%). Depending on your loan amount, PMI can range from $20 and beyond per month. PMI is NOT tax-deductible. In fact, you may be paying it now!
If you are looking to get cash out of the deal, you can refinance with either a non-conforming loan or a portfolio loan… which a local mortgage broker should be able to help you with. These rates tend to be in the high 7’s.
If your scores are high due to several real estate loans, you may need to go to a mortgage broker who can help you in the event that your documented income will or will not fall within FNMA guidelines. If you exceed their debt-to-income requirements, then that mortgage broker should be able to help you with another option.
Its not really a matter of the LTVs as much as it is Credit to assess your interest rate… Refinacing is not that much of an issue if you have been paying your payments ontime for the past 6 months. You can look into doing a streamline refinance that would not even require a credit report as long as a verification of Mortgage shows you have been paying your mortgage ontime for the past 6 months… Keep in mind though a streamline refi will only allow you to refinance the loan to reduce the interest rate you may not cash any equity out… Good luck
Douglas Timko notes4sale@yahoo.com
Re: Need Advice for Refinancing my residence!! - Posted by Cognac
Posted by Cognac on December 14, 1998 at 08:31:39:
Hi Doug,
Thanks for your response on the creoline board I hope you can fill in the gaps for me though… what is “streamline refi” is this a product that most brokers or banker offer ? And yes I have excellent credit, atleast all of my accounts show a 1 rating but the scoring is rather low due to all the real estate I own
etc… Do you have a broker or banker you would recommend?
Re: Need Advice for Refinancing my residence!! - Posted by Paul Macdonald
Posted by Paul Macdonald on December 15, 1998 at 11:23:36:
Sorry to be the one to break this to you but a “1” rating does not imply good credit. It only means you are current the month the lender reports to the credit bureau. You could have been 180 days past due the month before.
And just because you own other property doesn’t mean you’ll get a low score. I have a regular client who is a player from the old buy and hold real estate investment school. He owns multiple properties. And he has an extremely high score.
You should talk to a sharp mortgage broker in your area. They will not only be glad to help you refi, but they should be able to tell you what you are doing wrong to cause a low score.
By the way, you’re not giving that broker much to work with. Low score, high LTV. Why not sell one of the excess properties and use the cash to buy down the LTV?