Find mortgage broker
Mortgage broker orders appraisal of property
Mortgage broker pulls your credit Broker finds lender that has program that you like and your credit qualifies you for, and submits your information. The Underwriter sends your information back to broker for more information or clarification, because they ALWAYS do, and don't consider themselves as having done their jobs if they don't. lol
Underwriter either approves, or disapproves the loan, which, if the broker has done their job right, the underwriter will approve it.
You show up at the lawyers office, sign the paper, and collect your check.
You CAN go a lot higher than 80% on a refi, but you're going to pay Mortgage Insurance if you do, and it's a dead loss, no tax benefits, or anything.
Is this your primary rez or investment prop? Call your current mortgage co and ask about a cash out re-fi. They may be competitively priced if they don't want to lose the business (assuming your payments have been on time).
I wouldn't use a mortgage broker on a cash out re-fi at first unless you don't feel like shopping on your own.
It's my main residence, thanks for that opinion "learntherules". Also, what are the chances of getting an I/O loan. Would that be a good decision on my part.
[addsig]
[quote]
On 2004-09-30 15:35, patrecejames wrote:
It's my main residence, thanks for that opinion "learntherules". Also, what are the chances of getting an I/O loan. Would that be a good decision on my part.
[/quote]
Ask your current lender for rates on a HELOC (Home Eq Line of Credit). Since it's your primary rez, you should be able to get a rate close to prime (not sure of your credit situation, just a general rule of thumb). On my primary rez my HELOC is prime minus (i.e. 4.25-1.01 = 3.24%). I bot a 2nd home which I'm re-financing into a HELOC @ prime because now that is my primary rez & the other place is my 2nd home (needed a change of scenery).
Always check your current lender first, then take that info & shop around. Also, VERY IMPORTANT, do not give anyone your ssn. Pull you own score from one of the bureaus websites so you'll know what it is (if you don't already). Then call a few local lenders & say "hi, I'm looking to re-fi my primary residence. I would like a HELOC @ or below prime with the highest LTV possible. I have (good?) credit. What can you offer?"
C'mon guys don't be shy
[addsig]
The process would look similar to this:
Find mortgage broker
Mortgage broker orders appraisal of property
Mortgage broker pulls your credit
Broker finds lender that has program that you like and your credit qualifies you for, and submits your information. The Underwriter sends your information back to broker for more information or clarification, because they ALWAYS do, and don't consider themselves as having done their jobs if they don't. lol
Underwriter either approves, or disapproves the loan, which, if the broker has done their job right, the underwriter will approve it.
You show up at the lawyers office, sign the paper, and collect your check.
You CAN go a lot higher than 80% on a refi, but you're going to pay Mortgage Insurance if you do, and it's a dead loss, no tax benefits, or anything.
thanx a million "jam200"
[addsig]
Is this your primary rez or investment prop? Call your current mortgage co and ask about a cash out re-fi. They may be competitively priced if they don't want to lose the business (assuming your payments have been on time).
I wouldn't use a mortgage broker on a cash out re-fi at first unless you don't feel like shopping on your own.
It's my main residence, thanks for that opinion "learntherules". Also, what are the chances of getting an I/O loan. Would that be a good decision on my part.
[addsig]
[quote]
On 2004-09-30 15:35, patrecejames wrote:
It's my main residence, thanks for that opinion "learntherules". Also, what are the chances of getting an I/O loan. Would that be a good decision on my part.
[/quote]
Ask your current lender for rates on a HELOC (Home Eq Line of Credit). Since it's your primary rez, you should be able to get a rate close to prime (not sure of your credit situation, just a general rule of thumb). On my primary rez my HELOC is prime minus (i.e. 4.25-1.01 = 3.24%). I bot a 2nd home which I'm re-financing into a HELOC @ prime because now that is my primary rez & the other place is my 2nd home (needed a change of scenery).
Always check your current lender first, then take that info & shop around. Also, VERY IMPORTANT, do not give anyone your ssn. Pull you own score from one of the bureaus websites so you'll know what it is (if you don't already). Then call a few local lenders & say "hi, I'm looking to re-fi my primary residence. I would like a HELOC @ or below prime with the highest LTV possible. I have (good?) credit. What can you offer?"
Hope this helps.