What kind of problem are you facing Jenny with the refinance? Are both mortgages current? And are you looking to combine the two by refinancing? Please provide some other details.
Miller
Miller
we are having a problem getting financed i guess. we haven't ever been late on any of our payments. we don't know where to look anymore we tried a mortgage broker but then he kind of fizzled on us cause the company he was going with pulled out of our state and he didn't realize it was happening so soon. he said there wasn't anything he could do and good luck finding someone to help us.
the value of our house is just enough to cover the first and second mortgage at 100% and we can't find someone who is willing to refinance us with that situation.
the value of our house is just enough to cover the first and second mortgage at 100% and we can't find someone who is willing to refinance us with that situation.
Jenny with good credit and on time payment history I don't thing you should be facing any problem. I think you need to contact a few more lenders before you will get someone who is willing to do the refinance.
There are loan programs that would allow for a high LTV cash out (up to 95% of the market value of your home) & rate and term (up to 97% of the market value) refinances---what is the market value of your home and your desired loan amount?
Regards,
Scott Miller
Regards,
Scott Miller
Hi Jenny,
First of all welcome to Mortgage Fit. Can you tell us a little bit more about your situation? What are your credit scores? What state are you in? How much do you owe on the house? How long have you had it? What are your current rates? There may be some options available but we need more information.
First of all welcome to Mortgage Fit. Can you tell us a little bit more about your situation? What are your credit scores? What state are you in? How much do you owe on the house? How long have you had it? What are your current rates? There may be some options available but we need more information.
Hi Jenny,
What's the exact problem that you're facing in refinancing. If you can come up with it, the community will be able to help you. And, we do have a group of lenders and brokers in our community. They offer various types of loan programs depending upon people's credit and financial ability. If you are really interested, you may send in your request for mortgage quotes.
Your request will be forwarded to our community lenders/brokers and they shall try to help you accordingly. As soon as they get to match their profiles with your requirements, they shall contact you asap.
Good luck Jenny!
What's the exact problem that you're facing in refinancing. If you can come up with it, the community will be able to help you. And, we do have a group of lenders and brokers in our community. They offer various types of loan programs depending upon people's credit and financial ability. If you are really interested, you may send in your request for mortgage quotes.
Your request will be forwarded to our community lenders/brokers and they shall try to help you accordingly. As soon as they get to match their profiles with your requirements, they shall contact you asap.
Good luck Jenny!
Oh Jenny, just forget the broker and start shopping for a loan. There are many lenders and companies out there in the market and they have a lot of loan packages to provide to customers. All you need to do is, analyze your financial situation, know your affordability, just check it through the Affordability calculators at the Calculator section. This will help you to take the right decision and choose the right loan program.
Take Care
Take Care
Ok the situation..
1st mortgage 149,000 the 2nd mortgage 20,000. The value of our house has come in at 168,000 to 172,000. Our middle credit score is 661 (me) and 665 (husband). Our debt to income ratio is at 48%. We've been at the house for 8 years. We are in an arm right now it was 7.5% for the rate but is going up to 9.5% for the first mortgage the second mortgage is 9% and is a line of credit. We have a combined income of right around 79,000 a year. We live in Grand Rapids, Michigan.
We are being told there isn't a whole lot they can do because of the second mortgage on there. We are shopping around right now for mortgages because of what happened with the mortgage broker. One place has said the same thing to by husband about they really can't help because of the second mortgage.
Thank you all for taking the time to respond to me. I appreciate it.
1st mortgage 149,000 the 2nd mortgage 20,000. The value of our house has come in at 168,000 to 172,000. Our middle credit score is 661 (me) and 665 (husband). Our debt to income ratio is at 48%. We've been at the house for 8 years. We are in an arm right now it was 7.5% for the rate but is going up to 9.5% for the first mortgage the second mortgage is 9% and is a line of credit. We have a combined income of right around 79,000 a year. We live in Grand Rapids, Michigan.
We are being told there isn't a whole lot they can do because of the second mortgage on there. We are shopping around right now for mortgages because of what happened with the mortgage broker. One place has said the same thing to by husband about they really can't help because of the second mortgage.
Thank you all for taking the time to respond to me. I appreciate it.
oh sorry that was me above
Hi Jenny,
It sounds like the reason for your issues is that second mortgage was not a purchase transaction second mortgage. It was taken out after the fact. Which would make your transaction a cash out refi even if you are not taking cash out on this transaction. Conforming guidelines do not allow for a cash out refi over 90%. There are however ways to structure your loan and make it work for you. Let me know if you have any questions.
It sounds like the reason for your issues is that second mortgage was not a purchase transaction second mortgage. It was taken out after the fact. Which would make your transaction a cash out refi even if you are not taking cash out on this transaction. Conforming guidelines do not allow for a cash out refi over 90%. There are however ways to structure your loan and make it work for you. Let me know if you have any questions.
Given your prior statements, I am going to suggest that the issue for most of the lenders/brokers you spoke to were:
a. Not enough equity.
b. Personal DTI is too high.
How confident are you with your assessment of value on your home?
FHA would allow for a 95% cash out allowance (95% of current market value) and 97% on a rate and term basis only...
You might consider footing the bill for a AVM (electronic appraisal)---they cost less $20 and will give you a pretty accurate view of how much your property is worth and how much available equity is available for extraction.
Regards,
Scott Miller
a. Not enough equity.
b. Personal DTI is too high.
How confident are you with your assessment of value on your home?
FHA would allow for a 95% cash out allowance (95% of current market value) and 97% on a rate and term basis only...
You might consider footing the bill for a AVM (electronic appraisal)---they cost less $20 and will give you a pretty accurate view of how much your property is worth and how much available equity is available for extraction.
Regards,
Scott Miller
Yes at 48% your dti is quite high Jenny, one of the main reasons you are facing problems with refinance.
The figure you have given regarding value of your house needs to be confirmed. And it may come up that it is more than what you had estimated. If it does appraise for a higher amount then it will become easier to refinance with availability of FHA loans as Scott has described in his post.
Miller
The figure you have given regarding value of your house needs to be confirmed. And it may come up that it is more than what you had estimated. If it does appraise for a higher amount then it will become easier to refinance with availability of FHA loans as Scott has described in his post.
Miller
Hi Jenny,
May be the people you approached are not comfortable dealing with the line of credit. By the way, is $20,000 the balance you've to pay down or is it the loan amount that you've originally taken out? But one thing's for sure, the rates on both the loans are quite higher and it is time that you get rid of them asp. Otherwise you may have problems in making payments.
However, there are lenders who would allow you to refinance as there are a wide range of options available in the market nowadays. So, I shall suggest that you consult a few more lenders and discuss the offers that you're getting with our community. The community will be try its level best to guide you.
Good luck!
May be the people you approached are not comfortable dealing with the line of credit. By the way, is $20,000 the balance you've to pay down or is it the loan amount that you've originally taken out? But one thing's for sure, the rates on both the loans are quite higher and it is time that you get rid of them asp. Otherwise you may have problems in making payments.
However, there are lenders who would allow you to refinance as there are a wide range of options available in the market nowadays. So, I shall suggest that you consult a few more lenders and discuss the offers that you're getting with our community. The community will be try its level best to guide you.
Good luck!