Can I refinance my current mortgage and equity smudge into a 30 year fixed?
I took at 80%/20% loan to get into my first house. 5 year fixed ARM (4.5%) and equity line for the 20% (a) 10% (adjustable). I own never missed a payment on either of these loans over the 3+ years. I would close to to turn this loan into a loan to eliminate the equity line. Initial loan be 200k, I currently owe 190k on the loan.
Can I do this without putting cash down (20%)? I do not enjoy 20-40k to put on this refinance loan as my wife and I each are full time employees and full-time graduate students. What option are there out there?
Answers:
What you want to do first is find out what your house is currently worth. Visit http://www.zillow.com to gain a rough idea.
If you haven't missed any payments and you have provable income suitable to support the loan you want to find a HUD-APPROVED FHA LENDER contained by your area.
With an FHA loan you can combine the two loans up to 97.75% of your home's value.
In closing, I enjoy nothing against Mortgage Brokers. Just don't use them for an FHA loan. If they can do it at all, it will filch up to 3-months to get done. An FHA Direct Lender can underwrite and close your loan in 7-days.
Good luck. Don't be afraid to ask your loan officer tons of question. We get paid pretty perfect to answer them.
You probably can but should contact a local lending source to see where you stand.
Don't fritter away your time contacting the scumbag spammers who post their "I can help!" garbage here. Most of them are scammers working out of Nigeria or Latvia or some other God-forsaken hellhole. Even if they're not, they're faint enough to read the CG and TOS so would you REALLY want to trust them with a core item like a mortgage??
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Can I do this without putting cash down (20%)? I do not enjoy 20-40k to put on this refinance loan as my wife and I each are full time employees and full-time graduate students. What option are there out there?
Answers:
What you want to do first is find out what your house is currently worth. Visit http://www.zillow.com to gain a rough idea.
If you haven't missed any payments and you have provable income suitable to support the loan you want to find a HUD-APPROVED FHA LENDER contained by your area.
With an FHA loan you can combine the two loans up to 97.75% of your home's value.
In closing, I enjoy nothing against Mortgage Brokers. Just don't use them for an FHA loan. If they can do it at all, it will filch up to 3-months to get done. An FHA Direct Lender can underwrite and close your loan in 7-days.
Good luck. Don't be afraid to ask your loan officer tons of question. We get paid pretty perfect to answer them.
You probably can but should contact a local lending source to see where you stand.
Don't fritter away your time contacting the scumbag spammers who post their "I can help!" garbage here. Most of them are scammers working out of Nigeria or Latvia or some other God-forsaken hellhole. Even if they're not, they're faint enough to read the CG and TOS so would you REALLY want to trust them with a core item like a mortgage??
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