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Just fyi, I just did a refinance on my home. The lender was Regions bank and they did a 3.625 for me on a 30 year fixed. That was a fha loan due to my credit being a 640. I went a year without a job back in 2007-2008 and I am still repairing the damage done to my credit back then. Due to the housing market, I was over 80% of equity so I got stuck with pmi for 5 years but I'm still paying significantly less.
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Check out Community Home Lending in Overland Park. We went through them last fall and couldn't have been happier. They took the time to learn about our situation and structured a loan that met our needs perfectly. That was done with the lowest rate we could find and very reasonable closing costs.
I would absolutely stay away from the commercial places. We got quotes from them and their fees were much higher. I guess those commercials aren't cheap. My advice would be to get a quote from Cap Fed and at least one local mortgage banker. Best of luck! |
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I tried to refinance from 5.875 to a lower rate. Even though my credit score is over 800 no bank will do it unless I put down about 80-90 grand because my loan isn't owned by Fannie Mae or Freddie Mac and isn't a FHA or VA loan and my house is now worth a lot less because the housing market in Florida is about 35-40% of what it was a few years ago.
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It would all depend on the appraisal most likely. So getting a lender who does the appraisal at no or little cost (their pocket) would be good so if the appraisal was short, you could protest or walk away without getting hit. I believe 80 is the magic number for PMI but I'm not completely sure, since as an investor I cant make offers with less than 25-30% down. |
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If you are upside down on your mortgage no one will refinance a loan for more than the house is worth. If thats not the case, why can't you refinance with that credit score? |
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i re-fi'd almost 10 yrs ago, i did not have an arm but just a higher rate than was available at the time. i chose to do the 15 yr note, paid a bit extra each month but now at 49 i am only 6 yrs from havin it paid for ! i financed the cost of re-fi into the note and over the time period of 15 yrs instead of 30 i saved a buttload.
have fun |
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Unless you are sure and disciplined I would just go 30 But then again My house is paid for and I am 100% debt free so what the hell do I know huh? LMAO |
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