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leepoffaith
Joined: 04 Feb 2007
Posts: 5
Location: Milwaukee, WI
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| Posted: Tue Nov 20, 2007 9:00 pm Post subject: Refinance needed in Wisconsin |
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| I'm looking to refinance my home in Milwaukee, WI in the very near future. My partner Kendall and I will be doing this together. We are looking for the lowest rate possible, no cash out, No PMI, bring no money to closing. Would like to see 30 year conventional, 40 year conventional and interest only options. Owe 168,000 on house and it's valued at 185,000. Credit scores are 720 and 650 ish depending on the credit bureau you use. Gross 12,000 a month with a debt to income of less then 20% not counting the house payment. Full Doc will be provided. Please contact me at leepoffaith@gmail.com if you are interested in our business. Thanks! |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Tue Nov 20, 2007 9:20 pm Post subject: |
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Quote: We are looking for the lowest rate possible, no cash out, No PMI, bring no money to closing. Would like to see 30 year conventional, 40 year conventional and interest only options. Owe 168,000 on house and it's valued at 185,000
You are looking for a LOT of completely different things. What are you actually looking to accomplish with the refinance? |
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leepoffaith
Joined: 04 Feb 2007
Posts: 5
Location: Milwaukee, WI
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| Posted: Tue Nov 20, 2007 9:30 pm Post subject: |
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| Ultimate goal - lowest payment possible, but I want to see my options that are available. |
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uptight mortgage guy
Joined: 23 Nov 2007
Posts: 30
Location: WV
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| Posted: Fri Nov 23, 2007 4:54 pm Post subject: |
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| Do you and your partner have combined tradelines in the past? Is the current mortgage in both your names? If not, your ratios might not be quite as advantagious. |
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biggdaddy
Joined: 11 Oct 2007
Posts: 17
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| Posted: Sat Dec 08, 2007 3:56 am Post subject: |
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To be honest with you, you need to take what you can get. If you current ow 168 and your house is worth 185, not including any prepayment penalty, or any fees, you're already at 90% financing. The only thing you have going for you is that you're at a low loan amount. You would need to go FHA if you are full doc.
One piece of advice I would like to give you and anyone else who might read this post is that looking for the "lowest rate" is going to get you in a lot of financial trouble. You are going to run into shady brokers and Loan officers who will offer you 1% loans. Sounds nice. But there is no such thing. Your balance will go up and up and up and you will then be unlendable due to a lack of equity. Then, overnight your payments will quadruple. Yes, I said Quadruple and I'm not kidding.
In your situation, I would try to go FHA. If you can't get it, and you're in dire need to refi, then you have to take what you can get, if that's anything at all |
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