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Luckys Charm | Refinancing after owning property 2 months.? |
I purchased a 2 unit building in Aug. 2006. The purchase price was 379000.00. I had to do a 80/20. One loan for 303200.00 w/ a int. rate of 9.25 and the other for 74000.00. w/ int. rate of 12.25. At the time i didn't know and didn't care cause i was happy to get a building. My middle score was 623 at the time and my credit is growing. In 3-6 months my score should be around 660+. Can I get one loan with a lower interest rate? What can I do to lower my payment. Especially the second loan cause the interest rate is too high and i would like a lower payment. Is it to soon for me to refinance or consolidate the both loans into one. How long do I have to wait.
Additional Details
I have no pre payment penalties |
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J O
|
It is NOT too soon to refi. It is too soon to do a cash out (must be about a year). But it sounds to me like you are getting raped on those rates. At my mortgage BANK rates have dropped the last 11 weeks in a row. A 660 should get you Alt A pricing which I would imagine would be in the 7s or 8s on the first and 9s or 10s on the second. Please feel free to email me if you have any questions. I am happy to answer them free of charge. |
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NOIZE
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Its too soon to refinance, especially since you did 100% financing. You will want to wait till you get more equity in the property. As far as combining both loans into one, you would either need to be at 80% of the value, or do a subprime loan, meaning not having a interest rate in the 6% range. Also if your existing mortgages have a pre-payment penalty it would wipe out any benefit mosty likely.
I'd wait at least 6 months before really looking into a refinance. If you want more help feel free to email me, I am a senior loan officer and real estate agent. |
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bianca
 |
if your credit score will be 660, you are in the same category credit wise - your credit score need to be 680 and up to get better rate, but even you do this ,how you know if the value of the house will rise some for you to do the refinancing. if you do that so soon- you will have to pay closing costs again.
the best idea is to wait 12 months and refinance after that. you have plenty time to work on your credit and value f your house will rise and you can walk out from 80/20 loan and this way it is better change to lower your mortgage payment if you will get one loan. |
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asajous
|
Depends:
1) Do you have a pre-payment penalty?
2) Have you made additional payments towards the 2nd note?
3) What are the rental income on the property?
4) Where is it located?
5) Was the purchase price the full appraised value?
Look with the right circumstances anything is possible. |
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andy j
 |
Hmm Alot of people on here saying you CANT do this and that. I bought a foreclosed home with 2 loans 80/20 refinanced the 2nd loan in 3 weeks with another mortgage company no time limit unless ,its a seasoned loan then you have to wait till they say you can without paying a penalty. I bought it for 20,000 under the appraised value price which is how I could do cash out. When I bought a 2 unit rental the first was 6.5% so you should look around... second is always higher of course because they have more risk. does the property need fixed up? if you remodel some of it you can raise your equity quick.. like the one guy said would be nice to make it one loan 80% so you have no pmi or a high second mortgage. If this is your first rental property..good luck.. I learned alot with my first ... Oh I forgot to add when I did the refinance I used a company that didnt charge me anything to do it. It was countrywide home loans ... that offer isnt all the time so look around find a deal that works for you. |
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jcorreahq
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I can help you with this, I am a mortgage broker who works with over 100 lenders nationwide and have programs that fit almost any need! Generally, you have to have at least 6 month seasoning before you can re-fi on a recent purchase however, I do have a few lenders who will refinance you with no seasoning. Please feel free to contact me and I will be glad to go over everything with you and get you a loan that fits your needs and budget! E-mil me @ Jcorreahq@yahoo.com or you can reach me directly @ (813) 655-9826 ~Joseph Correa/Consumer Lending Resources. |
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Justin
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Waaay too soon. Don't listen to those who tell you to do it now, it is for their benefit, not yours.
Slow down a bit and let's look at the whole picture. You bought a 2-unit property, which is high-risk to lenders. Your lender financed you 100% of the purchase price, another layer of risk. You also have a middle FICO of 623, which compounds the risk even further. Your interest rate(s) are a reflection of this. How much were your closing costs? You have to take into consideration how much your new loan would have to save you to break even on not only the cost you paid for your original loan, but for the new one as well. Since you bought it at 100% 2 months ago, it hasn't had time to "season". This means that the lender has to use the purchase price as the value, which in turn means that you would have to bring any additional closing cost out of your pocket.
I would wait if I were you. I am an executive mortgage banker, and I wouldn't tell you to refinance now, and those who are, are obviously pretty hungry for business, and a cancer to this industry's image that I work so hard to protect.
You would need to wait at least a year before you could use a higher appraised value (considering it even went up by that time) because you are maxed out.
I'm sure it is not what you want to hear, but the truth hurts. Maybe not hurts, maybe stings, but it's for your own good.
You say that "at the time I didn't know and I was happy to get a building". A $379,000 debt isn't small potatoes, and you should definitely put more thought into further investments before you act. If you had the slightest thought that you wouldn't be able to handle the load, you should have backed out, and even more so, your lender should'nt have put you into a situation that you could default on.
Good luck... |
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Reaper King
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too soon. you'd need to wait at least a year or two in order to refinance. you could do it now but you'll be paying some money out of pocket in order to do so. there is no equity in your building as of yet so you need to let some accrue before refinancing again. you can do it now, but unless you have some money in the bank I wouldn't do it. |
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Matt J
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You can do this and you will get a better deal.
You may want to do an 80/20 but there are also one loan programs for you.
Matt
http://www.diversifiedlender.com/
http://www.minnesota-mortgage-rates.net/ |
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Kathleen M
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Depends on what kind of loans you have and if you have a prepayment penalty. You need to review your loan documents and see what kind of penalty you will incure, if any. Is it to soon? Don't know. Good luck |
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