Which lender should I seek for my refi?

[Anonymous]

Hello

I'm looking to refi my mortgage as I have another kid on the way and want to simplify all of my loans.

Here are my stats.

TU Fico 8 (DIscover) 790/ Wife's in the 680-700 range.

Total HH income: 90-110k depending on how they classify income.

Mortgage: 15 yr @ 3.375% from Feb 2016. 81k from an 88k original.

House: $114k appraisal last year prior to purchase, improving market and some upgrades should put it at 125k, probably a bit higher.

Two family with $800 monthly rental income from the other unit. (Not included in HH income above)

Goal. Get a good amount of cash out at the lowest cost (rates/fees) possible. Switch to 30 year for lower monthly payments.

Any ideas or reccomendations?

[StartingOver10]

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@Anonymous wrote:

Hello

I'm looking to refi my mortgage as I have another kid on the way and want to simplify all of my loans.

Here are my stats.

TU Fico 8 (DIscover) 790/ Wife's in the 680-700 range.

Total HH income: 90-110k depending on how they classify income.

@Anonymous: 15 yr @ 3.375% from Feb 2016. 81k from an 88k original.

House: $114k appraisal last year prior to purchase, improving market and some upgrades should put it at 125k, probably a bit higher.

Two family with $800 monthly rental income from the other unit. (Not included in HH income above)

Goal. Get a good amount of cash out at the lowest cost (rates/fees) possible. Switch to 30 year for lower monthly payments.

Any ideas or reccomendations?

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If your property value has only increased $11k, it is unlikely that a refi will work for you. You already have a great rate. You might be able to go for a conventional loan, depending upon the value, but I don't think your payment would go down at all. 

Are you sure that the value has only increased to $125k in the past 12 months?  Call your Realtor and get new sold comps - maybe its higher.

[me12345]

Those numbers will work....However, with a Cash Out loan you will be limited to 80% LTV (Loan to Value) so based on a 125K value, your max loan amount would be 100K, less your payoff of 81K and closing costs, you would be looking at about a max of $15,000.00 cash back.

Going to a 30 year Cash Out loan would raise your rate considerably, but it would also lower your payment dramatically.

How to use, hard to say, so many geografic variables...I would start by getting recomendations from freinds and family.

Thanks,

[Anonymous]

A modest home equity line of credit might be give you access to more cash out at this time and could come with $0 closing costs... some banks will allow up to 90% loan-to-value on these

[VALoanMaster]

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@Anonymous wrote:

Hello

I'm looking to refi my mortgage as I have another kid on the way and want to simplify all of my loans.

Here are my stats.

TU Fico 8 (DIscover) 790/ Wife's in the 680-700 range.

Total HH income: 90-110k depending on how they classify income.

@Anonymous: 15 yr @ 3.375% from Feb 2016. 81k from an 88k original.

House: $114k appraisal last year prior to purchase, improving market and some upgrades should put it at 125k, probably a bit higher.

Two family with $800 monthly rental income from the other unit. (Not included in HH income above)

Goal. Get a good amount of cash out at the lowest cost (rates/fees) possible. Switch to 30 year for lower monthly payments.

Any ideas or reccomendations?

---

Hi YupYup413,

Just to clarify, are you looking for a cash-out refinance on a duplex? 

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

House: $114k appraisal last year prior to purchase, improving market and some upgrades should put it at 125k, probably a bit higher.

If your property value has only increased $11k, it is unlikely that a refi will work for you. You already have a great rate. You might be able to go for a conventional loan, depending upon the value, but I don't think your payment would go down at all. 

Are you sure that the value has only increased to $125k in the past 12 months?  Call your Realtor and get new sold comps - maybe its higher.

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125k is my baseline estimate. I could easily see it approaching as much as 140k, but would need a pro opinion to get that.

[Anonymous]

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@me12345 wrote:

Those numbers will work....However, with a Cash Out loan you will be limited to 80% LTV (Loan to Value) so based on a 125K value, your max loan amount would be 100K, less your payoff of 81K and closing costs, you would be looking at about a max of $15,000.00 cash back.

Going to a 30 year Cash Out loan would raise your rate considerably, but it would also lower your payment dramatically.

How to use, hard to say, so many geografic variables...I would start by getting recomendations from freinds and family.

Thanks,

---

So a cash out is limited to 80% LTV? Darn I was hoping to go closer to 90%.

[Anonymous]

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@Anonymous wrote:

A modest home equity line of credit might be give you access to more cash out at this time and could come with $0 closing costs... some banks will allow up to 90% loan-to-value on these

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I've considered that, but half the reason I wanted to refi would be to convert to a 30-year so most of the benefit would be eliminated. Perhaps this could be an option after the refi if i'm limited to 80%.

[Anonymous]

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@VALoanMaster wrote:

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@Anonymous wrote:

Two family with $800 monthly rental income from the other unit. (Not included in HH income above)

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Hi YupYup413,

Just to clarify, are you looking for a cash-out refinance on a duplex? 

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Yes, that is my ultimate goal at this time.

Based on your username, i'll state this after I forgot in the OP. I'm not yet VA loan eligible, will be in November '18.

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Has anyone done a refi with the same lender? Is that even allowed? Our original loan is with our local CU which is also our joint banking account. I also do plenty of banking with Navy Fed and a bit with BofA. In addition to CC accounts with Chase and Citi, but not sure i'd go near any of the big banks for this purpose.

CapOne is offering $1,000 in Venture miles if you refi with them. That's a decent perk but may not make them the winner.

[StartingOver10]

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@Anonymous wrote:

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@VALoanMaster wrote:

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@Anonymous wrote:

Two family with $800 monthly rental income from the other unit. (Not included in HH income above)

---

Hi YupYup413,

Just to clarify, are you looking for a cash-out refinance on a duplex? 

---

Yes, that is my ultimate goal at this time.

Based on your username, i'll state this after I forgot in the OP. I'm not yet VA loan eligible, will be in November '18.

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Has anyone done a refi with the same lender? Is that even allowed? Our original loan is with our local CU which is also our joint banking account. I also do plenty of banking with Navy Fed and a bit with BofA. In addition to CC accounts with Chase and Citi, but not sure i'd go near any of the big banks for this purpose.

CapOne is offering $1,000 in Venture miles if you refi with them. That's a decent perk but may not make them the winner.

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Yes, the mortgage lenders will refi their own loans.  

I would stay far away from the big box banks. I love CU's but not for mortgages. Go to someone that only does mortgage originating and funding not credit cards or car loans too. They usually have a variety of programs and, in general, your costs and interest rate will be lower. Stay away from Quicken. Try shanethemortgageman on here.