Refi on 2 year old mortgage?

[CoSprings99]

I have a 2 year old mortgage with a 4% apr. Home was $420k. We put down 5% and currently owe 385k. Since closing we have a 10yr Tesla loan.  Interested in refinancing to pay off Tesla loan and it should then be at a 70% LTV based on recent comps appraisals I have seen. 

Will this be difficult? Only refi I have ever done before was a streamlined on our last house and it was super duper easy. I am in the middle of starting a new side business and would like to not have the third degree as with a new mortgage. Is a refi with a 70% LTV a quicker and less painful process than a new purchase?

[Mortgage-Specialist]

Refi's are less comically and definitely less stressful than purchases. You should have no problem at all refinancing 

[VALoanMaster]

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@CoSprings99 wrote:

I have a 2 year old mortgage with a 4% apr. Home was $420k. We put down 5% and currently owe 385k. Since closing we have a 10yr Tesla loan.  Interested in refinancing to pay off Tesla loan and it should then be at a 70% LTV based on recent comps appraisals I have seen. 

Will this be difficult? Only refi I have ever done before was a streamlined on our last house and it was super duper easy. I am in the middle of starting a new side business and would like to not have the third degree as with a new mortgage. Is a refi with a 70% LTV a quicker and less painful process than a new purchase?

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Hi @CoSprings99,

What type of loan do you have right now? Is it conventional, FHA or VA?

Your side gig shouldn't matter as long as you don't need the income from it to qualify.

A streamline refi is always going to be easier than a cash-out refi but it's still not too bad.

[CoSprings99]

This current loan I am interested in refinancing is conventional. Through LoanCare Servicing currently. They sent us the mailer with refinancing numbers so thats who we contacted originally but their communication is lacking so I'm not married to them if there is a better recommendation. 

[VALoanMaster]

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@CoSprings99 wrote:

This current loan I am interested in refinancing is conventional. Through LoanCare Servicing currently. They sent us the mailer with refinancing numbers so thats who we contacted originally but their communication is lacking so I'm not married to them if there is a better recommendation. 

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Doing a conventional, cash-out refi with a 70% LTV should be pretty easy and a competent lender will have you closed in under 30 days.

I tell my clients there are 2 things I can do to differentiate myself from my competitors, make the process as pain free as possible and provide the best service and communication possible.That means I won't ask for things like tax returns or bank statements unless the AUS or investor requires them.