Good Refi Sites? (1 Viewer)

[lombardi]

Looking to refi my house. Hoping to knock my rate down and change to a 15yr mortgage.

I live in NC but my house is rented out in NJ. Anyone have advice on best site to use to identify bank with good rates? Or a particular lender I should be looking at?

Anything I need to avoid or look out for? Unnecessarily fees, etc??

FICO is probably mid 700's, say 750.

 

[Chadstroma]

Not everyone will do rentals and if they do the rates are higher than primary residences significantly.

 

[dino259]

stacking benjamins is sponsored by sofi.com

 

[fantasycurse42]

http://www.zillow.com/refinance/

 

[Mr. Ected]

In the process of doing a refi with SunTrust. It's our day-to-day bank, and had our first mortgage, so everything was easy. Getting ~3.875% for a 30 year.

Not sure what they do on rentals. If you want a contact, PM me.

 

[Chemical X]

explain the transaction a bit more? its a secondary rental? why would you refi a rental to 15 years and increase your payment? you want the income or the equity?

 

[lombardi]

We lived in the house in NJ but moved to NC where we currently rent. We're going to buy here but probably not for another year or two. We wanted to make sure we wanted to stay here long term before committing and now that we've decided to stay and adjusted from living on the road for a while we're starting to save for a second home (the one we'll live in).

We rented the NJ house when we moved out and we've had the same renter for about 4 years now. With someone else paying the mortgage for me I'd like to just hold on to the house as a long term investment . I figure if I refi to 15 years by the time I reach retirement age I will own the house out-right. A monthly income generator or something I can sell if I ever need a lump sum for any reason. My interested rate is 7% I believe and I think I can do better than that. The idea is to shorten the time until payoff without increasing my monthly expenditure. I'm not sure if I could get a rate lower enough to reduce my payment but if I could I would rather do that then pull out any money.

Not a ton of equity in the house now. The neighborhood is just starting to recover from the crash but it's usually one of the last places to come back, low-middle class almost rural area near a naval base. Always a good amount of renters but home prices take a while to heat back up. At the peak it was worth 2X what it is now but I had bought on VA foreclosure and fixed it up, got a very good price. So I'm still ahead probably 10-15k in equity. That doesn't really matter too much to me because I'm looking to hold long term, but I'm sure that affects the loan possibilities (LTV).

 

[comfortably numb]

7%

Holy crap

Refi for 30 years and just send extra money each month?

When that renter moves out and you go 2-5 months without rent it would help to have the lowest mortgage payment possible

 

[Gamma1210]

7%

Holy crap

Refi for 30 years and just send extra money each month?

When that renter moves out and you go 2-5 months without rent it would help to have the lowest mortgage payment possible

This is my thought too. Its nice to have the option to pay less if your renter leaves.

 

[comfortably numb]

I know a banker in Jackson, NJ that works with mortgages? haven't worked with him yet but been a family friend for over 30 years.

I can ask if he does refi?

You may have an issue getting a refi being you are no longer owner occupied.

Meaning they may want you to have a lot more equity and cash on the side as reserves being this is an "investment" property now.

 

[Chadstroma]

You should be able to get a lower rate even on a rental assuming decent LTV. I would also encourage the 30 year because they gives you flexibility in payments. Also, you can use the increased cash flow from that to build up reserves for repair/maintenance stuff on the property. Once that is decent enough, you can use the difference to put your own amortization schedule for about 15 years with the added benefit of if you suddenly do not have a renter or something else goes wrong- you don't have to come up with that P&I of the 15 year term.

 

[lombardi]

That's a good idea. I suppose just paying what the 15yr would be and having the option to lower payment if we hit a tough time or I'm between renters seems wise.

My existing mortgage company bumped me up a point to 7% when it was reported to them I was renting (Hudson City).

My house is about 10-15m to Brick (Manchester Twp). PM me if he does refis for rented properties. Thanks.

 

[Gamma1210]

That's a good idea. I suppose just paying what the 15yr would be and having the option to lower payment if we hit a tough time or I'm between renters seems wise.

My existing mortgage company bumped me up a point to 7% when it was reported to them I was renting (Hudson City).

My house is about 10-15m to Brick (Manchester Twp). PM me if he does refis for rented properties. Thanks.

Try putting the info into zillow. I had good luck with it for my refi and the one I went with was local in NJ.

 

[comfortably numb]

That's a good idea. I suppose just paying what the 15yr would be and having the option to lower payment if we hit a tough time or I'm between renters seems wise.

My existing mortgage company bumped me up a point to 7% when it was reported to them I was renting (Hudson City).

My house is about 10-15m to Brick (Manchester Twp). PM me if he does refis for rented properties. Thanks.

I emailed him to see if this is something he handles.

Will PM you his contact info if he can help.

He has a lot of family that are Jesus freaks like you, so this may work out!



He just replied he may be able to help.

I will PM you his info.

Hope it helps

 

[comfortably numb]

Tried to PM you.

Says you can't receive them.

 

[Chemical X]

I am mostly in the commercial space, but have numerous friends in mortgage that would likely take a look. luckily for you I went from ny-nc so we have the same footprint.

7% is crazy in this market. it is straight non owner occupied, so have a copy of the lease readily available, including the sked 'e' where the property is taxified.

will likely have the rate tied to the ltv in some fashion. money is pretty cheap nowadays, so someone should be looking at this I would think.

 

[lombardi]

Would you mind sending info again? Didn't realize we were limited to 50 PMs. Just deleted a bunch, should allow it now.

Thanks

 

[The Big Guy]

Would you mind sending info again? Didn't realize we were limited to 50 PMs. Just deleted a bunch, should allow it now.

Thanks

I sent you a PM. Work for bank nearby and can assist.