All Forum Posts by: David Kelly

@Brad Fallon

I know from experience that when refinancing you are able to do a one time premium for the MI. It can be financed into the loan as well. It may need to be at a certain LTV however. If you want to follow up with me Monday feel free to reach out.

@Ben Nelson

It will take knowing a little bit more information but it seems doable. I sent you a PM, but I can’t run rates until Monday. 

@Graham K.

In this situation I would suggest still shopping the rate and costs for this size of loan. It could mean thousands of dollars in savings. This week I went up against loan depot and was able to blow them out of the water. It wasn’t a jumbo but I would be curious as to what their numbers look like on this type of situation.

@Mike Aguilar

As mentioned above, there are some drawbacks, but don't let that discourage you. A VA loan is one of the best out there for the holder. No mortgage insurance, up to 100% financing, and amazing interest rates. Do you have specific questions regarding the process?

@Eli Yachini

If you plan to lower the rate either way in the condo I would think that the Cashout option is going to better suit your needs. That will depend however on how much cash out you want.

The rates will differ on a rate/term vs a cash out. You’ll want to compare the two to see to find out if it’s worth it for the amount of cash vs interest savings.

A Heloc would most likely be available as well after doing a max LTV Cashout if you wanted more.

If you are interested in comparing the options feel free to reach out to me.

@Ray S.

Hi Ray, I am well versed in the refinancing process and currently helping many others here on BP. If I can help or answer any questions feel free to reach out.

@GP G.

It can also be paid off by doing a cash out refinance on your property using your equity in the home.

You should only worry about costs in a cash out refinance. Your home is worth what its worth, and the LTV guidelines don't fluctuate. What are they charging you for the rate and what are they charging you for the closing costs? Two different charges and you will see alot of lenders group this together. BUT for cash out refinancing lately on investment properties there usually has been a charge associated with the rate. I am happy to review it if you would like.

Hi Melvin, 

First, Thank you for your service! Using your VA benefits for a home purchase is about the best you can get out in the mortgage world. With that being said, there are different types of borrowers with each loan as they all are unique. If you haven't spoken with a lender yet, like myself, I highly suggest you start that process now. An agent will also agree that knowing you can buy before spending time looking is the best route. Plan on providing the bank with some documents after the initial call. Drivers license, Paystubs or other income info, possibly tax returns, bank statements, info regarding your VA status, etc...

@Stelljes Tate

From a lenders standpoint it’s great to have a returning customer back because we know your situation and how to qualify you. It’s especially important when people have multiple properties and different types of income. You’ll end up saving some time.