All Forum Posts by: David Kelly

540k at 30 years 5% = Principal and interest payment of $2898.84 plus escrows for taxes/insurance if any.

First payment breakdown is $648.84 Principal and $2250 Interest.  

What is your current loan balance?  Where is the $27,000 coming from?  I assume the closing costs and charge for the rate?  If so, you should not go with that!  5% with a charge right now is absurd.  Let me know if you want a second opinion.  All I would need is a mortgage statement.

@Ekamjot Singh

You might consider a refinance if your current mortgage is at a higher rate currently. This would reduce your payment on a rate/term refinance. On a cash out refinance you would be able to get additional cash using the equity you have in your home. The rate is slightly higher but right now is still a fantastic time to do it.

I would like others input here, but you might consider a cash out refinance using your VA benefits and get up to 100% LTV. This would free up quite a bit of cash vs you switching to a conventional loan that will limit you to 80% on a primary.

@Jared Chenel

Your are probably going to find an issue with doing the work yourself.

@Ryan Owens

Hi Ryan, I would need some more information. There is still a possibility to use your Entitlement for a new VA purchase loan keeping the current one you have with a down payment.

If you have a down payment it's a lot better program to go VA as there is no upfront or monthly MI, rates are better and a higher LTV depending on what entitlement was already used for your current VA home.

Another option is to refinance your current home into a conventional lawn and use your VA 100% financing for the new home.

@Kyle Root

It would take sometime to do an income calc based off your taxes with your schedule E. I have a program called loan beam I use. If you want to connect I can take a look at it today. I’m out of Mn and lend in 48 states. Send a PM

@Gary Parilis

6 months and 6 payments must have been made. You can start the process early with no issues but the process of the loan will require proof of that payment posting to the mortgage in order to qualify. So as long as that payment is posted at least a week or so before closing then there shouldn’t be any problems. What state are you in? Let me know if you have any other questions or need some guidance.

@Peter Morgan

All good answers up here! Locked or not, you can back out at any time. I suggest asking for a color PDF copy of that appraisal and there’s a chance it can be used with another lender with the right process set in place. Ask your lender of it is possible.

@Oscar Chavez

A cash out refinance would be a good way to capture that equity and reinvest with the rates being so low. You’ll want to look at your current loan versus what you would qualify for to make sure it’s worth while. How long have you had the home? If you want some more info, please get in touch.

@Michael Wong

There is a way to do this. From what your PM said, you are on each property separately. No matter if it’s all showing on your joint tax return all I will need to do is provide the proof that each is owned separately with title work and credit reports. If it’s something you want to chat about feel free to reach out. I lend in California / 48 states.