All Forum Posts by: David Kelly

@Leslie McIntosh

Talk to your lender about disputing the appraisal. It’s extra work for them but it will get you a second look, or at least raise some awareness in the proper way. If they won’t budge, message me and I can walk you thru the steps.

@Jordan Gerkin

That is your bank trying to keep the commercial loan vs them handing it to the residential department. My guess anyways. How far is the home from your primary?

@Peter Morgan

Lenders won’t allow cash to be brought to the table. The money that is used for closing costs needs to be verified and sourced per Fannie/Freddie requirements . My suggestion is to put that in the bank right away and when closing time comes you can use the drive-through window and get a cashiers check. Typically they want to see 60 days history in the bank you are using. However, if you aren’t required any cash to close the bank statements aren’t needed. Much easier!

Someone else brought up a good point. Most of my refis I don’t have you bring any money. You might want to look at all your options. Let me know if you have anymore questions.

@Justin Heitter

You aren't quite there on equity to do a cash out refi. You need 20% equity before you can start or 80% max LTV. With that being said if you can find a HELOC up to 100% then that would be your option to get cash. By the way, which bank? 😄 It's tough to find high LTV HELOCS right now during Covid.

Regarding your mortgage insurance, if you have less than 20% equity there will be mortgage insurance on the loan. However some lenders like myself offer a one time premium for the MI vs monthly that can be refinanced into the loan amount if you are short of that 20%. The closer you get to that equity the cheaper the mortgage insurance becomes. I would say if you had a higher rate it would be worth looking at refinancing and lowering your MI, but you already have a low rate.

@Sam Khoshnavaz

Hi Sam, I prequalify for First time buyers all the time. You are going to need steady income, your websites will work, However, we need to have enough income for your debt to income ratio to be in the right area. Preferably 50% or under. W2 income isn’t needed, any type of job works we just qualify it differently. If you want more info feel free to message me.

@Suduk N.

Make sure you get at least one other quote to shop the rates and fees on this refinance.

@Adam Stetina

Let’s touch base if you are interested in chatting about the issues you are having. I have a great team that can maybe help navigate this loan for you.

@Nick Hajdin

I’m a Nationwide lender out of Mn. Let me know if you have any questions

@Mario Arellano

A cash out refinance right now is a better option because rates are at all time low's for Cashouts. I'm working on a couple right note in California. Some are investment properties and some primary. My suggestion is to do a cash out and then if a little more cash is needed find someone to do a higher LTV HELOC for the rest. I've found one this week that is doing up to 90% in California.

I am able to do 30yr mortgage refinancing on investment properties.  Now is a great time to do it as well.  It may be that they have certain overlays right now with lending during COVID-19.