Posted by Awright on January 13, 2004 at 23:47:14:
Forgot to add that I would prefer a 15yr vs 30, would possibly consider a ARM if that is the only way to qualify. Not that it matters in qualifying but FWIW, my income would climb to around 250K or higheer in 4yrs…once again thanks
Cash Out Refinace of OO property - Posted by Awright
Posted by Awright on January 13, 2004 at 23:43:18:
Here is my situation…
I am in Florida, I am living in a house that will appraise for about 183k and I owe 154k @ 7.125% 30yr fixed.I wanted to know if it is possible to do a 125% LTV cash out refinance. The proceeds of the money would be used for investment and personal consumption. What rate could I expect? Would there be PMI? Is 100% or 95% the best that I can reasonably expect without the rate getting to high?
Stats on the borrower:
Currently employed >3yrs at same job, 740 FICO score
Debts:17.5k on auto, 18k in currently defferred student loans, no credit or other debts
~60k salary
Any and all help/suggestions would be greatly appreciated
Thanks in advance for those that contribute
Re: Cash Out Refinace of OO property - Posted by Art
Posted by Art on January 15, 2004 at 11:12:16:
my suggestion would be standard refi on primary to keep rate as low as possible, get your 15 yr loan avoid PMI. Then take 2nd mtg , prob HELOC to get as much cash as you can…2nd generally carries no fees, so worst case you pay for 2 seperate appraisals (extra $250-300). Also liscensed in FL if you are interested…
Re: Cash Out Refinace of OO property - Posted by Gregg Chouinard
Posted by Gregg Chouinard on January 14, 2004 at 12:48:22:
Yes, Yes, Yes. I have many programs for you. I am a licensed mortgage broker in Orlando, FL. Please drop me an e-mail so I can explain my programs.
Gregg - gchouinard@cfimortgage.com