I want to refinacne my mortgage in CA, are you a loan officer?

Question

I got a 7% F mortgage for 15 years and i want to refinance it because i want to take out cashout of 90000 out of my equity of $250000. My credit score right now is 692. I want to contact some good loan officers, if you are the one please leave your nam, e-mail adress and phone numerb, Thank you

Answer 1

Your best bet is to contact your current lender and see if they will do it for you while keeping your current rate. You might have to pay some kind of fee to redraw the note. Basically tell them that you want to keep the current terms and interest rate, but want to pull out more money. For example, lets say you have a 30 yr loan and you have been making payments for 3 years. You want to draw an additional 90k out and have it repayed within the next 27 years. They will try to make you refinance at a higher rate (because they are greedy), but you counter them by stating that you will refinance the entire balance with another lender if they are not willing to work with you. Also, you might have to talk to someone higher up the food chain because the low level loan officers only care about new commi$$ioned loans.

At 7 percent, I wouldn't touch your first mortgage at all. If you can't work out anything with your current lender, fill out an application on my website and I will see what I can do for you on Monday. There are new loan programs out there that will allow you to keep your first while providing you with a low interest second.

www.amirifinancial.com

Good Luck

Answer 2

Mortgage lending is just like any other profession, you have good people and bad people but he bad people get all the PR (and rightfully so). I've been a mortgage lender for more than 20 years and I have been able to make a good living in this industry by being ethical, honest, and a client advocate. Yes there are loan sharks out there, a lot of them. But there are also honest hard working people who do this job because they like helping people make their dreams come true. I've worked as a broker and as a mortgage banker and I can say that I've seen more unethical behavior in the broker ranks than in the banking ranks. In an industry that is as loosely regulated as most brokers are, it is inevitable that you are going to find people preying on the unsophisticated borrower. Your best protection is to become as informed as possible. Get a HUD booklet and learn the terminology. Ask lots of questions. Get any promises in writing. Choose your mortgage lender with the same care and attention to detail as you would your doctor or child care provider.

Answer 3

I generally dont encourage or advise searching for loans on an open forum such as this. I feel you have several options, and advise you dont rush into any transaction based on promises that are usually prepared by unscrupulous sales reps who have learned that people want to see the lowest rates & cost.

Based on the little information you provided, I know you are conservative. A fixed rate for 15 years, has conservative written all over it. Good for you, I am pleased to provide assistance to a person who isnt tapped out and desperate for cash at any rate or term. Depending on the reasons for taking out $90K in equity, I assume you are not in debt up to your eyeballs. It would be wise to consult with a tax advisor about pulling out this much equity, it could be added to you income and taxed unless you shelter the money. One example of sheltering the cash out is by taking out a Fixed Rate 2nd Home equity line of credit. 10-30 year terms principal and interest payments with a fixed rate around 7-8.5%. If you keep the equity line for a few years it would be beneficial to pay points and buy the rate down. Best of all most of the larger banks will pay all of your costs, saving you the cost of refinacing. Since the CA market is currently described as "Stable", the best advice I could tell you is to give this some thought. Since you only pay for what you borrow of your HELOC, take 150K as a saftey net for the future. You dont have to use it, and someone could pay all of the costs associated with it. This will save you the cost of refinancing, provide the assurance your rate will not flucuate, and avoid income tax or capital gain penalties. Generally these fixed rate home equity loans are only provided to the consumers with a current fixed rate loan, and significant equity in thier home. Many brokers and retail bank officers will push refinacing your home into a new fixed rate 1st. Doing a fixed rate 2nd for an A Paper Borrower does not pay the loan officer much more then $1500-2500 so they will usually not bring this option to the table. Or they may say they could not get you approved. I have been fortunate to learn from my broker, if you can make every client a repeat client you will earn more in the long run then by overcharging them and making a killing off them on the 1st loan. It will likley be the last loan if you over charge or cause them to doubt your integrity.

Of course my advice is based on the bits of information you provided, and each persons needs are different.

In case you do get started on a transaction and want someone in the industry to answer financing questions please feel free to ask. You will find, I have provided advice to many Yahoo members asking real estate, financing, and credit questions.

[e-mail] As I mentioned I do not care to share too much information on a public forum, so I will not disclose more then my personal email for you at this time.

Answer 4

I am a mortgage loan officer but only work with local clients in PA.

Your best bet is to educate yourself about the loan decision process and exactly what a mortgage broker does. Knowing this can put you in position to get the best rates and terms possible.

Check out this blog: http://explaintome.blogspot.com

Best of luck

Answer 5

As requested:

Kevin 866-562-6838 x 106
[e-mail]
www.firstratelending.com

I will not attempt to quote as I need to know several items...

What is the value of the property?
What do you own on the property?
How far along are you on your 15yr ?
Are you self employed or a wage earner?
Can you supply 2 years income history (W2's, paystubs) or do you have to stated income?

Plus a few more :-)

Drop me a line and we can discuss your specific situation.

Answer 6

I am a mortgage broker who services all 50 states and I have access to over 100 lenders, I am sure we can find something to fit your needs! Please contact me via e-mail @ [e-mail] or [phone] I would be glad to take a look at your situation and educate you on the loan process. Please contact me at your convenience. ~Joseph

Answer 7

Call my uncle. He has his own mortgage company and is very honest. Tell him Nick Ostos referred you.

Steven Stone
951-440-9151
www.homeloan1.com

Answer 8

My brother is a lender and I am a Realtor in CA. I could have him contact you. [e-mail]

Answer 9

i am from Online funding call me at 310-649-0558 x106 name is Marvin Flores

Answer 10

no I'm not a loan officer. Sorry, wish you luck, and low costs!!!