Refi.

Lis · #1 (**permalink**) 08-08-2006, 07:04 PM

Currently pay's $2,550 would like to lower his payment and take about $5,000 for floors. House value $414,000.00 o/o. He said he does not need to take money out but what he really wants is to have a smaller monthly payment. Maybe by buying down his rate. Not sure how that works. Never done that.

I'm new at this.

Any advice will be so appreciated.
Thanks.

mknight · #2 (**permalink**) 08-09-2006, 09:17 AM

He can do a simple cash-out refinance. Here are a few quesitons for you...

*Do you know how much he owes on the current mortgage?
*What LTV are you looking for?
*What interest rate does he currently have?
Most lenders' buydown options are different. My company will allow you to pay up to 2 points ($8,280 if you're doing 100% LTV in this case) out of the equity for .90 off of the rate. This way the borrower won't have to come up with the money out of pocket.

If you have any more questions, you can reach anytime.

Thanks

Lis · #3 (**permalink**) 08-09-2006, 09:22 AM

Thanks for the response.
He owes $288,000 house is worth $414,000 interest right now 9.9. LTV 80% because of his pre-pay which I am not sure how much it is I need to request a payoff. His payment right now is $2550. wants it at $1,900.

GLOAT · #4 (**permalink**) 08-10-2006, 07:27 PM

Scores? Doc Type?

azwick · #5 (**permalink**) 08-12-2006, 10:44 PM

I'd be happy to review your scenario details and see if we can help. feel free to give me a call or send the scenario via fax/email and I take a look at it. Thanks!

Angela Zwick
Account Representative
Concord Mortgage Company
Direct: (313) 815-1012
eFax: (866) 301-1759
azwick@concordloans.com
www.mtgproonline.com

Greg · #6 (**permalink**) 08-14-2006, 12:36 PM

Yes give scores and we need to know how much income can be verified and if it looks like he will debt ratio. Just let us know what ratio he is at right now since you do not know what the new payment or rate will be.

MortgageDiva · #7 (**permalink**) 08-19-2006, 08:09 AM

Please feel free to call and I will answer any questions and help you with your deal. Cell: 954-805-2009

Lis · #8 (**permalink**) 08-19-2006, 08:41 AM

Thanks everyone.

I actually found someone.

MortgageDiva I saved your info for future loans.

Thanks.

MortgageDiva · #9 (**permalink**) 08-19-2006, 09:09 AM

Thank you and feel free to contact me anytime. I have been in this business a long time and know a lot of different lender's programs.