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Answers (18)
- Jeff Miller, "Ctaj"
- Contributions:16
Jeana, at 90% LTV, it appears that you should have no trouble going to a 15 yr Conventional, if you're credit is OK.
Consider your position, should you be offered a better-paying job in, say, Denver, a mile higher and more than 1,000 miles away from the nearest hurricane. And let's say your property value has dropped another 5% to 10%. What would you do? If you refi to a new 30 year loan to get a lower payment, you will be under water and unable to sell. So, you either rent the house out from 2,000 miles away, or you try to "short sell," or allow it to go into foreclosure, or file bankruptcy ... all of which trash your credit.
Most landlords and prospective employers want to see your credit these days.
Paying your loan down faster with a lower rate and shorter term is the only way I can see to stay ahead of declining market values. If you're waiting for the Magic Money Fairy of the housing boom to show up again soon, I'm afraid she's left the planet for at least a decade.
Consider your position, should you be offered a better-paying job in, say, Denver, a mile higher and more than 1,000 miles away from the nearest hurricane. And let's say your property value has dropped another 5% to 10%. What would you do? If you refi to a new 30 year loan to get a lower payment, you will be under water and unable to sell. So, you either rent the house out from 2,000 miles away, or you try to "short sell," or allow it to go into foreclosure, or file bankruptcy ... all of which trash your credit.
Most landlords and prospective employers want to see your credit these days.
Paying your loan down faster with a lower rate and shorter term is the only way I can see to stay ahead of declining market values. If you're waiting for the Magic Money Fairy of the housing boom to show up again soon, I'm afraid she's left the planet for at least a decade.
- Jeff Miller, "Ctaj"
- Contributions:16
Seems that everyone is looking for a lower payment, regardless of the consequences. I encourage everyone, if at all possible, to consider going to a 15 yr loan. The rate is typically a full 1% lower than for a 20, 25, or 30 yr loan, and the payment may be within $200 or so of what you're paying now.
My rationale is that the problem many homeowners are facing these days is that they are paying their loans down more slowly than property values have been fallling ... and may continue to fall ... leaving them "under water" with LTV's above what I call the "Freedom Point" of 94% ... the point at which you can sell if you need to and still pay the realtor. With a 15 yr loan, you may pay about $200/mo more than you're paying now with your 6-6.5% loan, but the principle portion of your payment will be $400-$500 per month higher and you will be adding to your equity position MUCH faster, reducing the chances of finding yourself under water.
Incredibly, none of the "Streamline" options offered by Freddie, Fannie, FHA, or VA allow for a payment increase. This is just dumb. The problem for many people is not that they can't afford the payment. The problem is that if they need to sell and are underwater, they have no choice but to walk away. I sometimes suggest a 20 yr loan, which meets the "lower payment" requirement, then make an additional principle payment each month to target a 15 yr payoff. But that's at a higher rate than a 15 year loan would get you.
My rationale is that the problem many homeowners are facing these days is that they are paying their loans down more slowly than property values have been fallling ... and may continue to fall ... leaving them "under water" with LTV's above what I call the "Freedom Point" of 94% ... the point at which you can sell if you need to and still pay the realtor. With a 15 yr loan, you may pay about $200/mo more than you're paying now with your 6-6.5% loan, but the principle portion of your payment will be $400-$500 per month higher and you will be adding to your equity position MUCH faster, reducing the chances of finding yourself under water.
Incredibly, none of the "Streamline" options offered by Freddie, Fannie, FHA, or VA allow for a payment increase. This is just dumb. The problem for many people is not that they can't afford the payment. The problem is that if they need to sell and are underwater, they have no choice but to walk away. I sometimes suggest a 20 yr loan, which meets the "lower payment" requirement, then make an additional principle payment each month to target a 15 yr payoff. But that's at a higher rate than a 15 year loan would get you.
- mymortgagebrokerjoe
- Contributions:129
jeana, you have obviously asked a very broad question. do you think you could provide some more detail so that we may better answer your question?
- Jeff Miller, "Ctaj"
- Contributions:16
Go to the Fannie Mae and Freddie Mac websites. Both have search engines to determine whether or not your mortgage is Fannie- or Freddie-owned. Both have Streamline programs to refi loans they are already on the hook for up to 125% LTV, but the lenders won't generally go over 105%. Expect to have to pay mortgage insurance. And you'll need to have decent credit ... generally 640 or better ... and credit does affect rates and pricing.
- Adam Cohn, "palmbeachmortgage"
- Contributions:130
Yes, can be done.
Best Wishes,
Adam R. Cohn
Sr. Mortgage Banker
Sterling Asset & Equity Co.
[Contact info removed by moderator]
Best Wishes,
Adam R. Cohn
Sr. Mortgage Banker
Sterling Asset & Equity Co.
[Contact info removed by moderator]
- Jackie Griffin, "Jackie Griffin"
- Contributions:591
Depends on the type of property, certainly note for weekly rental or aluminum wiring houses.
- Emmett Clark, "emeryfed"
- Contributions:50
yes, why wouldn't there be? put in a request on the zillow marketplace
- Rich Kemper, "rich kemper"
- Contributions:2
I am not a mortgage specialist, but I know my mortgage person will know the answer. Email Lisa Marie Wheeler at [Email address deleted by Zillow Moderator]
- Noel Veitia, "Noel Veitia"
- Contributions:5
The right answer it's yes we can go up to 105% LTV depending if you have a fannie mae loan or not without mortgage insurance. If it is not a fannie mae loan I can go up to 97% with mortgage insurance.
- Liberty Mortgage
- Contributions:470
Yes- Your best bet would be to determine if you have a Fannie Mae or Freddie Mac mortgage- Call a lender and they can check for you immediately. If the answer is yes, you can refinance with no mortgage insurance and potentially no appraisal. If not, you can easily refi with an FHA mortgage as 90% is more than enough equity.
- mymortgagebrokerjoe
- Contributions:129
great feature of an fha loan is that on a 15 year fixed with LTV of 90% or less, no monthly mortgage insurance. over 90%, its only .25% of the base loan amount.
- Chris Lemmon, "cjl04141980"
- Contributions:32
The answer is yes. But you have to qualify. At 90% or more your best option is going to be an FHA loan.
- mymortgagebrokerjoe
- Contributions:129
absolutely. when do you want close?
- Noel Veitia, "Noel Veitia"
- Contributions:5
The answer will be yes and the question it's do you qualify? There are factors like occupancy, credit, income and assets that we have to consider.
- Annette Levinson, "Annette Levinson"
- Contributions:200
As a rate term refinance (no money out) you can refi up to 97.50 with a FHA mortgage.
i know one who will do 89%.
[Contact info deleted by moderator]
[Contact info deleted by moderator]
- Joe Dovey, "FL Loans Down To 620"
- Contributions:6
You will need to supply more information before that question can be answered.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
yes
Are there any lenders offering a 90% LTV refinancing in FL?
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