Profile picture for OnePawUp

Looking for lenders who do not require a history of payments to refinance

We just purchased our house back in early October of 08 financed at 5.75% - made two payments and are just about to make a third payment at the end of this month. Would like to take advantage of the low rates and do a no-cost streamline refinance at around 5.0%. Anyone know of lenders who do not require a long payment history to refinance?

Thanks!
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January 15 2009 - Kearny Mesa
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Profile picture for Rob Cochems
You should be good to go with most lenders.
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January 15 2009
If it is a conforming or FHA loan they never have a prepayment penalty.  You never said what type of mortgage or the loan amount. 

The correct etiquette is to call your past lender and tell him what you would like to do.  He has all your paper work, w2 insurance etc.

Going to another lender will cause the current servicing agent and mortgage broker to get a claw back and their recent purchase and sale.  Not good Karma to fall on your recent purchase.

FYI, a refinanced loan loses homestead protection.  A "refinanced loan" does not have the same priority and legal protections as a "purchase loan".  Thought I would throw that out since many are turning purchase money to refinanced money with out this consideration.
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January 15 2009
An FHA can be streamlined very easily and just speak with your current lender. Otherwise you really need to be able to drop your rate by 1 whole percentage point to counter what you will be paying in closing costs on that new loan. One way to decide is by how much you will save each month with the lower rate and how long it would take to recoup the closing costs based on the savings you would see each month. If you plan on being in your current residence for quite awhile then definitely jump on that lower rate.
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January 15 2009

PawUp, Pull out your settlement statement. (Less than 60 days ago!),  You have not even mad two payments!!!!  Nothing wrong with refinancing if it makes sense. 

You need to roll your cost into the new loan as an expense to calculate your cost of funds.  No two clients are alike. Loan size and how long you plan to keep the loan has a huge impact on the APR.

Freddie and Fannie have shortenend to 3 to 5 years as an average life of a mortgage. Paying 2,500 two months ago and another 2,500 (?) again should be input into the "Does it make sense?"  Are you ready to pay another 3,000 when rates are at 4%?

Rate alone is irrelevant. Personal APR or cost of funds is what matters.  Tax rate, Loan amount, term etc.

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January 15 2009
Profile picture for Tina Rego
Yes, I do.  The FHA Streamline is the way to go.  The best would to wait for 6 payments.  But, you can refi sooner.  Contact a Broker who specializes in the FHA Streamline.  It is a great program.
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January 16 2009
Profile picture for CORONA NICK
I dont think rates are low enough for you to do a refi that makes sense. Dont believe the hype.lol
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February 09 2009
"The correct etiquette is to call your past lender and tell him what you would like to do.  He has all your paper work, w2 insurance etc."

He called. I told him to ask around because the only one I had at the time that made sense pricing wise, required a mortgage history. I don't think current pricing supports it but it never hurts for him to ask.
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February 09 2009
Another statement from the same post above:

FYI, a refinanced loan loses homestead protection.  A "refinanced loan" does not have the same priority and legal protections as a "purchase loan".  Thought I would throw that out since many are turning purchase money to refinanced money with out this consideration.

Dont know about other states, but refinancing in Georgia has no impact on your Homestead Exemption, it stays intact. 
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February 09 2009
Streamline,
refinance can't be good to go with most lenders
Work with someone who knows what they are doing...with streamlines.
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February 09 2009
whatever kind of refi it is, unless the loan amount is very large like over 500K, you need at least 1 point or more seperation from the current rate, if going from and to the same term. One paw up, you would be lucky to find a no cost refi at the same rate you have now. Wait until 4.75 or lower and will have to pay some closing costs.
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February 09 2009
 
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Related Discussions
Looking for lenders who do not require a history of payments to refinance
Profile picture for Clay Branch
Latest reply by Clay Branch
February 09 2009 | 10 answers
  • Posted by OnePawUp
  • In Refinance
  • January 15 2009
Mortgage Rates
 
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