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Refi #135000 at a fixed rate on limited income [see below ]

WHAT IS THE BEST LOAN TO REFI $135000 ON HOUSE Valued $220000 IN BEAVERTON ORE FOR 2 RETIREES?
 
PRESENTLY OUR PMT [PITI  $1289/M ] AND WE HAVE 22 YR LEFT @ 5.625% ON 135K : 

OUR TOTAL INCOME IS AS FOLLOWS:  SS/M $2690. AND PENSION $1300/M OR  A TOTAL INCOME $3990/M
WE CAN STAY WITH THE 5.65 LOAN OR ??REFI
Is there a loan that you can suggest for the above?

House was appraised out 6 months ago for $240000.  Zillow appraises it for $220K
  • December 21 2011 - Beaverton
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Answers (6)

Best Answer

I would suggest a regular conforming loan.  You should be able to find an amazing rate (assuming your credit scores are good)!
  • December 21 2011
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Frankly, I am not able to provide any consumer with a "this is the loan for you" without doing the due diligence of comparison of loans and terms...and your goals.  A lower payment may be in your best interest, and the highest on your goal list.  However, a level or slightly higher payment, may be a better option if you want to live debt free in the future.  Do you want to have a house payment "forever and ever" or do you want to live debt free?    Is the lowest possible payment a priority?  Or, is the lowest possible loan costs more important?

As a mortgage professional, I cannot give proper counsel unless I START with the clients goals and desires.  Once those are known, I can mesh them the lending guidelines and requirements to provide the consumer with options that are possible.

I will be activating my Oregon license after the first of the year...in the meantime, I can provide a contact in my company (licensed) who has the same "consumer first" state of mind.
  • December 21 2011
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There are many factors to consider...a rate quote, especially in this environment, will not serve you well. If you want an estimate that will hold water I would find a reputable loan officer to provide you with a quote following a complete loan application.  
  • December 21 2011
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We owe zero! What would $135000 balance come to with a 20 Yr loan  and at what rate APR? Our credit scores are above 750 according to one source. We do not carry credit for more than 30 days. We've been fortunate! I'm a vet but a VA loan is usually higher.
We started to do a refi back in june so we had an appraiser of lenders choice -appraise the property! We just put 70K into the property in upgrades. House is pristine!
  • December 21 2011
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I would suggest a 20yr Conforming so that you do not add years to your loan and accelrate the pay off - what other debt do you have besides the mortgage?

  • December 21 2011
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I would compare both HARP aka DU Refi pricing to Conventional. You could possibly get a waiver on the appraisal under HARP and avoid the expense of an appraisal. 

Zillow valuation is not one I would hang my hat on... FYI.
  • December 21 2011
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