Profile picture for user001052

Senario: R/T Refi, Debt-Consolidation and Home Improvements at once.

R/T REFI  -  
Built 1949 . size 679 sq ft . lot size 6000+ sq ft    .2 bed 1 bath   91770
Owe                  $220,000 
E/V                    $300.000
FICO                 720
monthley           $1679
escrow              $279
current rate       5.378 fixed  30 yrs  with 23 yrs left.
FICO                 720,
Gross income    $ 68,870

      My current lender is GMAC  the loan is guaranteed with Fannie Mae we also pre qualified and approved for HARP 2.0 And waivers for DU Refi Plus.looking for low %rate and closing cost 15 fix or 30. 

Dept Consolidation -
Owe 18,000  between two cards.
Student loans $30,000 at 3%

      I am paying high interest rates and almost maxed out....so I want to consolidate my cards . I do not want to consolidate my Student loans, 

Home improvements     
estimate $30,000 

  Is it foolish of me to think that this is possible. Can any body help me, Tell me  how or if this is realistic of me,  I would appreciate any advise, suggestions, ideas, or resources. Any lender that might be able to work with me.. 
  • November 01 2012 - South San Gabriel
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Profile picture for user001052
if i use harp 2.0 i am already qualified for an appraisal waiver. i am just under 80%ltv so if i go outside of harp it can go either way. so i find myself in a dilemma.
  • November 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

An appraisal waiver?
  • November 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user001052
how much more ? I have a  waiver shouldn't i take advantage of it. cant beat these rates.  
  • November 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If the after improved value is there, you may be eligible for a cash out Conventional renovation loan.  The rate will be slightly higher becuase it is a renovation and cash out transaction but it may hep you achieve both your goals.
  • November 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You will have to prioritize your goals. Cash refinance at a maximum will allow 85% of appraised value. Anything over 80% will include a component of mortgage insurance. If you elect Conventional financing you will have higher cost/rate for cash out request. If you elect FHA financing you will be committed to monthly mortgage insurance for 5 years at a high monthly rate on 30 year loan. If you can manage comfortably on 15 year, FHA loan to 85% would be worth a close look, it would be the best combination of rate and maximizing loan amount and mortgage insurance would be cheaper and drop off at 78% of initial appraisal.
  • November 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user001052
SURE WILL!!!!  When I purchased my home I invested in the neighborhood not the house I found newer bigger homes but they were ether  far or in not so good areas. I paid $210000 for my home in 2002 and did a refi in 05. I am surrounded by 400 to 500K homes. 30k will do plenty for a small Home  . My city can also offer me grants of 2K and 50% up to 15k  on home repairs which I can use to pay back my loan or further invest into the home so possibilities are 50k including out of pocket. I plan on passing this home down to my kids.  I am also taking advantage of various programs offered for example weatherization. that could free up more funds for further improvements, This includes landscaping  and or additions. I have plenty of contacts in construction. I have approval for remodel from my city, And the plans (drawings) were free.. almost free cost me a dinner ..
  • November 02 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for My2cent$
Will the renovation increase the value of the home?
  • November 02 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.