Profile picture for zzxtremexx

Townhome in MA, would like 85-90% Loan to Value

I have a townhome in MA and would like to refinance for about 85-90% Loan to Value, most likely 85%. Most places max at 80% and the complex is not FHA approved...I have only found 1 that will refinance up to 85% with a conventional 30 yr fixed...is this even possible?
  • February 14 2012 - Central
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Answers (7)

Profile picture for shapiroamg
I think you should plan somthing else for the cash out. You could rate/term refi at about 4% depending on equity and credit score. Take the difference and bank it for those repairs/rennovations. How much is left on the auto loan? Is it prudent to refinance an auto loan with less than 4-5 years left into a 30 year mortgage? If you need funds for rennovation or repair, look into a personal loan at a local credit union.
  • February 15 2012
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90% cash out would be a portfolio loan but the 30 Year rate will be much higher than what you have at 4.75%. 
  • February 14 2012
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Profile picture for GMerino
Doing a cash out refinance is going to be tough.  The max for a single family/townhome is 85%. 
  • February 14 2012
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Profile picture for zzxtremexx
Yes, I pay pmi, and yes the existing mortgage is a 30 yr fixed. The reasons for doing this are 2 fold. I want a lower rate since they are lower, and I was going to try to take some cash on top to fix up house and pay off car.
  • February 14 2012
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That sounds very encouraging so far. If you do not pay mortgage insurance then it probably wont be worth refinancing unless the 4.75% is an Arm or 15 Year Fixed. So, do you pay MI and is the 4.75% on a 30 Year?
  • February 14 2012
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Profile picture for zzxtremexx
01527, 175K, current rate is 4.75%, out of the 22 units, 21 are owner occupied, and about 40% are paid off (no mortgage), no units have been for sale in the last 20 months, and the development is about 6 years old. I do pay an association fee, but there is no property management company, it is all within, ie we have our own president, etc that live in our complex. Townhomes are detached (only 2 residences per structure, and there are about 11 "structures" or split homes)
  • February 14 2012
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Maybe, Shapiroamg may be along in a minute but in the meantime, what zip code are you in, loan balance, current rate, and do you know what % of homes are owner occupied? Does your legal description read Condo?
  • February 14 2012
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