Profile picture for hondohawk

Would like to Refi. (25, 20 yr fixed)in the Kansas City Area, where can I get the best rates?

I have a single family home in the KC area.  I currently owe 213,500k on the 1st, and approx. 39-40k on the second.  Paid 275k around 4 years ago, would imagine it would appraise around that # now.  Refinanced about 2 years ago to 5.875% on a 30yr. (TB&W, what a joke) and subordinated purchase 2nd.  I missed the boat
(low rates)during the spring, looking for low rates now and fee's (really??).  Great credit and DTI, easy borrower with all documentation ready to go, let me know.

Thanks,
Scott
  • September 17 2009 - Olathe
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (10)

There is no VA funding fee of 2.2%.........It is 2.15% for first time use, 3.3% for sunsequent use and 0.5% for streamlines.



Close though I guess......
  • March 08 2010
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Steve;  Not certain what you are speaking about when you mention the banner ad. So please be more specific about what it is your thought that I did incorrectly.

And I didn't notice the posting date until after I had responded to the request.

  • March 08 2010
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Harry - way to bring a self serving advertising laced thread out of the past - Zillow does allow banner ads - these threads are really best used to provide good well thought out advice to people in a timely manner.
  • March 06 2010
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Are you a veteran?

Individuals who qualify for a VA Home Loan, but do not currently have one, may choose to refinance their conventional loan to a VALoan.  Refinancing a conventional loan to a VA loan will save the borrower money, among numerous other benefits.

Among the benefits of conventional to VA refinancing are no out-of-pocket closing costs, lower interest rates, no monthly mortgage insurance, and cash out up to 90% of the value of your home.

It is certainly beneficial for eligible individuals with a conventional mortgage to refinance to a VA mortgage loan. There is a minor drawback to this type of refinance. When doing a conventional to VA refinance, the borrower will be charged a 2.2% funding fee in order to insure the loan. This funding fee can be financed into the cost of the loan.

  • March 06 2010
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Scott,

PaymentChoice is exactly correct that the only way to qualify for your refinance is thru a FHA loan.   However, by doing that you will incur MI, which I assume you wanted to avoid since you did a 1st/2nd combo loan with your purchase.

The MI is why you will only save approximately $70 per month.  One thing to consider is that the MI will eventually drop off.  Based on the figures you provided, that will take about 12 years.  After that drops off, you will be saving almost $200 per month.

If this is the last home you will ever own, then it may be worth your time and effort.  If you plan on moving in the next 5-10 years, you're probably better off remaining in your current situation.

I also agree with PaymentChoice's comment about staying local.  Most people only go thru a transaction like this 2-3 times in their life.  So you want to be able to meet face-to-face with the lender you are working with. 

Best of luck!! 
  • September 21 2009
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PaymentChoice,...this is a trend I am noticing as well. Glad someone else is noticing. Seems you need to buddy up with someone to get around the whole self-promo thing. You send me a refferal, I send you one back.
  • September 17 2009
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Profile picture for hondohawk
My monthly payment on the first with approx.($372)escrow is about $1663.  2nd mortgage is around $284. 
  • September 17 2009
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Hondohawk,

You've actually got yourself a great rate there.  You seem to be somewhat adverse at the idea of fee's, however, this would be a reality for you if you were to refinance.  Beware of any too good to be true offers, because nobody works for free right?  But, if you feel that you should, press on and get a look at some good faith estimates and you will see whether or not the fee's that will be involved in getting you a lower rate will be worth the price and the time.  And like Payment Choice says, it will depend on your homes appraised value. Look into all of your options that PC mentions. Best of luck to you!
  • September 17 2009
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I have had good luck with Josh Switzer @ Lender1 in Lenexa. 913-432-0358

Good luck!
  • September 17 2009
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Profile picture for Bryan Tobiason
I've had great luck with several lenders... You can try the following:

Ben Chai, North American Savings Bank
913-327-2170

Brad Pointer, Community Home Lending
913-748-3488

Cindy Runkle, Realty Home Mortgage
913-713-4326

I would call them all and see who will give you the best deal.  They are all outstanding lenders that I have used in the past for clients on purchases.

Thanks,
Bryan
  • September 17 2009
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