As mentioned from previous answers, the best way is talk to a trusted lender to go over your situation. You can also fill out loan requests on zillow for different programs (30 Yr Fixed, 15 Yr Fixed, etc.) and see what options you have (lower monthly payment without any fees, etc.), THEN talk to lender of your choice to assess if the options are viable and beneficial to you.
You have great credit and low LTV, etc. The low number of response might partly be the $60 cost per contact charged by zillow. That means mortgage loan professionals who have set a maximum cost per contact lower than $60 might not be exposed to your loan request.
If your current second loan is a purchased money, which means that's the loan that you purchased your home with and you haven't refinanced ever since, then it will NOT be considered a cash out if you combine your first and second.
If we are qualifying based only on your wife's income, then we'll be able to get a conventional loan with the usual requirement (credit score, good and stable income, etc.). If we are applying for a loan based on your information as a foreigner, then we'll need:*40% down payment*cash reserves from bank statement from Australia for down payment, closing cost, and reserves (usually anywhere from 24 months principal, interest, tax and insurance (PITI) and above) After you are approved, when it's time to sign loan document, if you are not in the US at that time, you can sign the loan document at a US Embassy in Australia.
Most likely it's because you have a jumbo loan (anything over $729,750 for San Mateo County). You will have more options if you have 20% or more for down payment.Nowadays FHA loan is a popular choice for buyers with less than 20% down payment; however, your loan amount is higher than the maximum allowed on a single family residence for an FHA loan so that might be one of the reasons why you didn't get as many quotes as you might have expected.
Since your credit, loan-to-value and income are all very good and the fact that there is room to lower your rate/payment for your investment 2-unit property, I think the lack of quote might have to do with the contact price for your quote.The contact price for your loan request is $40. If you contact any lender who quoted through email or phone, zillow will charge that lender $40. Any lender who set the maximum contact price below $40 will not be notified of your loan request.
One of the ways is to look over your report and make sure that revolving credit cards balances are at or below 30% of your credit limit. If you pay off your balance every month, and the balances shown on the report is more than 30% of your credit limit, then you might be able to improve your scores simply by providing proof showing 0 balances and updating that with the credit bureau through a re-score by pulling another credit report after the information has been updated. But you need to be careful and check with your lenders beforehand to see if a re-score will be accepted.The credit report company that provided you with the credit report should also be able to provide you with a credit analyzer. It's a relatively affordable service that suggests ways for you to improve your score for example, like mentioned above, by paying down certain accounts, etc. How helpful that might be on improving your score depends on how much time you have and your credit history.
You might want to clarify your question so that answers can be given accordingly.You're currently upside down and your mortgage is currently $200,000 more than your home value, is your current interest rate 7.09%? Is your loan owned by Fannie Mae or Freddie Mac? (go the these links to find out)Fannie Maehttp://loanlookup.fanniemae.com/loanlookup/Freddie Machttps://ww3.freddiemac.com/corporate/If your loan is owned by Fannie Mae or Freddie Mac and your loan-to-value is no more than 125%, then you might qualify for a HomeAffordable Refinance Program (HARP).
Your credit is excellent, loan-to-value is low, and your loan amount is under $417,000 all helps in getting you the lowest possible rates. If you are looking to lower your interest rate AND payment, then requesting a refinance quote for a 30 Yr Fixed will be more beneficial as you will be able to save money right away on your monthly payment (by about $400 or so) with a no point and no cost loan. If you are looking to shortened the time to payoff your loan balance, as you have done on the loan request for a 15 Yr Fixed, the rate is lower but your monthly payment will stay about the same.
Your loan-to-value is too high at 101.75%. Since current loan balance is $163k and property value is $170k, even without the extra $10k cash out, we are maxing out on the 95% cash out refinance limit for an FHA loan.