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Rescom Financial

Confirmed Lender

California Direct Lender, Ca DRE, MLO (19 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
California Direct Lender

Advice

  • (2 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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Does my plan make sense, trying to refinance 15 yr fixed to a cash out refi?

Answer

I would suggest doing this if you were to follow a strict routine to eliminate the extra "cash-out" amount on yourt mortgage. You can simply use the mortgage as a tool to pay off high rate interest credit cards in a low rate, tax dedectable mortgage by simply paying the same payment you would pay on your credit cards as an additonal payment to your principle every month on the new loan until the "cash out" amount is elminated.  

  (0)
Changing Financing after Contract?

Answer

Hello,Congratulations on your home purchase. You will need to complete an addendum to remove your fiance and submit that to the buyers agent and your loan agent. Since it is a short sale, you will likely also need to send this to the lender that presently holds the loan on this home for review and acceptance . The good news is typically real estate agents and lenders alike prefer Conventioanl financing to FHA financing.

  (0)