Does anyone have advice on refinancing or can point to a post that does?
Q's: Best banks or mortgage brokers, how to refinance an upside down home, how to refinance 2 homes at same time?
I have 2 homes. One is a rental and the other we live in and no, we are not planning to move out of it! The rental was our first home and we decided to buy our dream house while the market was low. But we needed to do an FHA loan that has mortgage insurance. Now we qualify for a conventional loan and would like to refinance our home that we live in and possibly the rental as well until we can sell it without a short sale or foreclosure.
Our credit scores are about 675-690. And our current or back-end debt to income ratio is about 46%
Main Home (we live in): Value is 284K and the loan is 237k at 4.5%. Mortgage Insurance monthly is $250. Principle and Insurance is monthly payment $1,243.78
Rental Home: Value is 188k (but comparables/same models are selling for 192-195k) and the loans are 199k (1st is 127k, 2nd is 72k). I get rent payments of $1125 from renters.
Here are the loan details for the Rental Home:
EQUITY LOAN DETAILS
Equity Payment Interest Schedule
No. of Payments Amount of Payments When Payments are Due
60 Varies from $113.78 to $125.97 March 01,2011
17 Varies from $291.57 to $322.81 March 1, 2016
402 $386.04 April 1, 2017
1 $437.25 February 1, 2051
Total Cost of Equity Loan
Annual Percentage Finance Charge Amount Financed Total of Payments
4.23% $94,241.40 $74,164.39 $168,405.79
MORTGAGE LOAN DETAILS
Interest Rate Date Monthly Payment Number of Payments
5.125 January 1, 2015 $892.37 253 - end 2/1/36
Total Cost of Mortgage
Annual Percentage Finance Charge Amount Financed Total of Payments
5.125 $85,777.80 134,521.79 $220,299.59
Thanks so much for the wisdom here!
