Author Topic: Refinance Advice  (Read 750 times)

FarmFam

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Refinance Advice
« on: November 19, 2015, 07:42:58 AM »
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!