Forgotten Your Password?

Need to Register?

Question Icon

86 LTV refinance under 417,000 over 700 credit scores. Are there 3.5% APR or lower legit refinance options out there? MD home

by living_life06250 from Fairfax, Virginia. Aug 23rd 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,286 contributions

MUCH more info required to advise you.. Lenders look at all 3 major credit bureaus of all borrowers and then they use the LOWEST MIDDLE score of ALL borrowers for loan pricing.. there is a price break at 700, 720, 740 and 760.. Without knowing all 3 scores of all borrowers, it's impossible to advise you.. Also, 3.5% could be a good rate.. but what are the terms.. 15 year? 20 year? 30 year? Fixed or ARM? if it's an ARM, is it a 3/1 ARM?, 5/1ARM?, 7/1 ARM?.. Also, what's the property type? Single family home? Condo? Townhouse? Duplex or multi housing? Manufactured home? loan pricing is different for all of these property types.. What about residency? Owner occupied? 2nd home? Investment? each one of these has different loan pricing.. Also, 3.5% is a great rate.. but what costs are associated with it.. are you having to pay 3 points to get it? or is the lender not charging you any "Lender Fee's".. I could go on, but i'm sure you get it by now.. it's impossible to say without looking at all the details of the loan offer, and it would be incompetent for any loan officer to advise you without the details.. And anyone who does is probably someone you should avoid using.. you would be setting yourself up for disappointment.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 24th 2016
1
0
James Schneider (JamesSchneider)
#103 ranked lender in Maryland - 29 contributions

Good Morning,There are definite options out there dependent on all qualifications to refinance your mortgage at or below 3.5%. It will also be dependent on the loan type that you have. If you have a conventional loan, at 86% LTV you have the option to pay mortgage insurance or not (in which the lender will pay it for you, but there is a slight uptick in rate). If you currently have a FHA loan, then there is an option to streamline which would not include an appraisal or income qualifications. This would hold a mortgage insurance also. Feel free to contact me with any questions and we can go more in depth on your current scenario! jschneider@eaglecrkmortgage.com - 240-252-2519. Thank you!

Aug 23rd 2016
0
0
James Schneider (JamesSchneider)
#103 ranked lender in Maryland - 29 contributions

Enter your answer here

Aug 23rd 2016
0
0
Damon Daniels (damon.daniels)
#109 ranked lender in Virginia - 4 contributions

Good afternoon,I need a few more pieces of information to answer your question correctly. Please contact me at your earliest opportunity to discuss your options.Always here to help,Damon DanielsNMLS ID: 193536Mortgage Loan ConsultantFreedom Mortgage(804) 593-1995

Aug 23rd 2016
0
0
Damon Daniels (damon.daniels)
#109 ranked lender in Virginia - 4 contributions

Good afternoon, A few more pieces of information are necessary to answer your question correctly. Feel free to contact me at your earliest opportunity to discuss your options.Always here to help,Damon DanielsMortgage Loan ConsultantNMLS ID: 193536Damon.Daniels@FreedomMortgage.comfreedommortgagenow.com/damon-danielsDirect: (804) 593-1995

Aug 23rd 2016
0
0
Subscribe to our news feed.