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Attempting to streamline refinance...Need advice!!!

Recently went through a bankruptcy... I have a house as a rental property and received a notice that they can offer me 4.375% even with the bankruptcy. Does this sound accurate? I want a lower payment but I also do not want to get my hopes up for nothing. by kieran39601 from Tempe, Arizona. Apr 18th 2017 Reply


You can check rates here: Www.jaketaylor.com. On the home page, click on the quote link below the main picture area. These rates are live, real time and include my fees. Was your bankruptcy over 4 years ago? Reply to me through the contact form on my site if you wish to continue the conversation. I'm one of the lowest priced mortgage brokers in Arizona.

Apr 18th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,874 contributions

More info needed, specifically, what type of loan do you have now? but in general, there are several types of streamline refinance available.. FHA, but your current loan must be an FHA loan.. under this, we have programs that do not look at your credit history,,, we only look at your "Mortgage" Credit report.. Obviously, you must have sufficient credit scores to qualify.. But it can be done even if you just completed a BK, and it's also a "limited document" type loan.. HARP refinance,,, this also allows you to refinance even if you are fresh out of a BK.. but getting approved is not as easy as the FHA streamline.. for HARP, you have to have sufficient credit scores and we must get an automated approval through the automated underwriting system.. Also, VA and USDA loans have their own streamline features.. All of these programs are based on your current loan.. you cannot go from a conventional loan to a FHA.. only FHA to FHA, VA to VA, etc... Also, don't be fooled by low ball rates you see on a mailer.. First, the rules are different and the rates are higher on rentals vs. your primary residence.. and 2nd, there are many factors that go into what the rate would be. including credit scores, debt to income ratios, property type, property use, loan to value, etc.. so without knowing all the details, it's impossible to be accurate on a mass mailing piece.. I understand you don't want to get your hopes up, so If you have 5 minutes, give me a call.. i can look at your scenario and let you know in minutes if there is a way to make it work... Plus, I"m local, and I'm the number one lender on Lender411.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 18th 2017
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John Burke (jburke)
#1 ranked lender in Texas - 187 contributions

Hi Kieran,The only way that's possible is if you have an FHA or VA mortgage on that property & you're doing a streamline refi. The other concern is what chapter bk did you file & when was it discharged. If you filed a chapter 7 then you're generally not eligible for an FHA or VA loan until the bk has been discharged for 2 years. If you did a chapter 13, then it's typically 1 year.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Apr 26th 2017
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