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Currently looking to refinance a home, where do I begin?

I don't have my documents but some rough estimates are the home has 120k left on the loan, the home appraised for 185 in August. I have FICO credit scores of 712 743 and 752 and I'm currently paying .5% PMI with a 6.425% rate. Any help to direct me where to go would be great. by gary.b_195_244 from Bend, Oregon. Dec 15th 2011 Reply


Rob Pucci (robertpucci)
#14 ranked lender in Oregon - 32 contributions

Sure. If you can give me a call at 971-832-9108 or robertpucci@greatnwloans.com, I can work up something with you to see what can be done. All of your info you just wrote looks good on the surface, but we need to have a deeper conversation to flesh things out. Go ahead and give me a call now if you would like. Thanks!

Dec 15th 2011
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Lea Snyder (LeaSnyder)
#7 ranked lender in Oregon - 17 contributions

Hi Gary. So far so good with the info you emailed. I will run some numbers for you to see what the savings would be. You can reach me directly at 503-577-3895 or leas@go-summit.com. Talk to you soon!

Dec 15th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 191 contributions

Gary, yes you can do much better and remove the PMI ewe lend nation wide and provide great servcice form start to finish. I can be reached at ballen@accessnational.com or 888-354-3299.

Dec 15th 2011
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Al and Cindy Lane (Al Lane)
#1 ranked lender in Washington - 38 contributions

Gary everything you have submitted in your question points to no issues and significant savings and removing the PMI. Where you begin is talking to a mortgage professional who can ask you some followup questions to understand your specific situation. One question I have is why did you have an apprasial in August? In the end you have nothing to lose. It is all free to get qualified. I am local to WA and OR and you can call me on my cell at 360-901-1023 at anytime. Hope to talk to you soon.

Dec 15th 2011
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Blake Kleckner (BlakeK)
#387 ranked lender in California - 258 contributions

Hi Gary:With a $120K balance on a home worth $185K, its loan-to-value ratio is 65%, which should get you a terrific interest rate, especially with your mid-FICO score of 743. The PMI should drop off based upon the LTV, and your home could appraise for as low as $150K, which would still eliminate the PMI. You should easily be able to reduce your interest rate to the low 4s, or even the high 3s. At 4%, the monthly P&I payment for a 30-year fixed rate, $120K loan would be $573. I'm certain this is considerably less than what you are no paying. You also might want to consider a 15-year loan. If you have been paying on your loan for 10 years or more, the new payment will probably be lower than the one you now have assuming it is for a 30F loan, and you won't have to reset the "30-year clock." If you lived in CA, I could do this loan for you easily at 3.875% without any cost. Check out mortgage brokers in Bend. They should also be able to do this same loan.

Dec 15th 2011
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Randy Free (rfree@opesadvisors.com)
#20 ranked lender in Oregon - 51 contributions

Greetings Gary, I looks like you will greatly benefit from a refinance. You need to take the time to explore your loan options with a mortgage professional. As part of my offer to you, there is NO cost or obligation for you to clearly see your options. Please take the time and make the effort to compare and discover the difference of what I can offer you. Opes Advisors is a direct lender/bank with Fannie Mae, and has local underwriting and doc preparation in the my office here in Eugene. For help, please contact Randy Free at 541-984-5626 or rfree@opesadvisors.com

Dec 16th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey Gary... Looks like you would benefit by refinancing... you could drop the PMI and lower your rate significantly. Once suggestion is to look at a 15 year mortgage. Your payment would most likely be lower than your paying now and you could reduce your term by 15 years. WilliamAcres.com

Dec 16th 2011
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Don McCarty (donmccarty.pfa)
#34 ranked lender in North Carolina - 53 contributions

Consider Other Mortgage ProgramsIf you are thinking about refinancing your mortgage, you might want to consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and build equity more quickly. (Of course, this also means you have less interest to deduct on your income tax return.) You also might want to consider refinancing if you have an adjustable rate mortgage with high or no limits on interest rate increases. You might want to switch to a fixed rate mortgage or to an adjustable rate mortgage that limits changes in the rate at each adjustment date as well as over the life of the loan. If you decide to apply for refinancing with a particular mortgage company, and if you do not want to let the interest rate "float" until closing, get a written statement to guarantee the interest rate and the number of discount points that you will pay at closing. This binding commitment or "lock in" ensures that the mortgage company will not raise these costs even if rates increase before you settle on the new loan. You also may consider requesting an agreement where the interest rate can decrease but not increase before closing. If you cannot get the mortgage company to put this information in writing, you may wish to choose one that will provide this important information. Most companies place a limit on the length of time (say, 60 days) they will guarantee the interest rate. You must sign the loan during that time or lose the benefit of that particular rate. Because many people refinance their mortgages when rates decline, there may be a delay in processing the papers. Therefore, you may want to contact the company periodically to check on the progress of your loan approval and to see if additional information is needed. For additional information, Contact Don with American Finance Group at (919) 633-7505

Dec 16th 2011
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