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Looking for the best 5/1 ARM or 7/1 ARM cash out refinance rate

first mortgage is 509K. second mortgage of 95K. The property value via zillow is 774K. My existing 7/1 ARM will reset in September . We are moving in 5 years or less. That is why we are thinking 5/1 or 7/1 ARM. First question: Are our ratios good enough for a great rate? What type of rate should we be looking for? Are there any FHA programs out there? by tjg45411 from Charles City, Virginia. Feb 15th 2018 Reply

Lynn Bossi Kinsel (LynnKinsel)
#39 ranked lender in Virginia - 61 contributions

Based on the information provided your LTV would be 78%. No way of knowing what your ratios are without knowing your income and existing monthly debt. If your LTV is truly 78% then FHA would not be the way to go because of the mortgage insurance. I'm happy to speak with you and go over all of your lending options based on your overall situation. Lynn Bossi-Kinsel NMLS#259819 804-677-8588. Lending in Virginia for over 20 years.

Feb 15th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but in general.. Loan pricing is based on credit scores, property type, and Loan to value.. you only provided the (estimated) Value.. FHA wont really be an option because regardless of your loan to value, you will have to pay MI.. But if Zillow is correct, then you are below 80% LTV which for conventional, has no MI.. Realistically, it's going to be difficult to advise you without all the necessary info.. For this reason, I suggest you contact a mortgage banker/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 a Banker/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 banker/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 big box banks. I'm a preferred Lender with California and Arizona 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 16th 2018
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Best? Best based on what criteria? Interest rate and closing costs go hand in hand. I can offer you a super low rate (best), but it would come with a lot of closing costs and additional discount points. How about a more balanced rate and costs loan? Then again, maybe would like a low cost refinance. Best cash out, best rate and term, best for your credit score? Next, while Zillow has done a good job of making home buyers and owners think they are a great place to determine value, those of us actually in the mortgage and real estate profession think Zillow and their 'Zestimates' are a big joke. My Best advice? get off the internet and contact a local mortgage broker in your back yard to discuss all these questions based on your personal situation.

Feb 18th 2018
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