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Refinance Question

MY current home loan is a variable rate loan that I believe is owned by a private investor vs. owned by Fannie Mae or Freddie Mac. Can this type of unconventional loan be refinanced? by ryanmo_395_508 from Moreno Valley, California. Oct 29th 2012 Reply


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

Would need much more info to answer your question.. But in general, you can if your loan to value is 100% or lower. FHA allows for a refinance at 97.75% LTV, but they charge mortgage insurance.. if you have VA benefits, you can refinance into a VA loan and finance 100% of the value... If you have at least 20% equity, you can refinance into a conventional loan... if you are underwater, and your loan is owned by a private investor, then you will not be able to refinance at all.. you can pay down your mortgage below the required LTV range but not necessarily a good use of money.. so as you can see.. without knowing the value of your home or your equity position, no one will be able to properly advise you... 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. 480-287-5714 WilliamAcres.com

Oct 29th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

The fact that your current loan is not a Fannie or Freddie loan is not relevant. As long as you meet current lending guidelines you should be able to get the loan refinance. You should always work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories (like Lending Tree and Quicken). Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Oct 30th 2012
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Thanks. My house will appraise for more than the loan balance. So, what do you suggest I do next. I tried using lending tree, however they were unable to help me.

Oct 29th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

First, what is your appraised estimated value , verus what you owe? that is the first step ,and I have someone in californis that can assist you linda

Oct 29th 2012
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Karen Mansfield (kmansf_915_841)
#580 ranked lender in California - 9 contributions

Hello Ryan, yes this home can be refinanced, but I would need more information about the value and your loan amount. Please call me at 707-363-3689 and I would be happy to go over the details with you.

Oct 29th 2012
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Karen Mansfield (kmansf_915_841)
#580 ranked lender in California - 9 contributions

By the way, I am licensed to lend in California. :) Karen Mansfield 707-363-3689

Oct 29th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

It really depends on the rest of the details: balance on the current mortgage, is the mortgage reported on your credit, how much (what %) equity you have in the house, how is your credit, etc.. Then there are the normal mortgage qualification requirements. Don't call someplace like LendingTree - they specialize in "skimming" easy deals and do not (in general) seem to have experienced, knowledgable loan officers. You'll need to assess whether refinancing makes sense based on the terms of your current loan vs. what you would get refinancing. pdumouchel@primelending.com or 843.619.6025 mortgages in any state (but I focus mainly on SC transactions).

Oct 29th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states, nationwide, internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Oct 29th 2012
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

Depending on what your home appraises for. You may be able to find a mortgage with mortgage insurance or do an FHA loan depending on your willingness to pay mortgage insurance if the loan to value is about 80%.

Oct 29th 2012
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Anthony PapaGiorgio (apapagiorgio@inlandbank.com)
#80 ranked lender in Illinois - 16 contributions

Yes. The fact that it is owned by a private investor doesn't mean you can't refinance. You do obviously need to qualify to refinance though, and talking with an experienced local lender would be a good next step to take. If after talking with them everything seems to be in good shape, see what type of rate and costs they're offering and make sure they're competitive

Oct 29th 2012
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