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Refinance - single family mortgage

I need to refinance with and non-fannie mae/ freddie mac bank in southern Westchester, NY. My credit is 685 and I'm close to halfway paid off but would like to remodel. What is my best option? by reesep_109_744 from Westchester, New York. May 21st 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Your question is confusing.. if you saying you don't want your loan to be owned by Fannie/Freddie, then your only options are FHA, VA or Portfolio.. FHA financing is not your best option.. They charge 1.75% upfront mortgage insurance, and they charge 1.25% annual premium mortgage insurance. No matter how much equity you have, you will have to pay mortgage insurance with FHA. VA will allow you to finance 100% even on cash out transactions. But you have to be VA eligible. Portfolio is a lender who has their own funds and does not have to comply with conventional guidelines. You need to be careful though.. Some lenders will be crafty.. They might tell you that the loan is not a Fannie/Freddie, and you might not ever know.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states 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

May 21st 2012
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Scott Irvine (Scott Irvine)
#7 ranked lender in New Jersey - 15 contributions

Reesep,I would recommend a FHA 203K loan which will lower your interest rate and allow you to take monies to remodel your home at the same time.Please feel free to reach to me to discuss in more details.Scott IrvineScott@mortgage-me.us845-856-2619

May 21st 2012
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Patricia Johnson (Greenway)
#16 ranked lender in Maryland - 10 contributions

Hi Reesep - you may want to do a cash-out refinance using a Portfolio Lender (non Fannie/Freddie) at 80% loan-to-value ratio and use proceeds to remodel. You can also choose an FHA 203(k) loan but all FHA programs require mortgage insurance which can get expensive. If you would like to review in more detail please feel free to call or email at pjohnson@ahmcloans.com or 908-625-3349. Thank you , Patty

May 21st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

how large is your loan, and how much to remodel? i do private investor money , and i need a minimum loan size please email me at yourloanpartnerforlife@live.com or go to my website listed on this site linda

May 21st 2012
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Robert Le (robert_le)
#621 ranked lender in California - 36 contributions

If the remodel is cost low, I recommend going to the large bank like Chase, BofA, Wellsfargo and get a HELOC.

May 21st 2012
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To: reesep_..., ABC 123 Mortgage, Inc. is a Local mortgage broker company in Fishkill, NY. We work with many lenders and programs in obtaining the most suitable financing given your specific situation. Whether is be conforming, conventional, FHA, USDA, VA, home equity, private financing, construction or rehabilitation we will ensure you obtain the most competitive mortgage solution for you. Feel free to call me to discuss further. Jeff Mitchell, President, ABC 123 Mortgage, Inc., 845-896-5500 X101.

May 23rd 2012
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