Forgotten Your Password?

Need to Register?

Question Icon

Refinancing a loan and apply for a new loan at the same time?

I have a mortgage for a rental property (Initial is 94,552 with a 5.00 rate, it is a VA loan that will hit maturity at 2018, $1830 for total payments so far) that I wish to refinance. I am also going to apply for another loan on another property, and was pre-approved. Now should I refinance now or wait until after the purchase? by connor_240_478 from Victorville, California. Oct 17th 2011 Reply


Joseph Afonso (jafonso)
#63 ranked lender in Arizona - 197 contributions

Have you asked your lender? I would say if everything is in order than you should be fine to move forward. You also need to keep in mind the rate that has been offered to you now may not be available later.

Oct 17th 2011
0
0

HI Connor. You can do both loans at the same time. I suggest doing them at the same time so you do not have to duplicate the work. Also, we provide discounts for doing multiple loans. Call me via my cell at (909) 630-2029 when you are ready to get started. Matthew Rundle

Oct 17th 2011
0
0
Gilbert Ramos (VAHOMELOANS)
#491 ranked lender in California - 54 contributions

Hello Connor,If you decide to refinance your VA loan, any lender will want to make sure that the property will be your primary residence. This is how I would quaterback this scenario: 1. Refinance current mortgage to a conventional loan, 2. Use your now open VA benefit to purchase your new home.The Benefits of VA Purchase:1. NO Mortgage insurance2. Zero down payment3. Only 1 appraisal required for flip properties4. On October 1, 20011 VA REDUCED the funding fee.Thanks for reading this.

Oct 17th 2011
0
0

hi, if you refinance the current VA loan, it can not remain VA. The VA allows only primary residence. You might speak to a lender and do both loans at once, this way you only provide one set of documents, this will save you time.you might be surprised that a good lender will have some suggestions on how to structure both loans.if you want to brainstorm, feel free to contact me with no obligation,Lynn at 949 376 8518

Oct 17th 2011
0
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You should apply for both at the same time... WilliamAcres.com

Oct 17th 2011
0
0
Rudi Hofmann (CaPortfolioLoans)
#282 ranked lender in California - 380 contributions

I suggest you do not refinance your rental property with only 7 years left on the loan. Not considering the fees for a new loan, you will not offset what you will lose with your new loan new amortization table. There are plenty of amortization calculators on the internet. Just Google. .... Happy funding, Rudi

Oct 17th 2011
0
0
Dustin McAlister (dmcali_109_270)
#32 ranked lender in Kansas - 40 contributions

You can both refinance your VA loan under the VA streamline process as an investment property and purchase a new home as your primary residence and use your VA eligibilty. The preson below is wrong in regards to refinancing your VA loan and keeping it as a VA loan and an investment property. I wuold probably deal with someone who specializes in VA loans like us. You can visit my site at www.MyVaRefinance.net

Oct 18th 2011
0
0
Deborah Garvin (loanmonarch)
#497 ranked lender in California - 53 contributions

BNC is correct about being able to refinance your rental property...VA rules are "tricky" and I recommend working with someone who knows them in and out. However, I agree with Rudi...refinancing with nine years left on the note AND a loan amount so low really does not make much sense. It might if you can do a true zero cost refinance; but adding ANY amount to the balance makes no sense. Further, you have already paid the lions share of interest on your loan...refinancing will just add years of interest....good for the bank, not for you. Keep the loan and pay it off asap.

Oct 18th 2011
0
0
Subscribe to our news feed.