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Refinancing During High Rates

I am looking to refinance and take some cash out. My concern is that my interest is very low 3.75% and I know rates on a 30-year fixed at at 4.72% today. How do I get around having a higher mortgage payment if I want to get cash out and refi, but will have a higher interest rate? My FICO is 720 and debt is about 40% of what I make monthly, $8,400k. My home is valued at $455k and I own $320k. Thank you guys! by Oned1984784 from Ventura, California. 9 days ago Reply


Blake Kleckner (BlakeK)
#4 ranked lender in California - 257 contributions

Your new mortgage payment may not necessarily be more than your current one depending upon what it is now, and how much cash out you want. Assuming your home's FMV is $455K, your LTV is a shade over 70%. If it can be less than this, that would improve your chances of a lower interest rate and payment. Without some additional info, it's difficult for me to tell you precisely what to expect. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to explain further. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2005, only do them here so I have an exceptional understanding of this extraordinary market, and, unlike the vast majority of loan officers, I am an accountant by education. As such, I am able to analyze current market conditions and structure creative loan alternatives for my clients in a manner much different, and more advantageous to them, than virtually all other loan officers. Representing more than 45 quality lenders that offer in excess of 1,500 loan programs, we definitely have something for everybody.

9 days ago
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Timothy Gray (insistontim)
#3 ranked lender in California - 13 contributions

Good afternoon. A new loan that allows for an interest only payment will help keep you payment down. You can always pay more than the minimum interest only payment and expect that following month will require a lower interest only payment as you pay down the principal amount of the loan. This type of program offers flexibility. Let me know if you'd like to explore this option further.

9 days ago
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