I live in Las Vegas and bought my home about 6 months ago and the loan is a 30 year fixed for about 6.5%.?

I live in Las Vegas and bought my home about 6 months ago and the loan is a 30 year fixed for about 6.5%.?
asked 7 years ago

I want to refinance since the rates are low, do I have to only go through countrywide since they have my mortgage?? I want to take advantage of the low rates but I have no clue what to do now. Could I possibly go to another bank and refinance??

Hello everyone, firstly thank you for reading my question. I need some serious answers. My husband and i am buying a house in Las Vegas Nevada because my husband is retiring soon (propably nect year or in two). We are house huntig right now and we fell in love one 2 bedroom house and 1 bath for $ 20,000. We are going to make a $ 10,000 down payment on it. Since he filed for a bankruptcy a year ago, i do not think that he will be able to have a loan for the rest of $ 10,000 that we have to pay for the house. I don’t work but i do odd jobs occasionally (selling avon, baking cakes and sell my home made tamales to my friends and neighbors) so i don’t have a steady job. but i have a little over $ 10,000 saved up for the down payment next year. how can i get the rest of the $ 10,000 to be financed? Plus, i have a new credit. I did not have a credit card before but now i have one and i am building my credit score. My credit score is about 750ish. Is it possible that i can have the rest of the mortgage to be financed by a company or a bank?? If not, what are my choices? Please help me. Thank you very much. Suggestions from experts are very important to me please give me some advice. I am curently living in Los Angeles Area. Thank you

El Joe replied 7 years ago

check docs for pre-payment penalty.

snakeflake replied 7 years ago

You can refinance through any lender you want as long as you do not have some type of clause for early repayment of the loan.

But..rates are not much that much lower, so whether it would be feasible depends on several things. To get the lowest rate you must have a high credit rating, plus you will have more fees and closing costs. You also must take into account how long you plan to stay in this house. If you plan to sell in the next few years it would not be worth it.

Noneya replied 7 years ago

You can refi with any lender you want

loanmasterone replied 7 years ago

You may refinance your loan with anyone you desire to include Countywide. In order to refinance you must have equity in your property in order to refinance.

Rates are the lowest they have been in years, so yes now is a good time to refinance your mortgage loan

To find out what type of mortgage loans you are qualified for you need to contact a local mortgage banker/broker by looking in the telephone book.

This person will need to complete a mortgage loan application on you, and get permission to run a credit report on you and any others that will be on the mortgage refinance.

This application is long so be sure you have the time. The person will also need income documents, bank statements and other documents. The faster you get these documents to them the faster your mortgage transaction will be completed.

Once they have ran a credit check, looked at the documents they requested they then will be able to tell you all the mortgage loan programs you are qualified for.

Listen very carefully and request all the programs you are qualified for even though you might not be interested in them once they are explained to you.

Without the knowledge of what you are qualified for you can not make an intelligent decision. You do not have to make the decision while sitting in your loan consultant’s office.

Make sure you are given a Good Faith Estimate (GFE) and a Truth In Lending documents (TIL) These documents will tell you the cost of the loan and what you have to pay for getting the mortgage loan. Make sure you get an explanation of these fees and points. Some might be tax deducted on your federal income tax.

Just remember not asking questions can cost you money in the future so ask as many as you want to include the stupid and ones that don’t make sense.

Make sure you contact your tax consultant about any tax matters.

Before signing your loan docs make sure you have gone over the program you are qualified for. Your mortgage loan docs should be exactly as your loan consultant explained to you as to the interest rate, terms of the loan, monthly payments, if it is an adjustable or fixed rate mortgage.

If the mortgage loan docs are not as you were told they would be, please don’t sign the docs, but in the case you do, on refinance mortgage you have a three (3) day right of rescission. If you change your mind within three days of signing your loan docs just fax the rescission to your loan consultant or closing agent.

I hope this has been of some use to you, good luck.

“FIGHT ON”

My Take on It replied 7 years ago

If this place only costs 20k, and you are putting 50% down, only needing a 10k loan, you won’t be finding a bank to write a mortgage for this. The amount is just too little.

Add to that your hubbys bankruptcy and your lack of income (do you file taxes and report this income? You would need to show 2 years of tax returns to get a mortgage) and that is going to nix the deal completely.

What you can do, is approach the owner of this house and offer them the 10k down, and ask them to do owner financing, or do a lease option for say 3 years and that will give you time to save up the other 10k .

Steven replied 7 years ago

BK is too recent to qualify for a mortgage. You may look into look at owner financing or possibly borrowing the money from family.

Smiling replied 7 years ago

Mortgage companies don’t make mortgage loans for that little bit of money. You will have to pay for the house completely or is if the owner will finance.

Also, just because you see the cost of $ 20000 on zillow or whereever you are looking, does not really mean the house is selling that low. And if it is, you have to be VERY concerned about the safety of the neighborhood. Decent neighborhoods in Vegas are a minimum of $ 90000.

loanmasterone replied 7 years ago

The bankruptcy might not be as much problem as you think. You should apply for a FHA mortgage loan, Most lenders will consider a mortgage loan application with a bankruptcy that is at a minimum of 12-24 months with the ideal situation being 24 months.

You might consider a FHA mortgage loan as the requirements are not as stringent as those of a conventional mortgage loan. There are some FHA mortgage loans that require as little as 3.5% down payment.

You might want to verify this property that is being sold for $ 20,000, the ad might say as low as $ 20,000 and then of course there is the neighborhood where this type property might be located. Also this $ 20,000 property could be a condo or perhaps a townhouse.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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