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    Home Mortgage Refinancing

    Anybody have any good recommendations on where to get a refinance here in WDM? We bought our house 2 1/2 hears ago and have done the below upgrades & work to raise the value. Hopefully the higher value and much better interest rates equate to a better deal.

    New shingles
    Finished 1/2 the basement & new stairs
    New furnace
    New water heater
    Landscaping
    New insultation
    New storm windows (all)
    New basement windows
    New cement patio
    Remodeled bathroom
    Improved kitchen
    New front and back doors
    New light fixtures


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    Re: Home Mortgage Refinancing

    I've always told people to get three bids:

    1. From a national bank
    2. From a local bank/credit union
    3. From a broker

    Given the changes to the way brokers go about their business (they are being forced out, IMO) I'd say your best bet are going to be from #1 or #2. The brokers on this website will know what I am referring to.


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    Re: Home Mortgage Refinancing

    I would recommend Jeff Williams.....

    Four Legacies Mortgage
    1031 Office Park Rd, Ste. 1
    West Des Moines, IA 50265
    515-978-1415 (m)
    jeff@fourlegaciesmortgage.com



  4. #4
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    Re: Home Mortgage Refinancing

    Quote Originally Posted by clone0 View Post
    I would recommend Jeff Williams.....

    Four Legacies Mortgage
    1031 Office Park Rd, Ste. 1
    West Des Moines, IA 50265
    515-978-1415 (m)
    jeff@fourlegaciesmortgage.com

    Thanks Jeff

    Just kidding, I'll take a look. Thanks.


    A program isn't built on one player and it doesn't succeed because of one player, thus a program won't fail if it doesn't get that one player.

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    Re: Home Mortgage Refinancing

    Quote Originally Posted by clone0 View Post
    I would recommend Jeff Williams.....

    Four Legacies Mortgage
    1031 Office Park Rd, Ste. 1
    West Des Moines, IA 50265
    515-978-1415 (m)
    jeff@fourlegaciesmortgage.com

    I wouldn't recommend Jeff Williams....

    Four Legacies Mortgage
    1031 Office Park Rd, Ste. 1
    West Des Moines, IA 50265
    515-978-1415 (m)
    jeff@fourlegaciesmortgage.com


    Your Welcome,

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    Ron freaking Swanson

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    Re: Home Mortgage Refinancing

    The only worry I would have Jeremy is that home values have fallen the last couple of years in nearly all parts of the country. In some cases, by double digits. So, you may have invested well into the home, but may not see the value currently in the home's worth when appraisals are done.

    Having said that, we refinanced in December and were very happy in doing so. So I just did what you are trying to do and we had enough equity in the home where the appraisals really didn't matter. We had enough in the loan to value department to cover what we wanted to borrow.



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    Re: Home Mortgage Refinancing

    2 questions.

    Do you currently pay MI?

    Is this a cash out refi or a streamline just to get a lower rate?


    If you currently don't pay MI and you've made these improvements I doubt that it will throw you back into the MI bucket.

    As a side note, If you currently have a 30 year note and you've paid 3 years on it I would recommend going to a 20 year. You can amortize for any length you want but I think you would waste a lot of money by going back to a 30 year. The payment may be nice but it kind of defeats the purpose or at least minimizes it.


    Last edited by dmclone; 03-18-2010 at 06:00 PM.

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    Re: Home Mortgage Refinancing

    I'm somewhat dumb when it comes to this stuff:)

    We have paid 2 1/2 years on a 30 year. We do pay MI and obviously haven't paid down enough to have a whole lot of equity in comparison to the previous loan vs appraisal but I hope that with the improvements and the relatively stable market in this particular neighborhood that the new load would be better as far as rate vs payments.

    We'd like to possibly roll in a personal loan into the new mortgage if that is possible but I'm not good enough with the loans to know what all that entails or requires.


    A program isn't built on one player and it doesn't succeed because of one player, thus a program won't fail if it doesn't get that one player.

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    Re: Home Mortgage Refinancing

    Quote Originally Posted by Jeremy View Post
    Anybody have any good recommendations on where to get a refinance here in WDM? We bought our house 2 1/2 hears ago and have done the below upgrades & work to raise the value. Hopefully the higher value and much better interest rates equate to a better deal.

    New shingles
    Finished 1/2 the basement & new stairs
    New furnace
    New water heater
    Landscaping
    New insultation
    New storm windows (all)
    New basement windows
    New cement patio
    Remodeled bathroom
    Improved kitchen
    New front and back doors
    New light fixtures
    Unfortunately, many of those items won't have much impact on appraised value. The two big items would have been main floor square footage and the neighborhood comps which haven't changed. You will get some bump from the kitchen and bathroom, but appraisers basically assume that you have functioning items such as shingles, furnace, lights, doors, etc.



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    Re: Home Mortgage Refinancing

    Before you make any phone calls, here are a few things I recommend to anyone looking at getting a mortgage:

    1. Pull your credit report - you can get all three bureaus free at www.annualcreditreport.com. Review your credit across the board and look for any errors reported by creditors. If there are issues with inaccuricies, contact the creditor and fix them. Remember, not all creditors report to all thre bureaus on a consistent matter.

    2. Visit www.creditkarma.com - you can enter some basic information and get your credit score from TransUnion for free. This is only one score, but it will get you in the ballpark of what your other credit scores look like. The lender going to qualify you on the lowest middle score between you and your co-borrower.

    3. Understand your Debt to Income (DTI). Most lenders are anywhere from 41% to 50% of your gross monthly income going towards debt. Add up all the credit related debts you pay on a monthly basis - car loans, student loans, personal loans, and mortgage payment. You want to take the minimum payment on credit cards, and the full payment on the other loans. If more than 41-50% of your gross monthly income is going to pay debt, lenders will frown upon this. You need to ask the lender what their maximum DTI is. Also, if based on the minimum payment, you will have a debt paid off in less than ten months, you don't have to count it towards your DTI, unless it is a car lease.

    4. Talk to a realtor to help you determine an approximate value of your home. Don't look at what houses on your street or neighborhood are for sale for, you need to know what comparable houses sold for, preferrably in the last 3-6 months, with the newer the better. You need your realtor to be honest with you. The comparables need to be within one mile of your home, and be similar in square footage, number of bedrooms, bathrooms, and floor plan. You can't compare a ranch with a two-story.

    5. Since you would be doing a cash-out refinance transaction (rolling the personal loan into a new mortgage) most lenders consider this a higher risk, and you may not be able to borrow as much money, and may have a higher interest rate. You need to determine who the investor is on the existing mortgage (FannieMae, FreddieMac, GinnieMae, or a private investor). FannieMae for a cash out will only allow you to borrow 85% of the homes appraised value. You can visit www.makinghomeaffordable.com to determine who is the investor on your existing loan. A limited cash out transaction (less than 2,000 or 2% of the loan value back to you at closing) is up to 95% loan to value.

    6. Talk to your current lender - are you really unhappy with them, or do you think you can find better rates elsewhere? The advantage you have with your current lender is they may have programs available to help you refinance and get a better rate. You may not be able to payoff the personal loan, but you could lower your house payment enough to give you more cash back each month to help pay the personal loan. The other thing your current lender can do is transfer your escrow account to the new loan, this can help lower your closing costs, because it essentially becomes a credit towards the new loan. As a reminder, you are paying property taxes this month, so you won't transfer as much, but every little bit helps. I refinanced with my current lender, and was able to do a "no documentation" streamline refinance, because they already had my loan on their books, they were bettering my situation (a lower payment for me, means I'm less likely to default), and they weren't taking a new risk because I was already on the books.

    7. If you decide to go forward, make sure you get a copy of the Good Faith Estimate from the lender - it's required. This will show you what the fees will be to close the loan as estimated by the lender. The lender must adhere to these fees once they disclose them to you. If the total of the fees paid to third parties (appraiser, title company) go 10% above the estimate, the lender must creit you to get them down to the 10% level. Also, look at their origination charge, do they charge 1% of the loan amount, or a flat-fee? As for shopping around, you can look at up to three lenders and have them pull credit and it won't hurt your credit. Just be prepared to explain the credit inquiries with the lender you choose. Also, if you have had pre-approval credit offers, or opened a new credit account in the past 90 days, you may have to explain it to your lender.

    As for your improvements, I agree with the others, while they are a benefit to you, they don't add much to the value of your home. They would be seen as routine upkeep on a home, other than the basement, since you added some living space. However, basement living space is usually 1/2 the value per square foot of above ground living space. I spent about 30k (including labor) to finish my basement (lots of custom items) and the appraiser told me it gives me 15k in value. I'm ok with it, but don't expect it to be a big return on investment. As for the bathroom and kitchen, depending on what you did, you may get some money. Kitchens and baths just don't add the value they did for awhile, unless they are custom, but you have to be careful not to over-improve your home for the neighborhood, as this can actually hurt the value.

    Hope this helps - don't be afraid to ask questions of your lender. An honest lender won't be afraid to answer them.



  11. #11
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    Re: Home Mortgage Refinancing

    Who is your current loan with?

    Most lenders will refinance their own loans and the process to refi their own loans is quite streamlined to where they can mail you the paperwork, and then you mail it back once the forms are completed.

    I did a no-cost refi with Wells Fargo. I don't even live in the vicinity of a Wells Fargo office. I contacted Wells Fargo through the internet, the docs were mailed to me, I signed them, and mailed them back to Wells Fargo. It couldn't have been easier.


    Last edited by alaskaguy; 03-18-2010 at 10:37 PM.
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    Re: Home Mortgage Refinancing

    Quote Originally Posted by alaskaguy View Post
    Who is your current loan with?

    Most lenders will refinance their own loans and the process to refi their own loans is quite streamlined to where they can mail you the paperwork, and then you mail it back once the forms are completed.

    I did a no-cost refi with Wells Fargo. I don't even live in the vicinity of a Wells Fargo office. I contacted Wells Fargo through the internet, the docs were mailed to me, I signed them, and mailed them back to Wells Fargo. It couldn't have been easier.
    ag-while streamlined you probably are paying a premium in the range of .05-.25 bps-which may not be the strongest move-yet could be prudent if circumstances warrant.

    it may be worth it since you didn't have to pay...

    Jeremey, as a previous poster mentioned(as does ag above)-shop.

    Let them know you are shopping. Have them whore themselves for your business. Mortgages are commodities...no need to pay a premium for that which you can shop around. THat being said...you may not be better off re-fi'ing. If you can't change your rate enough ride the horse you are on.


    As far as depth goes though, the combination of White, Woodbury, Olaseni, Basabe, and Uthoff is much better than Niang, Ejim, Edozie, Gibson. Not because of the top 2, but because of the next 2 or 3. -DeanVogs

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    Re: Home Mortgage Refinancing

    Quote Originally Posted by jmb View Post
    ag-while streamlined you probably are paying a premium in the range of .05-.25 bps-which may not be the strongest move-yet could be prudent if circumstances warrant.

    it may be worth it since you didn't have to pay...
    In my case it was well worth it. My LTV is less than 20% and I expect to payoff my loan in full in the next few years. Paying a few more basis points increases my cost of financing but compares favorably to what I'm saving from not having to pay for any closing costs.


    "If the facts don't fit the theory, change the facts." Albert Einstein
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  14. #14
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    Re: Home Mortgage Refinancing

    Quote Originally Posted by alaskaguy View Post
    In my case it was well worth it. My LTV is less than 20% and I expect to payoff my loan in full in the next few years. Paying a few more basis points increases my cost of financing but compares favorably to what I'm saving from not having to pay for any closing costs.
    good you understand. many don't get it, and wind up thinking the 'no-cost' is the best deal. it is all cirmcumstance...and fact pattern of the specific situation.


    As far as depth goes though, the combination of White, Woodbury, Olaseni, Basabe, and Uthoff is much better than Niang, Ejim, Edozie, Gibson. Not because of the top 2, but because of the next 2 or 3. -DeanVogs

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    Re: Home Mortgage Refinancing

    Quote Originally Posted by Jeremy View Post
    Anybody have any good recommendations on where to get a refinance here in WDM? We bought our house 2 1/2 hears ago and have done the below upgrades & work to raise the value. Hopefully the higher value and much better interest rates equate to a better deal.

    New shingles
    Finished 1/2 the basement & new stairs
    New furnace
    New water heater
    Landscaping
    New insultation
    New storm windows (all)
    New basement windows
    New cement patio
    Remodeled bathroom
    Improved kitchen
    New front and back doors
    New light fixtures

    Hey Jeremy,

    Looks like I'm late to the party. I happen to be "Jeff Williams" who both was recommended and then subsequently dis-recommended as a joke. Wish I'd have seen this last year!

    Anyway, looks like you got some really great advice. If you missed the opportunity to refinance, I'd enjoy the opportunity to see if I could help you out. Otherwise, no sweat. Just glad my name is out there!

    Hope all is well!

    Jeff



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