CALLER: I have a $ 300,000 loan with 5.125% rate and my credit is above 680. Can I still get a better rate? I really don’t want to pay fees because I just refinanced last year.
Ken: 10/12/10 - What we can offer you today is a 4.375% rate 30 years fixed without paying loan fees, escrow fees nor title fees. Your credit is OK, don’t need to be above 700, you are at 65% LTV therefore no additional cost to refinance. With your savings and good credit standing, we actually will not have a problem getting an approval. This is a no brainer, your savings is $ 159.00 a month and best is you don’t have any fees going into this loan.
Recommendation: DO IT NOW!
Caller: I was told I have a Fannie loan and Fannie Mae will allow me to refinance to a 90% LTV without having to pay PMI.
Ken: That is absolutely true, if you go to “Makinghomeaffordable.gov” and click “Loan Look Up,” it will give u two options to see if your loan belongs to Fannie Mae or Freddie Mac. If either one owns it, you are then able to refinance one loan with our lenders even if you have very little equity, qualification is the same as a regular loan. But if you exceed 80% LTV all the way to 100% loan to value, you will not need to pay PMI (unless you are paying it now). Therefore, it’s worth checking if you are either owned by Fannie or Freddie. You cannot merge two loans or have two loans unless you are willing to pay the second loan off. With this program, you can also apply for the No-Cost Loans.
Recommendation: DO IT NOW!
Caller: I have a 1st mortgage of $350,000 at 5.75%, 30 years fixed and I just took out a second loan close to one year ago at 8% for $60,0000. I would like to see my payments become lower, I have good credit and I have a good job.
Ken: 10/19/10 - Your property value is right around $ 490,000. You’re paying a combination of $2,482.77 for both. Your rate on the first mortgage is good but your second is kind of high at 7%. The problem is you are under 80% loan to value which means you will be required to pay PMI insurance. If you were to refinance now and pay PMI insurance, you will only save about $30, even without any fees. I would suggest for you to wait until the property value increases to around $510,000. Fortunately, you are not in a declining area and in due time it should go back up.
Recommendation: HOLD FOR NOW!
Caller: I currently have a 30-year loan that I have been paying for about 9 years at 6.5% interest rate. I have a lot of equity and would like to know if it is worthwhile for me to refinance the loan. I took out some fund for home improvements from my credit card with 0% interest for 10 months.
Ken Go: 10/15/10 - Your in a sweet situation now, having yourself a lot of equity, I am sure a lot of people will love to trade places with you. You’re at an age where you probably want to think about retiring and would be opposed to starting your loan over again for 30 years. So, I will suggest a 20-year loan fixed for you. I would also suggest that you payoff the credit card balance of 25,000, I don’t care if that is zero interest. You will still need to pay it off when the time comes. Because you will stay in this house for long-term and you want a lower payment, I would suggest for a no points loan and for you to pick up your own escrow and title cost. You will save about $200 and without having to start a 30- year mortgage again.
Recommendation: DO IT NOW!
Rates are at its all time low specially for loan amounts under $417,000. If you have an Adjustable Rate, this is the time to consider to get that into a fixed rate mortgage. If you have rates above 5%, you should consider calling me to see if it’s worth it to refinance your loan. If you have two mortgages and have equity, you have to talk to me to discuss combining the loans into one.
Rates are down. I recommend that you start making inquiries about refinancing.
I could be reached at (562)508-7048 anytime or at the office at (562)697-7028. You can also email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don’t delay. CALL NOW.
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Please send your inquiries, request for help to This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Call Ken Go of Innovative Finance Group for future Real Estate needs, Financing, Refinancing, Loan Modification questions or Short Sales. Call Ken at (562) 508-7048.
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