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By rndllhllw on Feb 28, 2009

It is legal but if the bank asks you if it is for your residence you cannot lie. That would be the only thing that would make it illegal. As for the refi why do that. The faster you pay that house off the more you can make on rental. The morgage company will always say yes as they are making money if you do this. I have 4 rentals and try to pay them off as fast as possible. Think of what can happen if you cant rent it out and now you have to make the payment yourself.

By Atiq W on Feb 28, 2009

The quickest way to solve your problem would be a Hard Money Loan – THey can usually start and fund your loan in as little as 3 business days.

A regular loan, if done by a good company and you cooperate in getting all your paperwork together, takes about 5-7 business days from start to finish (this also depends on if the appraiser gets the appraisal completed and into the lender in a timely manner (within the frst 1-3 business days of the transaction)

http://www.dreamloanusa.com for an outline of how a loan works during refinancing and also help with hard money financing.

After you get your hard money loan if you choose to go that route in order to be safe with your Timeline, you can then refinance into a regular loan at lower interest rates. It will cost you a little more this route, but you will be safe regarding the time crunch you are in.

By cygon on Feb 28, 2009

Re-financing can take place in a week. You submit your info to the lender, they qualify you based on credit history and score, income, etc. They then get a 3rd party appraisal of the home, you sign documents at the escrow company. And there you have it.
If you want more specifics you'll have to deal with my sales pitch

Best Wishes,

Clint Olds
Frontier Home Mortgage
Eugene OR
541-681-4424

By Ascoun on Feb 28, 2009

well, let me tell you this is happening to my son right now….he has tried to sell the property but with the market being so down and falling more every day…he has been unable to sell. as of april he defaulted and on august 18th his home will be auctioned off.

you could let it go into foreclosure and walk away…that is happening everywhere right now. you will be able to purchase property again (federal law gives you that right 24 months after foreclosure date).

you should also contact your mortgage co. first and see if they can offer you any assistance.

lastly, let me suggest —do not accept any of these offers on the internet where they guarantee to REFI you…..it will again be a scam similar to the Arm and you'll be farther down than you are now.

what you are looking for is a refi with a 30 yr fixed no early prepay penalty and this is really hard to find in this market right now unless you have exceptional credit.

good luck and stay away from the scammers.

By VMDquestions on Feb 28, 2009

By pwnypls on Feb 28, 2009

Interest rates have just come down sharply. An adjustable rate mortgage (ARM) could go up if/when interest rates go back up, so this is a good chance to lock in a permanent low rate. It might not be 4.5%, but your 4.5% mortgage might go up to 6% in a couple of years.

There is a balance of how much you'll save vs. what refinancing will cost. It depends on a lot of things like how long you plan to stay in your house, what interest rate you can get on a new mortgage, how many points, etc. etc. A good mortgage broker can help you figure this out!

By laklover33 on Mar 2, 2009

Why is your HE loan high?………mine is 4.25%………try a new bank……………

By davis on Mar 2, 2009

Sugar (the poster above me) I would check into what you mortgage person told you. It sounds to me like you may be getting scammed. I recently stated working on a refi for someone I met on Yahoo who was told the same thing. Some chop shop broker house ripped her off and put her in a horrible loan. It has only been three months since her purchase and I am going to be able to save her $300 without any points or fees. Because the market moves so much (and a major election is coming which suggests rates will decrease to make the economy look better) I never put my clients in loans with prepayment penalties. Just something to think about. Hopefully this doesn't sound like an ad it is just honesty. Feel free to email me directly if you have any other questions or to run a scenario with me.

By marie on Mar 2, 2009

It's not necessarily too early–depends if you have a prepayment penalty or not. Also, depends on the loan-to-value (LTV). Many lenders will only use the sales price, not appraised value, to determine LTV if you've been on title less than 12 months.

Refinancing is easy–as easy as purchasing because all the same paperwork is involved–except you probably have a copy of the previous survey so that will save you about $350 and you'll get a discount on the title insurance.

Rick
http://www.fairwaymortgagelending.com

By Tony on Mar 3, 2009