The Real Refinance Story
August 20, 2008 by Eleanor
Filed under About Scores and Credit, Loan Programs
Did you hear about the “Big Meltdown for Bigfoot Claim?” Apparently some fella’s in Georgia said they’d seen Bigfoot, and they were paid loads of money for the pictures! These are the same boys who, according to their telephone message also look for lephrachans… IMAGINE, it’s not true???
Well, someone made a comment on one of my posts to the effect that “they’d just read a different post with the same title that had completely different information!” Good news is they thought I was right!
Just for the record… this is not the “Big Foot” site. I’m shootin’ straight with you. We are still doing refinances, and cash out refinances, but you need equity in the property (at least 7%) and you need a job, and you need decent credit.
Now – why the arbitrary 7%? Well, this is just a benchmark number. There are a TON of IF’s.
IF you are refinancing a government loan (FHA, VA, USDA) then we don’t need this much (and your score can be down around the 600 mark).
IF you are refinancing from an Adjustable Rate (Conventional or SubPrime) then we MIGHT be putting you into a FHA loan – so we might not need this much equity…
Either way – it’s going to cost you about 2% to refinance. So if it’s a Conventional loan (no money back to you) and you’re just doing what’s called “in the Biz” as a Rate/Term (meaning no money back to you – just refinancing to change the length of the loan, title, or rate or term of the loan) you need 5% equity in the home, and if you’re “rolling in” the closing costs that’s another 2%… so figure you need about 7% equity in the home.
If you are considering a refinance or a purchase in NC or Virginia, please call Steve and Eleanor Thorne, Meridian Residential, 919-459-1313.
great post hope to see some additional comments next Sunday…adios
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great post hope to see some additional comments next Monday…see ya
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