I have 6 mortgages I want to refinance (I’ve numbered them for ease of reference). All are investment properties except the first one. I have an LLC, but all properties and mortgages are owned my husband and me personally. We both have excellent credit scores (at least, until the recent pulls). We have no other debt, except revolving credit cards paid off each month. We have investments; we have employment income. All homes are in Virginia. Three re-fi's are already in process (using the deals the banks were sending me); I have another three to go.
Many thanks! I know this group has a vault of knowledge and I appreciate anything someone is willing to pass on! (I know there is a lot of information below, but I don’t want you kind folks to have to keep posting questions because I wasn’t clear. I hope it makes it easier for you to respond.)
The three already in process:
Loan 1: New loan (started process 1-15-13): Wells Fargo, $394,000 for 30 yrs @ 3.5%; no closing costs for me (Three-Step HARP—new term); this is my personal home (although it really is several rentals merged together, it is financed as personal home). Current assessment: $510,100. Single family.
Loan 2: New loan (started process 1-11-13): CitiMortgage, $78,000 for 15 yrs @ 3.625%; no closing costs for me (HARP—new term). Current assessment: $147,300. Single Family.
Loan 3: New loan (started process 1-18-13): Bank of America, $147,000 for continuation of existing 30 yr term (till 12/34) @ 4.25%; no closing costs for me (loan modification; had to do paperwork like a re-fi). Current assessment; $127,600. Duplex.
The remaining three I want to refinance:
Loan 4: Current loan: Bank of America, $58,000 for 30 yr (matures 6/34) @ 6.25%. Current assessment: $88,700. Not HARP-qualified. Single family.
Loan 5: Current Loan: CitiMortgage, $57,000 for 30 yrs (matures 9/33) @ 6.5%. Current assessment: $122,200. HARP-qualified; best deal they’ve offered is 4.375% for new 30 yr loan. Thinking I could do better? Single family.
Loan 6: Current loan: CitiMortgage, $72,000 for 15 yrs (matures 6/20) @ 5.875%. Current assessment: $151,000. Not HARP qualified. Duplex.