How to refinace a non- FHA mortgage above 80% LTV?

Posted on Aug 20, 2012 in FHA Information

Question by Danielle B: If my mortgage company sold my FHA fixed 30-year loan to Bank of America, drug can this hurt me in any way?
I just bought my first house. I found my mortgage company, about it information pills Westar, online through Lendingtree.com. I was pretty happy with them. My first mortgage payment was due 1/1/10, but just to be on the safe side, I set up online bill pay through Bank of America to go out last week, and it cleared my checking account. When I logged into my Bank of America online account today, there was my mortgage showing up with my Bank of America accounts like checking, saving, and credit cards. My statement was on there and it didn’t show the payment I had made to Westar. I chatted with a representative, who said yes, the check cleared, but Bank of America is my servicer, not Westar. I called Westar and they confirmed that they sold my loan to Bank of America. This is the first I heard of it. Westar says they sent me a transfer letter, but I never received it. My rate seems to be the same based on what it says on the Bank of America web site, but I am blocked from accessing my loan documents while they do “research.” I am wondering if there’s anything I need to look out for. I have heard horror stories of people’s loans being sold, but usually those are ARM, not FHA 30 year fixed. Thanks!
David Z: I did not receive a letter from Westar or Bank of America. That’s the problem. I did not know about this until I logged into my Bank of America account this morning. Not the best way to find out.

Best answer:

Answer by wizjp
Happens al the time. YOu’re fine. part of a financial transaction between banks; your rate and term are set, even if you are sending your payment to a different place

What do you think? Answer below!

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Question by betahedger: How to refinace a non- FHA mortgage above 80% LTV?
I purchased my how in late ’09 with 5% down, drug on a Non-FHA loan, try I was probably the last person to be able to get away with that. Then in late ’10, I was able refinance my loan to 4.5% due to a very favorable appraisal that claimed my home value rose 15% and therefore I had a 80% LTV. Is there any way I can refinance my house at the current rates, assuming I won’t get lucky on my appraisal again, and without mortgage insurance or bringing money to the table. Both of which will probably wreck the economics of a refi as I doubt I will be in my current house for another 5 years.
My loan is for about $ 300k, so 75 basis points (0.75%) would save me 2,250 pre-Tax, about 1,800 post tax a year. So that is the point, and I am not complaining I am trying to save money, but I will complain about people giving answers that are opinion not answers. If you want to give your opinion write a blog that no one will read, don’t waste peoples time on yahoo answers.

Best answer:

Answer by Common Sense has died.
Let me get this right…you have a 4.5% loan and you’re complaining?
And you don’t think you’ll be there in 5 years? Then what’s the point of a refi???

Know better? Leave your own answer in the comments!

5avg.rating 24 votes.

3 Comments

  1. If the LTV goes above 80%, you have three options – drop the re-fi, bring more money to the table to get below 80% LTV or pay for PMI. There are no other options. In other words, you have to hope that prices stabilized (or even appreciated just a bit) at the price of your last appraisal.

  2. You’ve got a good rate.
    There are costs and fees to a refi, and frequently it takes 5 years to recoup (come out even, let alone be ahead)

    IMHO, you should keep current loan. If you want to do something, make some extra principal payments on your loan during the next five years, whether an extra $ 20 each month or $ 1000 from Christmas bonus, or ……..This will reduce the amount of interest you are paying in the next 5 years, and help build equity in your home, which will help when you sell the home.

  3. Determining the mortgage rates Massachusetts can be complicated since different cities and locations will have different rates. Let us look deeper into the mortgage rates Massachusetts and see how they vary from each other. Before that, let us understand that “rate” is a general term. When checking for mortgage, you cannot simply look at the interest rates. You also need to check the APR or annual percentage rate to have a full grasp on what you have to consider when calculating monthly and long term costs when buying homes not only in MA but also across the US. For this situation, we are looking at 30 year fixed mortgages. The national average is at 4.05%. The mortgage rates Massachusetts, in terms of interest rates are quite similar across the state. Looking at general interest data, the interest rates here are much lower compared to some other states. Thus, you can enjoy better mortgage rates Massachusetts at the moment. It is ideal to check the market conditions every now and then since the rates tend to adjust ever so slightly every week.
    On the other hand the APR range in Massachusetts tends to vary depending on the location. For example, between Boston and Cambridge, Boston tends to accumulate a much higher APR and this means some properties can cost higher if you ever visit this neighborhood. The compounding interest will definitely make the payments larger if the APR is bigger.

    Looking at the current scores in Massachusetts, Boston generally has the highest APR. Most cities and locations in MA tend to have mortgage rates Massachusetts at 4% or less. Of course, even if the mortgage rates Massachusetts are rated at this amount, you still have to consider that the rates will vary based on your finances and your current condition. If you have bad credit, you have to consider that this could result to an even higher rate. If you have good credit, you will be considered for a lower interest rate.

    Thus, the mortgage rates Massachusetts only establish the current conditions in the market at that period. Overall, you have to still analyze your current financial condition. You cannot rely solely on the average mortgage rates Massachusetts to give you a clear idea of how much you could get. If you have exceptional credit, you might qualify to an even lower rate while bad credit puts you at a tighter spot. The good thing about the mortgage rates Massachusetts is that you know which locations are expensive in terms of rates and which ones are just about average.

    The cost of mortgage depends mainly on the individual applying for one. Massachusetts definitely offers numerous opportunities for you to enjoy lower rates. Rates vary depending on market conditions so be sure that you take advantage of situations when they are considerably lower.

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