Is it possible to refinance 1st & 2nd mortgages for a brand new house immediately after I close?

I am required to use my builder's mortgage company b/c they are giving me incentives but the rates are 0.5% higher than other lendes on both the 1st and 2nd mortgages.





I am wondering if I would be able to refinance both mortgages immediately after I close? What do I need to consider? What questions do I need to ask?





Sale Price: $960k


New House in California


Interest Rates for 1st/2nd mortgages: 6.75%/8.675%


Excellent FICO scores - high 700s to low 800s

Is it possible to refinance 1st %26amp; 2nd mortgages for a brand new house immediately after I close?
6.75% is average for 30 years fix loan.


8.675 is high of course, but you don't have down payment, lender wants high rates to compensate.


It is hard to find another lender to give you better rate.





I would stay away from adjustable loans or interests-only, because housing market continues to slump. Adjustable loan is "toxic", which means if rates go up while housing price stays, you will in bad spot.





As for interests-only, mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.





Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.





http://money.cnn.com/2006/09/08/real_est...


http://money.cnn.com/2006/09/05/real_est...





If you want to go ahead with your plan, threaten to back out, they probably will give you incentives without asking you to use their lender.





Good luck!


Would you consider dela
Reply:it can be done but i would take a serious look at the builders morgage contract, you will have to pay the closing cost again an the penalty for refienancing that early alot of morgages has a 5 year penalty. you might be better off keeping the builder morgage see what the long term cost will be on both morgages but add in the cost on the new morgage closing an penalites, an see which is cheaper in the long run
Reply:Assuming you have done 100% financing on this property it might be best for you to keep the current loans. Lenders will charge higher rates for 100% or (80/20) financing options. Also you would only be allowed to use the purchase price as the value so if you did 100% financing you would have to pay the closing costs out of pocket since you would not be able to realize any appreciation on the property. Which for the combined loan amounts you have could be a good deal of money.





However it doesn't hurt to inquire about a refinance. Find out what the new rates and payments could be and compare them to your current situation. If you can recoup the out of pocket closing costs with the monthly savings within 2-3 years then it is worth it. Outside of that you need to ask yourself how long you will have either the house or the current loans because if you plan on selling of refinancing within the next 3-4 years then stay with the current situation you would be spending additional money that you wouldn't need to.
Reply:You can refinance any time you like. Do make sure there are no pre-pay penalties on your builder mortgage.
Reply:yes this is possible if theres no prepayment penalty.


.5% can add up to quite a bit for such a high price home.





it would be best to shop around.





try http://www.savingslife.com


for some basic info, you can get a few different perspectives from local lenders.
Reply:Yes you can and I highly recommend it as it will save you thousands and thousands of money over time. It's called a rate and term refinance and is done all the time. Keep in mind you will pay closing costs again but over a 30 year term will save you much much more than the closing costs. I would also guess that during the time it took to build you have gained some equity as well. With your credit scores you would have no problem refinancing. I hope this helps you but if you need any help or have any further questions please feel free to email me or visit my website www.dantadgerson.com.
Reply:If you'd like I can take a look at your situation for you. I am a loan consultant and do business in 15 states. The company I work for is called equity consultants. We do business in CA. Our toll-free number is 800-546-9080 Ext 199 ask for me Rob Snodgrass


I'm in the office from 9am-7pm every day. Just remember that we are three hours ahead of you. I can do it for you. Hope to hear from you. here is our website www.equityconsultants.com


Thanks


rob
Reply:Hello,





You absolutely can refinance immediately after you close, but you have to use the right lender..





Mos tlenders out ther erequire that you live in the house for at least 6 months prior to doing a refinance transaction... Others require a full 12 months...





I work with Providential Bancorp, a company that has well over 50 inve3stors we have partnered with to have a home for all borrowers in need...





I have plenty of investors that DO NOT require "seasoning"(being in house for 6-12 months)





These investors WILL allow you to refinance in order to get the mortgage rates down...





With your credit scores, you should easily be able to qualify for lower rates then what you have been given, and i think it makes complete sense to do the refinance...





Mortgage companies will be willing to lower your rate in order to get your business...





What you need to BE 100% SURE OF is that you DON NOT have a pre payment penalty...





You also NEED to work with a lender that has LOW closing costs...





You do not want to use a brokerage firm.. Brokers need to charge costs in order to make a profit from a loan...





My company is a bank, and correspondent lendER... We do not rely on origination fee's, or broker fee's in order to make proifit...





Being we are partnered with many investors, we are paid by our partners to simply add another loan to their portfolio... Our philosiphy is that we know there are hundreds of mortgage companies out there... In order to get your business, we need to give you the lowest rates, and lowest fee's...





Being we dont get paid base don how much fee's we charge, we are sure to offer you the lowest closing cost loan possible...





Its easy for any mortgage company to say this, but let the numbers speak for themselves... If you would like to know more, i would be happy to present you with a Goof Faith Estimate, and you yourself can see exactly what you qualify for, and what it costs in order to get it...





I look forward to speaking with you!





Jason Fry


Licensed Mortgaeg Banker


Providential Bancorp


jasonf@providential.com


312-264-6448


1-800-264-7283 ext. 448
Reply:Yes, YEs, YES! I see this happen all the time and help correct it just as often. You need to make sure that neither of your mortgages carry a prepayment penalty. Most likely the 2nd mortgage has an early closure fee of some kind, but these are often under $500 and thus should not be a deal breaker on your size mortgage. I am nationwide mortgage broker in No. California with 20 years experience and would be happy to run some figures for you. There are many things to consider when choosing your new replacement loans like if the property has appreciated since you signed your purchase contract. You may even be able to combine both of your loans into one mortgage! Please contact me: Steve@SLarson.com or via www.SLarson.com/Contact





Regards,





Steve Larson

florist delivery

Which group spread their big stone culture along the coasts of Western Europe and North Africa?

A. Hebrews


B. Minoans


C. Mycenaeans


D. Megalith builders

Which group spread their big stone culture along the coasts of Western Europe and North Africa?
D. Megalith builders
Reply:C

History question. thanks?

---This Spanish priest wrote The Destruction of the Indies, a book critical of the Spanish enslavement of native people:


(a)Carib de la Cuzco (b)Bartolome de las Casas (c)Bishop Atahualpa (d)Cabeza de Vaca


---Queen Elizabeth I knighted this English sailer after he had sailed around the world and returned great profits for the investments?


(a)John Hawkins (b)Thomas Cavendish (c)Martin Frobisher (d)Francis Drake


---Which of the early Amerindian civilizations was very wealthy and had a system developed to care for the physically handicapped, the mentally ill, and those suffering from chronic illness?


(a)Mandan (b)Inca (c)Maya (d)Mound Builders


---The Melungeons are an ethnic group that consists of


(a)early English settlers that mixed with Native Americans in the Appalachian Mountains.


(b)mixture of Portuguese sailors, African slaves, and survivors of the Roanoke settlement. (c)Croatoan Indians and Spanish explorers. (d) French settlers and native fur traders.

History question. thanks?
This Spanish priest wrote The Destruction of the Indies, a book critical of the Spanish enslavement of native people:


(b)Bartolome de las Casas


Queen Elizabeth I knighted this English sailer after he had sailed around the world and returned great profits for the investments?


(d)Francis Drake


The Melungeons are an ethnic group that consists of


(a)early English settlers that mixed with Native Americans in the Appalachian Mountains.

My husbands wont put him on the payroll so he dont have to pay workmans comp. who can i call?

his boss is a general builder in s.l.c.,utah he will only pay him cash under the table. he shorts his hours , my husband puts in 14 hour days he deserves to get payed every dollar legally ,i needed to know where i could call to make a complaint about his boss . he is getting rich at the expense of my husbands hard work (brick mason) and he just wont let my husband get ahead

My husbands wont put him on the payroll so he dont have to pay workmans comp. who can i call?
US Department of Labor, the state attorney general, your local TV station, local newspaper... any of these.
Reply:You could call the IRS. Remain anonymous and just ask questions.





I wish you luck!
Reply:And why does your husband work for him? This is the USA, and if you dont like the terms of your employment then quit. no one is holding your husband back but himself.
Reply:Department of labor but then again if hes getting paid under the table for that long both can be in trouble.. You do know this is illegal right??
Reply:If your husband is being paid under the table, then your husband is in violation with the United States Government for collecting wages without paying any taxes.





You can call your local Government office and file a complaint against your Husband's Employer, but please be aware that there will also be repercussions to your Husband as well.





My advise to you both is that your Husband "cut his loses" with this Employer and then look for work with another General Contractor/Builder who will put him on the books. I realize that this is easier said than done, but in the long run this will be beneficial for both your Husband and Yourself.





Good Luck with your decision.
Reply:It's not worth it for one. It will cause a rough relationship, as the boss will become angry and resentful. He needs to look elsewhere for work.





Go here: http://www.labor.state.ut.us/ for the labor commission of Utah, but it will only cause trouble...

Because of their geographic locations the inhabitants of the Indus River valley most likely traded with which?

A. megalith builders


B. Phoenicians


C. Minoans


D. Sumerians

Because of their geographic locations the inhabitants of the Indus River valley most likely traded with which?
Probably all four in fact; but the location is closest to Sumeria so I guess D is the answer the question-setter is looking for.
Reply:C. Minoans (it has been claimed by the greatest Pakistani and Indian archaeologists!)

wreath

How do you get actors and directors in the Movies game?

I am playing The Movies and I was trying to find actors and directors to hire. Is there a way to find actors and directors besides turning janitors, extras, builders, e.t.c. into them?

How do you get actors and directors in the Movies game?
You do have the building for hiring actors and directors set up don't you?





There is a hack somewhere to increase the number of staff you get. Try Googling:





The Movies hacks

Where do i find free career triaing in detroit?

for adults, age range33-40. builders trade(drywalling) c.a.d

Where do i find free career triaing in detroit?
A couple of technical schools come to mind :





Devry - http://www.devry.edu/programs/overview.j...


ITT Technical Institute - http://www.itt-tech.edu/





Just need monies for these or financial aid.





Good luck!