Lending Environment - Anyone else confused??!?

Question

Hello Everyone,

I want to refinance two of my investment properties. Both have been owned by me for less than 6 months. Both were bought for significant discounts, rehabbed and rented. I have talked to about 10 lenders. They ALL have different stories. Some say they can do a cash out refi, some say that they cannot refi period. Others say that they can only do a refi with $1,500. I am confused, but the lenders seem even more confused!!  :roll:

Has only done a cash out refi in the last thirty days? Any guidance is much appreciated.

Scottish007

Paul McCormack · Answer

Hi Dawn,

Believe it or not, Quicken Loans. Out of curiosity, I used lending tree. Quicken contacted me today (be prepared, they are very aggressive). I have found no shortage of lenders that will do refi with no cash, Quicken being one.

I hope this helps.

Scottish007

Paul McCormack · Answer

I just noticed the broker fee mention in your post. Unless you are really in a bad position re your credit score, you should receive plenty of interest from lenders. I would not pay the broker fee if I could help it.

Dawn Vought · Answer

I have been trying to do the same thing since April.  I've now just moved to my 4th lender.  I just found one that will do it (no cash out though), but the broker charges a $2,500 fee.  Who did you get that will do it for $1,500?  Can you either post it or send me a PM?

Thanks.

Jon Holdman · Answer

My broker really discouraged trying to do a cash out refi.  If possible, he said he could only go to 70% based on the new appraisal.  I did complete a rate-and-term refi.  Wait a year for a cash out, he said.  Unfortunately, the original title work was hosed up and I owned it for three months before I officially owned it.  Meaning, at least 15 months for a cash out.