I need Help refinancing a few properties in Texas ASAP?

Question

I have a few properties in Houston and the surrounding counties. I'm in need of refinancing theses properties. I have tenants in place for each property. Can someone point me in the right direction?

Adam D Rinehart · Answer

I've had the same issues in terms of finding lenders recently. I had a cash-out refinance fall through 3 times in March-April due to the stock market free fall, the jobless reports coming in, and most lenders prioritizing PPP loans over everything else. As mortgage rates continued to fall, refinances got put on the back burner in favor of new purchases on owner occupied loans. Every hard money lender that was still willing to lend money during that time increased their points by ~250% while raising their interest rates. This made the carrying costs of pulling my equity out way too high to consider. As PJ said, I tried a few local credit unions and was told i was looking at a 90 day closing time frame and that was just too far out to consider.

Cameron Tope · Answer

Dominique,

Google credit unions in Houston and start calling. They are going to have the cheapest rates.

The brokers and other lenders will be higher in interest rates and/or fees, because they are going to sell your mortgage or get a finders fee.

PJ Singh · Answer

@Cameron Tope you are right credit union are by far cheapest to refi, as long as you have patience working with them. Being non profit, they are not much motivated to move faster and make mistakes along the way.

PM me, if you need few reco'.

Mark Sewell · Answer

@Dominique Palmer we might be able to help, if you are interested in a non-QM loan.  We are right here in Houston.

Martin Pacheco · Answer

@Dominique Palmer  I would be more than happy to assist.  Feel free to check out my profile and give me a call with any questions.

Bennie Leija · Answer

Go to the menu and there are lots of contacts and support. You will have to vett them.

Bennie

I need Help refinancing a few properties in Texas ASAP?

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