refinancing a conventional loan to an LLC

[Karina Gomes]

Hi, I have an apartment in Virginia I used to live in before being relocated for my previous job to Miami. I now rent that place and lose about $150 a month.  I am 13yrs into my 30-year loan at a 6% rate.  I want to take advantage of these low refi rates but have tried with BOFA (who holds the current loan) and the answer is "although you have never did a late payment on this loan, you don't have a job and monthly stable income."  So, two things:

A. how do I go around it?  small community banks?  how should I approach them?

B. the current loan is under my name as it is no longer my primary home, I wanted to put it under an LLC. but people tell me it is not doable unless I pay off my loan.

Can anyone shine some light?

PS. I have about 100K equity on that VA apartment, 100K in my current Miami apartment, and a free and clear house I just finished flipping in Miami -- how can I present that to show I am a trustworthy person who pays my bills on time?

[Mike S.]

Instead of a refi (rate and term), ask them if they could do a reset (just the rate, keeping the same term). You won't have to tell them anything about not living there anymore as you were compliant with the initial terms asking for you to live there for at least 1 year. There is no closing, recording, nor appraisal cost for it. If your contact doesn't know about it, ask for a supervisor. Tell them clearly that you give them the opportunity to keep the mortgage with them and that you prefer the convenience and no cost of a reset, but if not you will shop with someone else for a full refi and they will loose you as a customer.