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Anyone do mortgages/home loans? Have a question.

Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
Ok, when we bought the home in Colorado, we signed a contract stating that we would 100% finiance the house by a certain date, which is less than a month away.

We *may* have our house down here in California sold, which is great... but by the time we sell the home here, we will need to have the home in Colorado completley financed. We're in a situation where we pretty much have to have 2 mortgages at once. :-\

My question is- Can we refinance the Colorado home, once the California home is payed off & we have a good deal of equity to pay towards the Colorado house? The refinancing would probably take place within 2 months at the most.

Any finance experts on here?

We looked into a Bridge Loan... decided we don't like the idea of having 3 loans; The first morgage, the Bridge, then the 2nd mortgage on the new house.
 
Caleb

Caleb

Well-Known Member
Location
Riverton
you should be able to refinance jsut fine, especially if you tell them your intentions...they will prolly suggest a certain type of loan for your situation. Where's Poor? He does mortgages and such.
 
Jeeptj98

Jeeptj98

Active Member
Greg said:
Ok, when we bought the home in Colorado, we signed a contract stating that we would 100% finiance the house by a certain date, which is less than a month away.

We *may* have our house down here in California sold, which is great... but by the time we sell the home here, we will need to have the home in Colorado completley financed. We're in a situation where we pretty much have to have 2 mortgages at once. :-\

My question is- Can we refinance the Colorado home, once the California home is payed off & we have a good deal of equity to pay towards the Colorado house? The refinancing would probably take place within 2 months at the most.

Any finance experts on here?

We looked into a Bridge Loan... decided we don't like the idea of having 3 loans; The first morgage, the Bridge, then the 2nd mortgage on the new house.
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Greg, I work in the Mortgage Industry, I think that you will be fine on the Refinance of the CO property as long as you are not expecting any cash out. The only thing that you might run into is Seasoning Issue's some places will only go off Purchase Price and not Appraised Value. But if you are looking to lower the LTV (Loan to Value) to get a lower rate and not get cash out then this shouldn't be a problem. The only person that it might hurt if you refinance so quickly is your loan officer. Usually if the mortgage is paid off (Refinanced) within the first 3-6 months then the mortgage company ends up paying a Re-Capture fee some places will take the Loan Officer's pay away for your file if this happens. But then again if this guy isn't your Friend or Buddy then I wouldn't worry about it. If you have any other questions please feel free to PM me or give me a call 801-493-6571 or since you are out of state Toll Free: 800-489-7676 ext. 6571 my name is Ryan
 
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Kris K

Kris K

4x4 Addict!
Location
Heber City, UT
Glad to see i'm not the only one here going through all this finance CRAP. We met with a guy my bro in law recomended and we don't understand a freaking think.
 
Kris K

Kris K

4x4 Addict!
Location
Heber City, UT
Sorry Greg not trying to Hjack your thread. But My wife and I are planning on getting a house by the end of Aug. We have talked to one guy about finacing, but would like to talk to others to see if it would be best to do what he recomended. Anyone here do morgages???

Poor Can you help???
 
Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
Poor said:
Greg, I work in the Mortgage Industry, I think that you will be fine on the Refinance of the CO property as long as you are not expecting any cash out. The only thing that you might run into is Seasoning Issue's some places will only go off Purchase Price and not Appraised Value. But if you are looking to lower the LTV (Loan to Value) to get a lower rate and not get cash out then this shouldn't be a problem. The only person that it might hurt if you refinance so quickly is your loan officer. Usually if the mortgage is paid off (Refinanced) within the first 3-6 months then the mortgage company ends up paying a Re-Capture fee some places will take the Loan Officer's pay away for your file if this happens. But then again if this guy isn't your Friend or Buddy then I wouldn't worry about it. If you have any other questions please feel free to PM me or give me a call 801-493-6571 or since you are out of state Toll Free: 800-489-7676 ext. 6571 my name is Ryan
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Great, thanks for the info. That helps alot!
 
Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
TRNDRVR said:
Colorado??? :confused:
Still working for Uncle Pete?
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What you missed...


Yeah, I'll still be working for UP. There's a yard just outside of Grand Junction where I'm going to probably be working out of, about 20 min away from our new house. I'll be working on a transfer pretty soon here. I'll get back my senority, too! :cool:

I'll probably stay in M of W for a little longer (want my reliable schedule), then after I've played enough, I'll work on getting into train service & making the big bucks!
 
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