[quote=HLS]I could possibly work that out for you based on today’s pricing. What’s the house value ?
Approvals and appraisal waivers are generated online. Individual lenders do not decide who needs an appraisal and who doesn’t.
I’ve seen appraisal waivers at 90% of the value and I’ve seen appraisal required when 40% of the value when I expected an appraisal waiver.
There is no one rate that fits everyone and pricing changes every day.
The basic factors are pretty simple:
Credit score
Loan Amount
House Value
Cash Out OR Refi existing balance
Primary Residence OR Rental property
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The basic pricing tiers
Less than 20% equity
20-24.99% Equity
25%-39.99% Equity
40%+ Equity
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Self employed is the same pricing as salaried but more documentation needed for self employed.
The hassles today are solar liens & HELOCS but these can usually get worked out.
The more equity one has, the less credit score matters (to a point)
VA rates are amazing, approaching 2.25% for 30 year.
Effective last week, it is now MUCH easier for National Guardsman to qualify for VA loans[/quote]
Based on current recent sales, maybe around $1.7m conservatively? its one of them lower end slum shitboxes in 92130.
W2 verifyable income. Investment and rental income need not be considered. no solar liens etc. excellent credit. my previous lender didnt give me a hard time, except i had to state a purpose for the cash out refinance. i thought it was none of their business and was tempted to say i plan on using the proceeds to buy illicit drugs, but decided to just say the standard answer..I plan on using the proceeds for home improvements, to turn my house into a filming studio for a porn business, complete with stripper poles…
The last lender gave me choice…I could use their estimated appraised value of $950k or if I insisted on it being worth more, I would have to pay for the appraisal..I did the former so I wouldnt have to pay for the appraisal, since it didnt seem to make sense to pay for an appraisal if i was only borrowing $540k and i dont care what they need to do to approve of the loan if they could get me the end result cheaper. Ive had the loan for 1 month. if you could knock off 0.25% or more, that would be totally awesome since i plan on dragging this loan out as long as i can and wont ever sell.. Too cheap money for future investments.
