How much should closing costs on a refinancing of a $ 116,000 mortgage will be 6.25%? No Money Down?

Deal Score0

In fact a refi to 80%, cash and want to see if my lender eat too much of my fresh equity. The re-fi is $ 116,000 (loan amount)
I credit score summary, but the house I’m looking for is around 160,000, and I make about 55,000 a year. Can I get money no money down loan, or will I need a co-borrower with good credit?

11 Comments
  1. Reply
    Tony D
    January 20, 2011 at 11:38 am

    I’m not sure where wahfinan is getting his money, but my experience is higher. Usually closer to $ 2500 or so on that loan amount. It does depend on what state you are living and some other factors. That rate seems a bit high so maybe your lender is eating some fees out of their yield spread premium.

  2. Reply
    cheeba0228
    January 20, 2011 at 12:32 pm

    Cash out refinances are all about your loan to value and credit these days. Assuming you have good credit $ 2500 sounds about right. If you have poor credit be prepared to pay more. Go FHA and you can get over 80% but you will have MIP, but you’ll also have a lower rate. Today it was 6.0% for 0 points.

  3. Reply
    PHILIP C
    January 20, 2011 at 12:47 pm

    At the moment the market is tough, you are likely to need some credit help.

  4. Reply
    DD
    January 20, 2011 at 1:03 pm

    You can get a subprime loan that’s 100% fiananced but they’re cracking down on those these days.

    I would call around and see what kind of rate you can get first… sounds like you make enough money you shouldn’t have a problem… you’d be surprised what some people qualify for…

    If I were you I would work on my credit and get some non traditional credit applied and get into a downpayment assistance program….

  5. Reply
    godged
    January 20, 2011 at 1:48 pm

    Please don’t go to those in here spamming for business and do not go to the internet.

    If you are a first time home buyer, you may be able to get into some no money down programs. Talk to some lenders in your area with names you recognize, like Countrywide. They can help you get on track to home ownership.

  6. Reply
    iceman
    January 20, 2011 at 2:23 pm

    Well you clearly make enough money for the loan, BUT, zero down loans ussualy require very good credit these days. You may need to have co-bor. on the loan. But even that is not gaurenteed.

    Without knowing just how sketchy your credit actually is, it can be very hard to give you solid answer on that.

    Either way, you are always better off saving at least 10% if you can. Banks kill you on interest rates for zero down loans even with good credit. You will save alot of money in the end. The way banks look at it, if you cant afford to save at least a little now, how are you going to be financially when your bills up even more. Which they always do when you buy your first home. Good luck though.

  7. Reply
    Ida
    January 20, 2011 at 2:45 pm

    you could do it with a va loan if you want a higher interest rate. but then if your credit is that shot i dont even know if you could get financing period. banks are having big problems with forecloser from people like you that borrow too much. i make 55 a year and i live in a 50,000 va loan home.

  8. Reply
    michiganted
    January 20, 2011 at 2:49 pm

    It all depends on what’s making your credit “sketchy.” Ultimately there are plenty of Expanded Approval programs through Fannie Mae – but it literally has to be run through an Automated Underwriting System to know whether or not you can qualify.

    Contact a reputable mortgage broker (yes, I am one) and let them see where you qualify. If you don’t qualify for a zero down, then take the opportunity to work on your credit, build up a down payment, or both.

    It really does work….

  9. Reply
    Quinton P
    January 20, 2011 at 3:32 pm

    Here is a strategy that works***I have found a 100% financing stratey that really works – just what you asked for. The best part is that it’s free and there is no seller financing involved! Check it out here:http://www.financingfactory.net/freereport

  10. Reply
    Un L
    January 20, 2011 at 3:34 pm

    Here is a strategy that works***I have found a 100% financing stratey that really works – just what you asked for. The best part is that it’s free and there is no seller financing involved! Check it out here:http://www.financingfactory.net/freereport

  11. Reply
    Valene L
    January 20, 2011 at 3:43 pm

    Here is a strategy that works***I have found a 100% financing stratey that really works – just what you asked for. The best part is that it’s free and there is no seller financing involved! Check it out here:http://www.financingfactory.net/freereport

    Leave a reply

    Register New Account
    Reset Password