when can i refinance or apply for mortgage for a house?

Deal Score0

I am buying a house from a auction and i have to purchase this in cash deal only as per auction guidelines, i am borrowing almost 80% from friends and family at this point to close the deal, the zestimate as per zillow is around $ 215000 buying for $ 165000 when can i apply for loan to pay the borrowed money to friends and families, This is New Jersey

My parents are trying to refinance their mortgage and equity line into one loan. Credit scores are 538 and 600. House should appraise for 180k, they want loan for 150k. What kind of percentage rate would they be looking at for a 30 year fixed.
Thanks

7 Comments
  1. Reply
    Real Estate Guy
    February 5, 2011 at 8:47 am

    in this market, zillow can be wrong – A LOT.

    I would have an realtor tell you what the value is based upon real numbers.

    I would also talk with a lender to see if you can qualify for the loan BEFORE you purchase the house. If I was the friend and family, I would require you to provide me with loan approval for the amount that you are purchasing the house for AND a summary of what the house is worth. BEFORE I loaned you any money.

  2. Reply
    Gregory K
    February 5, 2011 at 9:12 am

    You can get help in here http://www.mortgagewallet.com.

  3. Reply
    George L
    February 5, 2011 at 9:27 am

    There are a number of different reasons you may want to refinance your home mortgage loan, the most common reason being that people want to lower the monthly payments, mainly by lowering the interest rate.

    There are a couple of things that you must consider when you are looking at refinancing your home mortgage loan. You need to work out in your own mind how much money it will really save you, you should take into consideration the closing costs, and any other refinancing fees.

    The things you must consider include:

    * Seasoning period

    * Early Payoff penalty

    * Closing costs and any fees

    * Break even analysis

    to get more best solution you can try here : http://www.iloanshop.com

    Good Luck…………!

  4. Reply
    Bobcat
    February 5, 2011 at 9:43 am

    These are not great credit scores, but should be enough to get financing. Try bankrate.com to get rates in your area. Also if they can wait a few months, they may get better rates since there is pressure on the federal reserve to lower rates and they will have more time to work on any deficiencies in their credit. The better their scores, the better the rate will be.

  5. Reply
    CreditAlignment.com
    February 5, 2011 at 10:08 am

    7.25% or less with FHA …..FHA allows up to 95% cashout LTV…and score isnt a factor.

    BUT THEY CANT HAVE MORTGAGE LATES…or significant lates with other accounts!!!

  6. Reply
    Bobbyhaze
    February 5, 2011 at 10:10 am

    Yeah, they should look to improve their scores and they may get a better rate.

    Here are some good sites to start…
    Improve your credit score by 100 points
    http://www.payoffmyloansnow.com/files/Improve_your_credit_score.html

    Debt Consolidation Loans – what to know
    http://www.payoffmyloansnow.com/files/need_to_know_debt_consolidation_loans.html

  7. Reply
    Renee W
    February 5, 2011 at 10:41 am

    It all depends on the bank they go with.

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