Since I lost my Kentucky Derby bet on “Shackleford”, I had to shave all my hair off today!
Today’s Topic: You cannot refinance your home if it’s listed for sale. Depending on the type of refinance you are looking to do, there are some very important details you should know.
Looking to refinance, but your home is listed on the market? First you need to unlist it.
If you’re looking to get cash when refinancing, you will need to wait 6 months from when you take it off the market or settle for a maximum of 70% of the equity (70% Loan to Value ratio or LTV).
If you are looking to do a “rate and term refinance” (only lower rate or different term) you will need to wait at least 24 hours from unlisting it. Also, no paperwork should be signed while your house was listed.
If you couldn’t sell your house and now want to refinance, you need to follow these rules. This is something that people rarely consider. I hope this will will save you many headaches later.
If you don’t know the difference between the a rate and term refinance and a cash out transaction stay tuned for tomorrow’s video (subscribe here for free). I think you will be a surprised about the difference.
Do you have 2.4 million dollars laying around or coming to you from a cash out refinance? Then you can buy the house from the movie “Home Alone”. It’s currently listed with Coldwell Banker. Here’s the link.
Rates are down today again!
Mortgage Bonds are trading in the positive territory. There is no economic reports due out today, but bonds have seen some nice improvements over the past few weeks and rates have come down. It remains to be a volatile market and rates can change very quickly.
Today’s rates with no lender fees are 4.5% on a 30 year fixed, 3.75% on a 15 year fixed, and 3% on a 5/1 ARM. Click here to get the details and other rates I found today with NO lender fees.
Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!
See you tomorrow!
To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.
I love interaction!