see my post 59
This is my official POST #10,000 on Free Republic.
Either I am an astute and knowledgeable person who enjoys sharing my wisdom with the masses, or I just have way too much time on my hands. Either way, I love round numbers.
I assume you would like additional information on my Refinancing experience with Cash Call.
Both Refi’s were completed in less than 30 days. These were “no cost” loans, not even an appraisal fee. If the appraisal is too low, you can walk away without spending a dime. Other Lenders will charge you up to $400 for the Appraisal whether you get the Loan or not.
I believe, and you will have to check on this, that Refinancing requires 70% Loan to Value. It could be 80%, but I know the lenders have tightened up the rules so they aren't left holding the bag if the Loan isn't repaid.
For instance, if your House appraises at $300,000, they would loan you $210,000 at 70% LTV. At 80% LTV, you could borrow $240,000.
The only “costs” you would incur are Property Taxes and Insurance to fund the required Impound Account and Prepaid Interest. If I'm not mistaken, they need One Years Insurance and Six Months of Property Taxes at closing. Hope that helps.