Refinance your Mortgage at 4.75%
By David A. Podgursky, MBA • May 24th, 2008 • Category: Featured Articles, Residential Mortgages
Wow… I am definitely not about sensationalism… and better yet about offering bad rates like the big lenders who advertise and lie in commercials… but this is actually possible!
“How?” you wonder…
Well…believe it or not there is still a great lender out there offering Home Equity Lines at a rate of Prime minus One Quarter Percent - with Prime Rate at 5%, that means your Home Equity Line will cost you 4.75%!!
This lender requires full documentation and will go up to 90% LTV loan to value in Florida!
They also offer a no closing cost option for just a fee of $495!
Sounds too good?
Someone had to fill the void left in the fall of the market and this lender just prefers to be the first mover back in the market for Equity Lines (HELOCs) and Second Mortgages. And it is none to soon.
Get your 4.75% Equity Line for these reasons:
- Hurricane Preparedness - if you have some equity in your home, this HELOC will allow you to be liquid should a fluke storm come in and you need to fix something.
- Debt Relief - If you have a little debt on a credit card, that interest rate is more than likely higher than the HELOC. Pay off the card and pay down the HELOC.
- Home Improvements - since many of us homeowners in Florida are stuck in our current homes until the market comes back, do those improvements now and enjoy them…then reap the rewards of having granite counters, stainless appliances or that awning covering your patio when it is time to sell your house.
As a Mortgage Broker, the most advantageous thing to me about this program is that I can put buyers that would normally need a Jumbo Loan into a Conforming 1st Mortgage in the Low 6% range and a HELOC in the 4.75% range up to 90% Loan to Value on a Jumbo Mortgage Purchase or Refinance. If just trying to get one loan for a Jumbo purchase or refinance, I would get no more than 80% and the rate would be in the mid 7’s!!
So for compliance I have to say that rates and terms can change based on the lender at any time. This is not a commitment but a commentary on a great program. This rate and program are subject to credit, income and asset analysis as well as an appraisal to determine if there is equity available (on a refinance).
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