Below are some recent success stories
Scenario: 190k Ohio FHA purchase mortgage, limited assets, 2006 bankruptcy, 660 credit score, retaining current (negative equity) home as a rental property, 49% debt to income, planning to stay long term in the residence. Solution: Re-allocation of household debts to non-borrowing spouse. Refinance and re-amortize auto and student loans into more favorable terms. FHA 30 year fixed rate at 4.25%, 3.5% down-payment (family gift), and $1900 in origination fees, all closing costs financed into the new loan.
Scenario: Ohio mortgage refinance, A+ borrower with excellent credit and less than 20% equity due to declining home values. 2006 purchase price $300,000. Current home value $240,000, mortgage balance $220,000. Current rate 6%. Current loan to value = 91.6%. Solution: Making Home Affordable refinance. No lender fees and no appraisal required! Interest rate 4.375% no PMI. Monthly savings of $340. Total closing costs (title and filing fees only) $1700, all financed into the new mortgage loan.
Scenario: 134k Ohio FHA purchase mortgage, limited liquid assets, and 690 credit score. First time homebuyer. Solution: FHA 30 year fixed. Initial interest rate locked in at 4.5%, re-negotiated to 4.25% (4.62% apr) at no cost to the customer. Down payment came from 401k loan, repayable to self at zero interest. Seller paid all closing costs, appraisal refunded after closing.
Scenario: Ohio Investment property refinance. Current Rate = 7.125%. 710 credit score. Original loan 20% down. Current appraisal 123k, current loan payoff 115k. 93% loan to value. Solution: 30 year fixed Making Homes Affordable at 5% Appraisal refunded at close. No other money out of pocket. $225/ month savings. $3100 in total closing costs. NO PMI.
Scenario: Ohio mortgage refinance, A+ credit score , current interest rate 5.5%, 340k appraisal, 300k loan amount 88.8% loan to value. Solution: No closing cost 15 year fixed rate of 4.25%, appraisal refunded at closing. No PMI. Eliminated 3+ years of mortgage payments, potentially saving customer $83,000, and saving unnecessary interest expense. No closing costs.
Scenario: Ohio refinance mortgage 305k, 720 credit score, current rate 5.625%, appraised value 340k, 89% loan to value. Solution: 30 year fixed rate at 4.375% (4.536% apr), No monthly PMI. Monthly savings of $215.
Scenario: Ohio mortgage refinance, current interest rate of 5.625%, A+ credit, 226k loan amount, existing home equity line of credit, 80% LTV/ 90% CLTV. Solution: 30 year fixed 3.99%/ 4.121% apr. $4,400 in total closing costs. Monthly mortgage payment reduced by $393. Home equity line retained.
Scenario: Ohio refinance mortgage, current mortgage rate 5.625% on a 30 yr fixed. Returning customer, last refinanced 8 months ago, with no lender fees. Self pay taxes and insurance. Solution: No closing cost 30 year fixed refinance. No appraisal fee, no closing costs. Current loan payoff = new loan amount. No escrow account required. Reduced interest rate to 4.5%/ 4.5% apr.
