Refi with same bank or look elsewhere?

[wj2005]

So we want to refi the current mortgage. The rate is currently at 6.875 if I remember correctly and are 11 years into a 30 year mortgage. Currently balance is about $59,300 and the value of the house is approximately $100k.

 

What she wants to do is refi cash out equity to payoff a few other bills like ccs and also refi as a 15 year fixed too.

 

Looking for $70-75k mortgage.

 

Now I have tried to contact Our loan officer we used 11 years ago and it seems like she doesnt really want to respond to her calls/text messages.

 

The wife recently got a preapproved offer from chase which is who she does personal and business banking with so I dont know if that would be a good option or not.... other bank recommendations? Lending Tree or something similar or is that bad lol

 

The business is owned by my wife but she also has a regular job too.... and the business income/loss will be pass through on taxes.

 

Now another question is how will the business income be looked at when it comes to the income questions on a mortgage app?

[JeffeVerde]

Personally, I look at rate and fees. For a purchase, I might exclude the lender with the best rate if I think there might be a problem with closing. But with a refi, where time is not of the essence, it's strictly a matter of bottom line - who's got the best rate and fees.

 

Lending Tree will get your app out to a lot of lenders. As long as you'll be maintaining a minimum of 25-30% equity, you should be able to refi with most anyone that does cash-out refi's (not everyone does).

 

Before you go app'ing - do you know why your EX and EQ FICO's 30-40 points below your TU score? If there's any clean-up to do, take care if it now. I'd also suggest spending the $50-something to get myFICO's "Ultimate 3-B" report. That will get you your mortgage FICO's for all three bureaus, which could be a good bit higher or lower than the free FICO's you get from your bank and CC companies. Your EQ and EX are right at a significant threshold, and it would be helpful to know where your mortgage FICO's actually stand. And this all applies to your wife's reports and scores, too. Your rates and approval will be based on the lowest score between you.

Edited January 22, 2018 by JeffeVerde

[Brian B The Loan Professor]

Refi allows you to take your time - so if you arent in a hurry ask around and compare -

If the bank you are working with is easy to work with and has a competitive rate there is no sense changing -