|
Just a quick note about the pre-approval letter: they're not worth the paper
they're printed on. Your realtor wants one so he knows he's not wasting his
time working with you. It's really for the realtor's peace of mind. (He
only makes money if you buy a house) -- Don't know why the loan officer
wouldn't give you one since they do not obligate any party to anything.
"paranoid" <none@noneya.com> wrote in message
news:89OXe.7120$nV1.6018@trnddc06...
> This message mat be crossposted in other groups, if so, sorry, I am just
> trying to get a quick response....Thanks in advance
>
> So here is the deal. We own a house with about 40k to 80k in equity
> (waiting on appraisal now, should be done tomorrow)....We are in the
> middle of refinancing that house, to get a rate of about 1.75 percent
> lower.
>
> We have decided that we need to move to the other side of town quick
> (family obligations have us driving approximately 100-200 miles a
> day)....so here is our plan.
>
> Get a HELOC on the house, after the refinance, use that for down
> payment on a new house, obtain another loan...
>
> So in short...refinance current house, get a heloc, find property,
> obtain financing, move, rent out original house....
>
> Problem:
>
> We have found a property we like, but we can't obtain a pre approval
> letter from the loan officer. He says he doesn't want to sign his name on
> anything that he cant guarantee. My real estate agent says without this
> letter, our offer wont be accepted....
>
> My middle score is 704, and we are doing a stated income loan (I'm
> self-employed), and will be doing another stated income on the second
> house....
>
> What do we do? We thought about backing out of the current refinance,
> and then just getting a Heloc, and obtaining the second loan. Problem,. is
> we do not reduce our interest rate on said property, and it will cost us
> about $100 a month more, and we are very limited on our budget....Also,
> since we will be moving, refinancing the original house again at a later
> date will mean, either we lie about it being a primary residence, or its
> not worth doing, since it will be considered investment property..
>
> What would you do? We really need to move, Ive considered renting also.
> Main goal, is we have to move, before we drive ourselves crazy with all
> this driving.
>
>
> Again, Thanks again....
>
|
|
Re: preapproval problem
