Prudential Mortgage Capital provides $137.8 million to refinance Hawaii's ... MarketWatch (press release)
.The seven-year, fixed-rate loan is secured by the newly renovated, 639-room hotel located on the shores of Waikiki in Honolulu, Hawaii. The hotel recently completed an extensive $113 million renovation and repositioning that included essentially rebuilding all of the hotel's guestrooms, retail space, public areas and poolside grille.
Prudential's San Francisco-based team arranged the financing, led by Frederick van Overbeek, a principal, and Elizabeth Velazquez, director of originations.
"The hotel industry is in the midst of a recovery following a severe downturn, and Hawaii has enjoyed that recovery," van Overbeek said. "This financing fits our strategy of investing in highly competitive and well-located hotels with superior sponsorship. The property has potential for strong growth, particularly given the operational expertise Outrigger brings to this transaction with more than 60 years of hotel industry experience. We are excited to continue this important borrower relationship."
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Who is the best mortgage refinance company?
We are looking to combine our first and second mortgage on our home. current first approx. $80,000 current second approx $60,000 house value @ $165,000 would also like to have a little cusion in the bank. With less than perfect credit who is our best choice of lender
here's the thing...
You're looking for a 90% Loan versus a value at 165k, right there you are going to be in a higher interest rate range. Remember interest rate = RISK... The higher the risk to the lender, the higher the interest rate is going to be. 2nd you state that you have "Less than perfect credit", that is another hit to the interest rate.
In cases like this, I most often find it beneficial to actually HELP people understand thier best path. Now, you've been paying on the two mortgages for several months I'm sure, being as you have a 2nd mortgage that is comparable in size to the first, so what's the rush???
You should find a professional who has been in the business for several years and can help direct you in the most financially beneficial direction. Personally, I would work with you on your credit for a month or two and get your scores up. Have you had any lates to the mortgage? If so, when? What other late payments have been made and when? What is your primary source of income? how long have you been on your job? Do you plan to move within the next few years? how old are you? do you have a retirement plan set up? when do you want to retire? I already know you don't have significant savings and that is a concern to you, how can we work together to tackle that issue? What type of lifestyle do you lead/what's important to you? do you have children? what are thier ages? Finally, what is the market like in your area? Are values increasing/decreasing/holding steady???
All these questions are a major concern to you at this point. The only reason I go through all this is so you can see that there is more to it than the simple "What's the best bank for a refinance for a person in my position?". The question should be, "Who knows what they are talking about and isn't just some kid sitting behind a telephone looking to make a quick commission?" Trust me, I used to be that kid until I found out that I wasn't going to be in this job for long if I didn't start liking what I was doing.
Find a reputable mortgage broker, one who wants to assist you financially, not just help himself financially. Stay away from large mortgage companies at this point.
How do you know the broker is reputable? Well, he'll ask you all those questions I just aked. If you want to talk further email me, I won't even ask for your business :)
David
There are alot of companies out there that can re-finance you. I live in Washington State and my company works with over 100 lenders. There are some that are licensed in all states.
If you would like more info please email me at mmorganloans@yahoo.com.
Rick Lanicek
www.primelendingonline.com
http://www.halfwayor.com
Will a mortgage company refinance a loan currently in forebearance?
I've got a mortgage that is in a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company will refinance me with the loan currently being behind (although payments have been made as agreed through the plan).
Thanks for your help!!!
Stressed in GA...
They will if your credit still qualifies. If you are in a repayment plan its most likely you have hurt your credit. It may not be high enough anymore.
Do: get a fixed rate long term loan
Don't: get anything balloon, ARM, or interest only.
Expect to have to suck up some of the losses by adding them into the loan. Either from your current lender or from someone else.
I am looking for the best mortgage company for a refinance. Two criteria, low interest rate and low fees.?
Does anyone have any suggestion? Where to look, what to stay away from or tricks of the trade. Made a poor decision on our present mortgage and don't want to do a repeat. Am locked in on present note for 45 more days and then we want OUT. Looking for 15, 20, or possibly 30 year fixed. Am not interested in doing business with Coutrywide. Thanks for your help.
There is no best mortgage company to refinance your home with.
You should find a local mortgage broker by looking in the telephone book. They will offer you the best rates possible based on your credit report and your credit score.
You may be interested in the best rate or a no fee mortgage. You have to decide which is best for you based on your financial situation presently.
You can not address the past and what happen. You have to educate yourself and ask as many questions about your loan as you can think of.
You must ask the mortgage broker to explain each and every mortgage program you are qualified for. This includes the monthly payments, interest rate, any possible prepayment penalties and most important what this loan will cost you.
No one want to trick or cheat you, you have to then take this knowledge and make an intelligent decision that benefit you financially.
I take it you have an adjustable rate mortgage that was not properly explained to you.
Your fees and points should be explained to you on a Good Faith Estimate (GFE). Once you have allowed a mortgage broker to take a mortgage application and run a credit report they should be able to issue you a GFE. Don't get to excited about the first one, it might be a little off and the mortgage broker has a 3 day requirement to do this, so he might be just fulfilling the requirement.
Once you have your GFE now is the time to discuss what mortgage programs you are qualified for as well as discuss the points and fees you will be required to pay.
Keep a pleasant disposition, be open about what you want, make sure the mortgage broker understand your situation. Working with the mortgage broker will be a rewarding experience if you are both on the same page and know what each of you are looking for.
If there is something you don't understand, ask and get a full explanation before you move on to another subject.
Sometimes low points and fees and low interest rates are not spoken in the same sentence. You have to come to an agreement about this.
Make sure you understand the tax benefits of paying points and fees up front as oppose to a no fee no points mortgage.
Just remember no one work for free, not even you, so be prepared to pay for your loan. You have to decide if you want to pay up front or during the mortgage monthly payments.
A no fee no points loan normally mean the broke will increase the interest rate to compensate for the mortgage expense. Make sure you understand this.
Now about the mortgage business itself. The person you are getting your mortgage from will sell your mortgage the next day without fail, this is the nature of the business.
They sell this mortgage to the one that is looking for what is available for sale that day. One of the largest purchases of mortgage loans is Countrywide, so to say you do not want to do business with Countrywide might not be a choice you make.
Even if your mortgage is sold to Countrywide you might not know it as they might have someone called a service company that might service the mortgage for them, so you might not even know that countrywide has purchased your mortgage.
When signing the loan docs make sure these docs say the something you decided on a far as the interest rate, number of years the mortgage is for as well as other things you discussed about the mortgage you decided was best for you financially with the mortgage broker.
If the loan docs are not the same please don't sign them. You are the one that will pay the monthly mortgage so make sure they say exactly what you discussed when you decided on the program
It is too late to blame someone else after the loan docs are signed, so this is your time to make sure that you agree with the loan docs.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Sometimes I have to vent!
Get a local lender that is recommended to you by people that have used him or her. Internet people could bait and switch you and never have to face you again.
What is a mortgage refinance company that handles hard-to-finance situations?
Need a refinance of 20 northern Idaho acres that is:
1) in foreclosure, 2) is an animal sanctuary, 3) has older mobiles used for "kennels" and staff, 4) the animal sanctuary is a 501c3,
5) has gone through probate and is now in the name of the Pres/CEO, 6) no verifiable income except the CEO's SSI (donations vary).
We really need someone who is humanitarian-oriented, perhaps a philanthropist, who will believe in what we do: we specialize in helping handicapped animals; we are a right-to-life, right-to-love, right-to-respect 9 year old organization needing some help.
Does anyone know where we can turn for help?
Ed, VP/Sanctuary Director,
Cheryl, Pres/CEO
Cheryl,
Email me would like to help. Commercial is something I do and since its on the west coast I can get some good lenders for your situation.
What condition if the non-profit in does it have any money, other than owning the property in foreclosure?
Who is in foreclosure? The individual or the non-profit corporation? How long have you been in foreclosure?
What is the value of the property as it stands? What is currently owed on the mortgage that is in foreclosure?
Are any of the mobile homes in need deferred maintenance? If so how much?
The above would be good information to know if you are to be helped.
The bottom line is you might find a land lender that will lend you 50% of the value of the land. There might be a bit more if the mobile homes are in pretty good condition. You might find a hard money lender that might lend a bit more say 60%.
Check your local telephone book for land lenders, and sub prime lenders. These are the two that I think will give you the best possible chance of getting out of foreclosure.
You might also advertise in your local paper for an equity partner to raise money and get out of foreclosure. You might find a local person that is interested.
You might also go to the local county and city governments for programs they might have available to repair county and city property. Some have low interest loans and other programs that are not widely known.
I hope this has been of some use to you, good luck.
"FIGHT ON"
JOe from Equistar Financial
Can anyone recommend a mortgage company to refinance a mortgage that was in default but is current now?
I was in default on my mortgage and was just able to catch up and now it is current- would like to refinance and get a better rate to lower payments- it is interest only now.......any suggestions?
first, let me say---do not apply with these on-line offers (where people write in and say "call me---i can help you")...they can't...and if they can...they will only get you deeper....
Best advice is to go to your local banks...they are reputable, close, easy to work with and will not scam you with all kinds of loans.
Also keep in mind that today's market is really bad...foreclosures everywhere everyday! So be savvy any DO NOT fall for those ARMs or any other fancy loans....stick with a traditional 30 year, fixed, no prepayment penalty loan.
you will be completely safe with a traditional loan.
Good luck and ...stay away from the sharks.. :)
ps---glad to hear you got caught up!
I'd first check out local Community Banks or Credit Unions. They have a stake in the community and prosper when the community does. Keeping it local keeps it real.
I am a mortgage broker with years of experience... I CAN'T help and neither can they. Your typical lender will not lend money for a refinance if you have late payments on your credit report... and you do.
So strike up a relationship with a local bank. Tell them your situation and see what they can do for you. Don't expect great rates, but look for the deal that will improve your situation.
Best of luck.
Contact me for a free quote; http://1stmdhomes.com
What's a good company to refinance my mortgage with in Boston/MA?
I got my mortgage in September at 6.5%. Rates have now dropped. The people I'm with say they won't refinance even though their rates are at 5%. What's a good company to refinance with in Boston area in Massachusetts?
Thanks.
DO NOT respond to one single response you get here. Ask friends and coworkers who they use. Then make sure you do not have a prepay penalty in your contracts.
How can i find a mortgage company to refinance me with bad credit?
If i'm currently in a chapter 13 bankrepucy how can i get requalify?
Hi,
Depends on where you are, if you are in US, there's a lot of problem right now going on on Real Estate/Home loan.
You might have a hard time due to your bad credit history. Lenders are being strick nowadays because of the downfall of real estate market.
If I am in your shoe, I will have to work 3 jobs, foreclose my house maybe and look for an affordable apartment.
If ur in Chapter 13 Bankruptcy why do u want to refinance? Look u will eventually be able to regain credit but it's going to take time. U need to pay your rent/morgage on time or even ahead of due dates, same with utilities etc...
Stop using credit and learn to pay with cash. If u don't have the $ then u really don't need it. Ck Oprah site about debt... David Bach is one of the contributors of info... there is a test of the Latte Factor which is a real eye opener. Build up 4-6 mos of income to help in emergency case scenario. Start savings ... learn to find where u spending your income and work 2 or 3 jobs. It's not forever, do not refinance but learn to pay down and out your bills. Find a non-profit consumer credit counselor to help negoitate paying your bills and then stick to it! Regular maint on your vehicle, changing the oil/filters regularly, keeping tires inflated to proper weight are all small ways of caring for your property. There are no quick fixes or get rich skeems. Proper paying, working several jobs to dig you out of the hole your in is the proper way. Good luck
Which company is the best home mortgage lender to refinance with in california?
I am interested in refinancing my current loan to a fixed rate 30-yr loan. I'd prefer to deal with a lender that is in california. any recommendations? i'd like to hear about your personal experience with the company recommended. thanks!
What is the best mortgage company for people with "fair" credit to refinance?
Go to lending tree.com. They will look for the mortgage companies on your behalf and come back with the best rates that you qualify for.
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won't touch her existing loan due to the fact that it is a USDA loan.
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.