Countrywide just quoted me 8.75 interest rate on a noo 70%ltv 30 year fixed with cash out. Property in CA.
Does this sound right?
Does anybody do cash-out refinance on investment properties in TX? Why is this such a problem?
Any help would be appreciated.
That rate does seem high. Is it a stated income loan? I can do cash-out on investment properties in Texas. I am located in Dallas. What is your question?
It would make sense that Countrywide is doing high quotes. They have to pay back that $11 Billion line of credit they took out AND to cover their mass losses in bad loans.
I personally don’t see them lasting, their line of credit just prolonged the inevitable. The people who caused the problems are still working there and still making wrong decisions.
Foreclosure,
Not true at all. They have gone to pretty much doing only loans that can be bought by GSE’s. All of the subprime stuff is completley gone, and most if not all expanded criteria is heavily scrutinized and goes through a review before closing. I don’t see Countrywide going away anytime soon. Although they may not be around as Countrywide for much longer if BOA has anything to say about it.
The quote was with documentation and a 725 credit score. The non-doc was even higher.
In TX I wanted to “refinance” a rental property that I bought cash in 10/06. I wanted a quote for both a nondoc or a doc loan.
My nondoc issue is that I am waiting form a remodel to be completed on a property so that I can rent it out, once I rent that out I should be OK to doc my income.
sent you PM
Yeah, you right. I’m just pissed at them for killing a deal I was working on for 9 months. May they burn in hell. :evil
Yeah that rate does sound high. We just finished wrapping up a cash out refinance for a client in CT at 7.25% for 30yrs (70%). We also looked at options of 80% at like 8%. This was on stated income loans. Keep in mind that loan size and property type are big factors for rates as well.
Seasoning may be an issue with some lenders too since you havent owned for 12 months.
By the way…TX is not a problem at all if the property is an investment.