Hey there, it’s Teresa Tims again. I forgot a couple of important things that I wanted to share with you and let’s see. So, breaking refinance news. This is huge. It’s never before offered unless you’re like friends and family discount. We are offering free appraisals on all refinance transactions to the end of the year.
So you don’t have to be a friend or family member to receive this free appraisal, so that’s huge. So I wanted to share that with you. But one of the other things that we’re doing right now that I don’t know any other lender that’s offering this, really, I do not know not one, mm-hmm (negative), not one, not even half a one. But we are able to do a cash out refinance up to 85% of your value.
So what that means is on the transaction that I’m doing right now. 390 thousand dollar appraisal value and at 80% loan to value on a cash out, that’s gonna get you 18 to 20 thousand dollars. If we do 85% cash out, we can get you 40 thousand dollars. So that’s quite a big difference, especially if you’re in a position right now where your first mortgage is low, maybe it’s like 3.5 or 3.8 or something and you have to refinance into a FHA loan that’s in the low fours or conventional loans right now are in the high fours and low fives.
So you wanna be very thoughtful when you are refinancing out of that really great first mortgage to get cash out. You don’t want to just do it haphazardly. So now with a conventional, like FHA has that monthly mortgage insurance. They have a big upfront mortgage insurance premium.
So now TDR can offer cash-out refinance on a conventional home loan, free appraisal up to 85%. So if you’ve been out there looking, you should probably pick up that phone and give me a shot first and let me. You know, if it’s something that I can’t do, I can certainly point you in the right direction. And you know when you’re only looking to get a small amount out on a refinance, a lot of time what I’ll do is the exercise of, okay, what if I do a cash-out refinance, this is how much money I can give you and this is the payment versus okay, if you can get a second.
You know, probably like right now, about 60% of the time, 70% of the time, I’m referring people to go look at a home equity line of credit and leave that first alone and then when the rates go down like in 12 to 18 months and they are gonna go down. I know a lot of people don’t think they are, but I really, really do, like I’m pretty, pretty, like 100% sure they’re gonna go down. Then we can refinance the whole thing into a low amount.
Oh now we got a few more people on here. Hi John, yeah, super important things, super important things. Anyway, that’s all I got guys. This was a quick one, like super quick. So I forgot to like share that on the last video, so cheers to y’all, have a wonderful Tuesday night and hopefully you’re out they’re having some tacos on Taco Tuesday, bye.
Oh, what happened? Let’s see. Hi Christine, how are you? I guess I have time to say hi to a few people. Bob, Cam, hey what’s up? Peter Hernandez, Aaron Webb, Johnny Shepard. All right, you guys have a good night.
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