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11-16-2010, 07:25 AM #1
Fixer Upper
- Join Date
- Oct 2009
- Posts
- 32
Freddie Mac Loan Originator ReFi question
So My wife and I purchased our current house 3 1/2 years ago and the original loan barrier was Mountain West Bank. After ~3 months the loan was bought by USBank. The question I have due to the Freddie Mac refi loan limitations (you must refi with originator), does this mean I can refi with Mountain West? We currently owe about 106% LTV (owe 170k and the house appraisal is ~160k), we don't want to dump 10k into the house just to refinance it instead we want to use the 105% loan option that was opened a year or so back...
Our current loan rate is 30yr 6.375% and I'm hoping we can refinance to or below 4.375%... Any help or suggestions please let me know.
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09-08-2011, 08:16 AM #2
Fixer Upper
- Join Date
- Aug 2011
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- 50
You can refinance your current mortgage with any lender of your choosing. The reason Freddie Mac states that you must refinance with an originator is because they themselves do not offer loans directly to consumer (i.e. – they are not an originator.)
The most convenient originator would be the lender who currently holds your mortgage in this case US Bank. If US Bank is unable to provide you with the rate that you want I would suggest that you look to other lenders. Just remember before you search for lenders request a free copy of your credit report so that you can avoid any surprises when trying to refinance.
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