Can you re-finance from 80 to 90% lvr without having to do re-valuations?Anyone done this? What’s the procedure? I figure if i do this,i could purchase another i.p.[biggrin],but i dont want to have to go thru the re-val. crap & stress to do it right now.Any advice?
Misty, from the lender’s point of view they would want a fresh valuation unless the one in esistence is no more than 3 months old.
Even then, in the present climate, they may even then possibly insist on having a fresh valuation
done.Pisces
if its for a Inv/property you can get up to 95%
refinance but you have to pay Mortgage Insurance.
If you have a property valued at $100000 and you want to buy a Ip for $150000=thats a total value of $250000
95% is $237,750 less the amount you owe on the first property say $50.000 you now have $187.000
the $150.000 for property 2 and $37.750 for cost’s
A valuation would need to be done on both property’s and proof of income and affordability
[all the paper work done again][dead2]
most investers prefer a 80% lend as you dont need to go through all that hassel again but the valuation is a must.
its EZY the second time around so I am told[buz2]Hi Misty1
A val will almost certainly be required – it will either require a top up on existing mortgage insurance, or new premium to be calculated if the loan is not currently or was initially mortgage insured.
Whats the ‘hsssle’ of a new valuation, takes all of 15 minutes and shouldn’t pose a problem – unless you’ve knocked out the walls and ripped up the floor and torn up the bathroom and kitchen.
If this is the case, then i’d agree, you will have a great deal of crap and stress.
If the property will value up and the above doesn’t apply, consider refi’ing to 90% and cap your MI to a max of 95%. Property will need to be in a reasonably large if not metro area to do this.
cheers
brahms
If you don’t ask, the answer is no!!
Thanx for replies.My concern with re-val’s is that they were just done,so i figure there will be no difference,or worse,b/c of sliding market,that they would come in LESS than recently.
I’m not sure if they will still use recent val’s, or even if financing above 80% is a good idea or not,sounds a bit out of my comfort zone,but just checking for opinions.I’m also interested in how i would work out how much extra it would cost to have to use motgage insurance,if i did go over 80%? Is there a formula to work it out?
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