I am looking for the best 5/1 ARM or 7/1 ARM cash-out refinance rate, can someone help?

The city of Orange is in a high value neighborhood. the FHA limit for single family is $729,750 so you should be able to go to any FHA lender and get an FHA 5/1 ARM which is currently running about 1/2 to 3/4 point lower in rate than a 30 yr fixed.

You're asking 3 interesting questions. The first one is dependent on what state you live in.. up to 80% may be possible to qualify. So the quick answer is MAYBE... but your "appraised value" will be 100% the determining factor. Your 2nd question of a "target rate" goes back to your using the term "great rate" in your first question. The most importnat question really is:"CAN it be done with a niche portfolio lender at ALL". Your goal should be getting a new loan so you can get by for the next 5 yrs or less like you mentioned.The FHA question again is 100% dependant on the state you live in. If you've got the value... an ARM with a portfolio lender may be your best bet. I originate loans in MN and WI where the numbers you're talking about exceed the current FHA limits.

Hello Connor, I still need much more information to give an accurate interest rate and rates can change daily. I would need, FICO, is this owner occupied, investment or second home, was the second mortgage a purchase money second or was it cash out. That makes this loan either rate and term or cash out. If this is truly cash out there are several adds to the rate. Is this a condo or single family home? If I had to quote a rate these are what I'd have today, cash out, 80% Loan to value, ARM's, SFR (no condo), 740 FICO or better. 5/1 ARM. 4.25% with a 3.00 point cost. (Cash out refinance)5/1 ARM 4.25% with 1.50 points (rate and term refinance, no cash out) 7/1 ARM 4.75% with 3.00 points (Cash out)7/1 ARM 4.75% with 1.50 points (NO cash out) 10/1 ARM 5.00% with 3.00 points (cash out)10/1 ARM 5.00% with 1.50 points (NO cash out)) 30 year fixed. 5.25% with 2.50 point cost. (Cash out)30 year fixed 5.50% with 1.50 point cost. (cash out)30 year fixed 5.25 % with 1.00 point cost (No cash out) I hope this helps. Thanks Dwayne OkpaiseAugusta Financial24018 Lyons AvenueNewhall, CA 91321661-260-2970661-260-2979 Faxdwayne@augustafinancial.com