Just Wondering asked:
I keep getting all these offers in the mail to refinance my home into a fixed rate mortgage (even from my own mortgage lender) and then I call and they can’t help me. I have an ARM and it will reset in August (no I am NOT a subprime borrower I had a 691 credit score when I got this loan but yes I am dumb otherwise I would not have got the loan….no need to tell me how dumb I am….cuz I already know). I need to get the house refinanced before August cuz I have renters in there and I do not want to make them move out. They are a disabled family and they pay their rent every month but if my mortgage goes up then I don’t know what to do. The values of homes in my area have fallen drastically and that makes it hard to refinance. I just need some suggestions. Thanks
CLIFF
I keep getting all these offers in the mail to refinance my home into a fixed rate mortgage (even from my own mortgage lender) and then I call and they can’t help me. I have an ARM and it will reset in August (no I am NOT a subprime borrower I had a 691 credit score when I got this loan but yes I am dumb otherwise I would not have got the loan….no need to tell me how dumb I am….cuz I already know). I need to get the house refinanced before August cuz I have renters in there and I do not want to make them move out. They are a disabled family and they pay their rent every month but if my mortgage goes up then I don’t know what to do. The values of homes in my area have fallen drastically and that makes it hard to refinance. I just need some suggestions. Thanks
CLIFF
LOGAN
What is your equity in the home? That makes a difference in how flexible lenders will be.
Find a dependable local lender and talk to them. That way you’ll know what you can and can’t do. Stay away from mortgage brokers and unsolicited mail lenders.
Comment by newjerseyguy — November 29, 2008 @ 9:48 pm
JAMAL
This is classed as an investment property, so you will have to pay a premium and maybe points to get a loan. However, any major loan company will lend on an investment property – they just won’t give you the low rate you’d get on your primary residence. That’s why you can’t get a loan from these special offers.
Go to eloan.com to see some of the rates on offer for investment/rental property, then contact a local mortgage broker and see what they’ll offer. Tell them you want a no points loan and see how they do for you.
Comment by Terry — November 30, 2008 @ 8:57 am