home refinancing help?
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
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2 Responses to “home refinancing help?”
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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.
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.