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Guest

Looking for a lender that offers 10 - 30 yr interest only conforming ARM. I would like to minimize cash outflow while having the option of making principal payments when I choose and with cheaper dollars. This would be a refinance of a primary residence in CA.

I have a 40% L/V, 767 avg. FICO, and excellent credit.

Thank you

jameshogg · Posted: Fri Oct 08, 2010 1:37 am Post subject:

Hi Guest,

You will have to check out whether or not you've equity in your property. If you don't have equity in your property, you won't be able to get a mortgage refinance. With the credit scores that you've mentioned, it will be quite easy for you to get a refinance provided you've equity in your property.

Thanks

Guest

As I noted in my initial post I have A 40% L/V , thus I have A 60% equity in my property. Does anyone know of any lenders with these loans in California? Aren't there any Cal brokers on this Forum that can respond?

gmakerley · Posted: Fri Oct 08, 2010 1:15 pm Post subject:

I would sincerely hope that we've seen the last of those loans, though you would seem to be a viable candidate for one based on your description.

Unfortunately, I have no knowledge of their existence, so can't help with that.

Guest

Thanks Q. Used for the right purpose they are great loans especially with low rates and continuing inflation. I can make a lot more money in my investents than I can by sticking the principal in my house.
I was offered 30yr fixed this morn with 3.8755@par but I can't find the I/O loans. Where are those Cal brokers ...are most out of the biz?

adonis · Posted: Sat Oct 09, 2010 12:51 am Post subject:

Hi ticktrend,

It will be a bit difficult for you to get interest only loans. Nevertheless, you should speak to the local lenders in order to find out whether or not you'll get a interest only loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them which will help you know whether or not you can get such a loan in this market.

gmakerley · Posted: Fri Oct 15, 2010 1:13 pm Post subject:

The trouble with the interest-only loans is that everybody and his proverbial brother was offered one and took one (almost). Those who grabbed such loans were, all too often, not properly educated on the options they had, and oh so many of those loans failed. These are a large contributor to the foreclosure crisis we've been witnessing.

gmakerley · Posted: Fri Oct 15, 2010 1:13 pm Post subject:

The trouble with the interest-only loans is that everybody and his proverbial brother was offered one and took one (almost). Those who grabbed such loans were, all too often, not properly educated on the options they had, and oh so many of those loans failed. These are a large contributor to the foreclosure crisis we've been witnessing.

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