want lover int rate on home now at 7.00,been here 2 yrs,retire

dm9665 · Joined: 10 Feb 2009 Posts: 3 2.22 Dollars($)

income comes from oil royalties and stock market,and 401ks which are all in the stockmarket(which have not been touched in the last two years}.We bought our current house for $150.000,and payed $30.000 down,with a 15yr fixed loan at a 7%. We are looking for a lower rate, because of the economy. When we bought the house we are living in, our income was $4000 every 2 weeks,it has gone done.Our income is different every week with oil rates changing. Our ages are 56 and 60, both retired

dm9665 · Joined: 10 Feb 2009 Posts: 3 2.22 Dollars($)

looking for lower int rates from 7% with for our house,we paid $30K,and current amount loaned is $116K

gmakerley · Posted: Thu Feb 12, 2009 12:43 pm Post subject:

as for your options in refinancing, your current income is going to be critical in determining how you'll be able to proceed. rates are definitely lower than the 7% you're paying now, so it's a good time to work on this. i don't have any specific answers - your source of income isn't stable at this time, unfortunately.

ashleyblanton · Posted: Thu Feb 12, 2009 6:13 pm Post subject:

I disagree with gmakerley. You need a little bit more information, exact amts, if you can pull on that income for the next 3 years, etc......Rates are def. WAY lower right now, and you may be able to qualify. If you have anymore questions, please feel free to email me at "ashley@aplemail.com". Thanks!

[Link deactivated as per forum rules. Thanks.]

eric1 · Posted: Thu Feb 12, 2009 7:43 pm Post subject:

George, you are a moderator....can't you delete his post?

gmakerley · Posted: Fri Feb 13, 2009 11:07 am Post subject:

i can only delete them from the "mortgage know-how" forum, as that's what i "moderate." believe me, eric...if i could, i definitely would.

ashley, please consider signing up as a lender and thereby creating a signature that will provide your contact information. it is contrary to the guidelines of the community for us to insert email addresses in our posts. thanks, and welcome. i don't mind if you disagree with me, by the way; after all, this is a forum for as much lively discussion as we can get. all information (hopefully valid) is welcome and accepted.

Posted: Fri Feb 13, 2009 12:48 pm Post subject: Gmaker

Do you have any place that explains how to do that? As far as setting anything up, it hasn't really been user friendly. I tried doing that, but it won't let me, or at least put info in.

Jessica · Posted: Sat Feb 14, 2009 3:48 am Post subject: RE: refinance offer

Hi all,

I agree with George and Ashley. National weekly average rates are in the 4.9%-5.5% range for fixed mortgages; so yes, it's way below the rate at which you're paying now.

One issue I'm concerned about is your income which keeps changing every week. I think lenders may consider an average monthly income in situation such as yours. May be George can give an idea on this..

I'd like to know what other liabilities you have? what's your debt to income ratio? There are other factors to consider besides your income. So, the best thing would be to consult a few lenders and find out what they have to offer you considering your income is variable. You may also contact our community lenders for a no-obligation free consultation on the right mortgage that would suit your purpose. The lenders will work with you and can probably suggest a good loan option that fits your situation.

Regards,

Jessica

gmakerley · Posted: Sat Feb 14, 2009 6:41 am Post subject:

i have an idea, jessica, but it's the same as i stated way up above. dm's income is clearly not stable - it is based on investments, and those have taken severe beatings in this economy. without true facts and figures, all we can do is speculate. it would take a true analysis of the facts provided by dm in order for anyone to give a true reading on what the chances are of obtaining a new loan.

donaldterry · Joined: 22 Feb 2009 Posts: 6 3.46 Dollars($)

you would need a letter stating income will continue for 3 years

last 2 yeARS MUST SHOW ON INCOME TAX RETURNS SOUND VERY DO ABLE LET KNOW I LL DIRECT TO A BANK THAT CAN DO IT CURRENT S ARE AT 5.5 OR LOWER

gmakerley · Posted: Mon Feb 23, 2009 7:38 am Post subject:

donald terry, please don't advertise your wares on this forum. guidelines are pretty specific to not allow such posts.

you may wish to join as a lender; in which case you'd be able to provide your contact information in your signature, for example.

thanks.

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