I want to remortgage a $300,000 home and office condo suite

tcctcs · Joined: 09 May 2009 Posts: 2 1.70 Dollars($)

The same bank hold both mortgages. The bank is conservative. The mortgages are ARM mortgages and I think we can do better. We are up to date on payments but want the advantage of better rates. How do we get the best rates and deals?

How do we proceed without alienating the bank?

This is in the southern part of New Jersey.

Thanks
Abbe

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Have called your current bank and asked them abotu refincing or one more bank to see if they can refinance.

Do you have equity in the property. It is easier to refinnace when you have equity in your property.

tcctcs · Joined: 09 May 2009 Posts: 2 1.70 Dollars($)

I have called nobody yet. I want to strategize first. I am not sure what current and local rates are considered good rates, for example....

Yes, there is a bit of equity in it (3 years or so)

Thanks!

Abbe

eric1 · Posted: Sat May 09, 2009 6:40 pm Post subject:

Look into refinancing and combining both loans. Do not worry about hurting anyone's feelings over at your bank. Shop around. Check with the mortgage professionals on this site.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

If you think you have some good equity that really good news.

Interest rates are historically low and this is the best time to refinance. Rates may saty there for some more time, but cannot gurantee.

So do nto worry about your current bank rather worry about your self first. You are not cheating any one and I am sure that bank will fidn some othe business. I am sure they ahve more customers with thier loan with then and probably they might have regfinanced some recently.

Guest

Hi

I am a business person and am not concerned with hurt feelings. I am trying to get information before proceeding.

what would current rates be for 30 year fixed mortgage on $280,000 residential and $85000 commercial properties? Both prime (beach area) location. Both fully paid to date.

Are there points?

Is there a credit check? (Great credit rating)

Would a lender jump at the chance to get this?

Thanks
Abbe

adonis · Posted: Sun May 10, 2009 11:12 pm Post subject:

Welcome back Abbe,

The 30 year mortgage rates are around 4.96%. As Eric has suggested, you should shop around and speak to some of the lenders and check what type of plans they are offering. You can speak to the lenders of this community and seek a no obligation free mortgage quote. This will let you know what type of rates you can get.

You can pay points and reduce the interest rates further. Yes, the lender will check your credit before approving the loan. The lender will check all the required aspects and then decide whether he would offer you a loan or not.

gmakerley · Posted: Mon May 11, 2009 10:38 am Post subject:

i don't know if a lender would "jump" but i truly believe you'd have no problems finding a lender to work this out for you. as noted, rates on owner occupied properties are fine; commercial rates are always different, and priced to the individual deal.

alienating a bank sounds like a stretch - i wouldn't think in 2009 that any of them might get alienated. if they do, they do a disservice to their clientele, in my estimation. we should always want whatever is best for our clients.

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