| Author |
Message |
|
|
Rocky4884
Guest
0.10 Dollars($)
|
 Posted: Sat Aug 04, 2007 3:51 pm Post subject: Need to refinance 2 year ARM over APR up by 3 points |
|
|
I had mortgage (2 year ARM) . It was 80-20 loan and the APR on 80% was 5.5. being increased by 3 points to 8.5 from july 07 onwards. I called up lender and requested to reduce the points, they refused. I have no late payments and FICO score of 640. How can i refinance?? any good lenders around (if any ). Please advise or share your experiences..
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
| |
|
 |
 miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
|
| Posted: Sat Aug 04, 2007 6:17 pm Post subject: |
|
|
Rocky, the first loan must be a arm, and the rate is adjusting on it to equal index plus margin that was set for the mortgage.
You can look to refinance the loan as there are no lates on it and your credit score is also reasonably good. But you know about the equity position of your house? Has it appreciated? To refinance the loan you have to contact a few lenders and know about the rates they are offering. If you find that rates offered are lower then you can apply to see if you'd be able to qualify or not.
Miller |
|
| |
|
|
doris
Guest
0.10 Dollars($)
|
| Posted: Sat Aug 04, 2007 7:21 pm Post subject: |
|
|
You can look to refinance into a frm, on frms you will atleast have the safety that rates will not jump after few years making it difficult to afford the payments.
Contact a few lenders, get quotes and compare to see who is offering better refinance terms. If your income and other details are satisfactory then you should not have problems with changing your mortgage to a frm. Present value of your house will be an important factor which lenders would be looking at. So you should check that too. |
|
| |
|
|
Rocky4884
Guest
0.10 Dollars($)
|
| Posted: Sat Aug 04, 2007 11:12 pm Post subject: |
|
|
loan - 599k
curent value - 620k
scoe - 640
debt - 20k
how can i refi?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
| |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
|
| Posted: Mon Aug 06, 2007 3:49 am Post subject: RE: refinance 80-20 loan |
|
|
Hi Rocky,
At your credit score, you are likely to qualify for refinance loan at comparatively higher interest rates than if your credit had been better. By the way, which loan do you wish to refinance – is it the 80% loan or you need a combined refinance loan including both the mortgages?
_________________
Know how to compare lenders with mortgage booklet |
|
| |
|
|
Rocky4884
Guest
0.10 Dollars($)
|
| Posted: Mon Aug 06, 2007 1:17 pm Post subject: |
|
|
| I need to refi the 80% as 20 % is fixed.. |
|
| |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 1287
Location: New Jersey
193.02 Dollars($)
|
| Posted: Mon Aug 06, 2007 5:39 pm Post subject: |
|
|
| Quote: | loan - 599k
curent value - 620k
scoe - 640
debt - 20k |
You have equity in the house and I don't see why you wouldn't qualify for a refinance.
640 score is reasonably good and you should be able to get approval for a refinance.
Have you contacted any lenders? What are they saying?
You only inquired about refinance with your present lender and he refused, contact few others and see what they have to say on this.
_________________
Good is the Enemy of Great. |
|
| |
|
|
