---

mortgage

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
jonsush Joined: 20 Apr 2010 Posts: 9 -0.74 Dollars($)	Posted: Sat Feb 19, 2011 10:26 am    Post subject: mortgage Like 0 Dislike 0 I am confused about the mortgage programs being offered to me. I have received a commitment packet and was told I am approved with conditions, which appear to be minor. I filed bankruptcy 2 years ago, but have a coborrower who has excellent credit (score in the 700's). I was offered a 2/28 fixed/adjustable rate mortgage loan with a 5 year interest only period; according to the paperwork it would adjust every 6 months. I did not like this because my goals are set for a minimum of 5 years. (My car will be paid off in 3, my bankruptcy would be 7; I would have equity in my home and would like to refinance in the 5th year for a better interest rate). Can you explain the type of loan I'm being offered? Will I build equity with this type? Are there any advantages or disadvantages? I was also offered a 30-year fixed with a 5 year interest only period. Can you explain this type of loan? Can you refinance an interest only loan?
Guest	Posted: Sat Feb 19, 2011 12:52 pm    Post subject: Like 0 Dislike 0 You can refinance any type of loan provided you qualify and have sufficient equity - It sounds like you are being offered a subprime loan - Havent heard of anyone doing a 2/28 in about 4 years - What is your credit score and have you considered FHA - It allows a loan 2 years post BK - Will offer a good rate and allows for less than perfect credit? I would avoid the 2/28 as well as interest only - With interest only your loan amount will remain the same and unless that market value goes up (which isnt as likely these days) you will not have any equity at the end of 5 years - B
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Mon Feb 21, 2011 11:26 am    Post subject: Like 0 Dislike 0 What are you credit scores? It's still not clear why these are the only programs the bank/broker is offering you? What is your current interest rate? _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0