How to lower mortgage payment and pay off debt

avb350lt1 · Joined: 15 Nov 2007 Posts: 1 1.72 Dollars($)

I have a loan package owned now by Chase. The interest rate is 7.5% the loan was for 169,900. The property (being a condo) appraised for 185,000 at the time of purchase. I am paying 1,530 a mo. about 300 of which is PMI.

How to lower mortgage payment and pay off debt? I would like to sell or rent it. Selling would be hard as the market is bad. Renting would be rough as I could not rent it for the montly payment. Are there any creative options?

Adam

banker0679

you can refinance with a FHA loan...and get at least 6.5%.
the PMI payments are very low for FHA.

or

if you have great credit...you maybe able to do LPMI..
lender paid PMI.....with rates as low as 6.5% or lower...with the lender paying your PMI.

I would refinance...then rent it!

jenkin7 · Posted: Thu Nov 15, 2007 9:20 pm Post subject: tips to lower mortgage payment

Hello Adam,

You may refinance the present loan to get a lower interest rate.

What is your credit score? The interest rate that you may avail also depends on that.

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Adam,

Welcome to this forum.

You can think about refinance with FHA loans. If your credit score is good then you can get it at a lower interest rate.

Thanks,
Larry

Posted: Fri Nov 16, 2007 6:40 am Post subject:

Haven't done a FHA condo is an age. Has FHA changed its position so as to permit FHA mortgages on a "spot" basis, i.e., in a condominium project that is not FHA-approved? Certainly would welcome such a change but it doesn't sound like HUD.

Guest

Guest, I cannot understand what you are trying to say actually. Is it that the FHA has started to offer loans on properties which are condominiums and are not approved by FHA as far as properties standards are concerned?

adonis · Posted: Sat Nov 17, 2007 4:04 am Post subject:

Hey Larry, FHA loans do not bother about credit scores as such. rather it emphasizes on your credit history. Just have a look at
http://www.mortgagefit.com/know-how/lowcredit-loan.html#qualifyforfha where Eric has explained what it takes to qualify for FHA.

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