I have a 30yr fixed

adonis · Posted: Tue Jun 12, 2007 12:07 am Post subject:

Sure Williams, just take a look at a previous discussion on COSI loans.

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Yes Samantha, I have tried several lenders regarding a fixed loan, I have req a longer time period like 40ys but my paymts are not reduced enough to warrant a refinance, my last request was for FHA loan but I don't qualify. I beleive that the main problem is that I am retired at age 60 and received a small pension, but wont be able to collect SS until 62.and all I qualify for is stated income loans. Regards, Nery

ckalvesmaki · Posted: Tue Jun 12, 2007 6:16 am Post subject:

Nery,

There are some other loan programs out there similar to the one you are looking at however the rate is actually fixed for 5 years.....It would allow you to reach that point where a reverse mortgage becomes an option. If you speak with a good broker they should be aware of it. If not please don't hesitate to come back and ask more questions.

Samantha · Posted: Tue Jun 12, 2007 9:34 pm Post subject: RE: problems in refinancing

Hi Nery,

If chances are that you cannot afford the refinance loan payments, then it's going to be difficult to manage the COSI ARM. Did your current lender suggest this option? I shall suggest that you look for some other lenders and find out what options they can offer you. With the mortgage industry coming up with so may loan packages, I guess there should be something for you too.

God bless you.

Samantha

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Thanks Samantha for your time and positive thoughts. I will keep on trying to find a solution. Nery

ckalvesmaki · Posted: Wed Jun 13, 2007 6:34 am Post subject:

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