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aylejan · Joined: 12 Mar 2008 Posts: 1 1.31 Dollars($)

I dont have much equity left on the property

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

hi aylejan,

Welcome to the forum.

I think you should shop a bit for lenders and if you have good credit and source of income you can be offered affordable rates and terms.

I think you need to post here a bit more detail about your situation so that we can give you a better answer.

Best of luck,
Larry

Posted: Wed Mar 12, 2008 5:51 pm Post subject:

aylejan,

you must be on the East or West cost if you "don't have much equity left". If you will post your estimated property value, current loan balance(s), est credit rating (excellent, good, fair), someone out there should be able to help you. It's a different lending world from what you may have know before.

Caron · Posted: Thu Mar 13, 2008 2:26 am Post subject: RE: refinance conventional ARM

Hi Aylejan,

Is it getting harder for you to make payments? if you are willing to refinance, try to look out for rates lower than that of your current mortgage or else you'll save nothing in interest.

As of now, 30 year and 15 year fixed rate loans are in the range of 5-6%, so you may get reasonable rates for you loan program. However, this would depend upon a lot of factors so until and unless tyou talk to the lenders, you won't come to know which is the right option in your situation.

What you can do is, go for a no-obligation free counseling with the community lenders and find out what's best for you. You can even post the options in our forums and take opinions from other lenders in the community.

Good luck

charlesarmbruster · Posted: Thu Mar 13, 2008 11:56 pm Post subject:

Good credit can get you anything, my friend. And, it might just get you a refinance.

How much do you owe in the ARM w/PMI?
What's your home's estimated value?
Do you know your FICO mid-score, or any of the credit bureau scores?

Unless the ARM is adjusting, you may not need to refinance. Is your contract fixed for 2-, 3-, 5-, 7-, or 10-years?

banker0679 · Posted: Sat Mar 15, 2008 3:28 pm Post subject:

FHA allows up to 97.75% rate/term financing or 95% cashout financing.

MyCommunity allows up to 100% rate/term refinancing, but they have income limits

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I have a Conventional with PMI ARM how can i refininance and