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I became disabled, divorced & unemployed in 2002. I refinanced my home only because I removed my ex-spouses name from my mortgage. I was talked into refinancing my house for 30 years; big, huge mistake. I am currently researching lending institutions that offer mortgages for disabled individuals at the best possible rate. I have a moderate balance left on my mortgage, therefore, I would like to get my mortgage paid off in 10 years but I can't find a mortgage company that will work with me because they will not be making money off of my loan. HELP, any suggestions?

gmakerley · Posted: Sat Oct 31, 2009 5:00 pm Post subject:

moderate balance meaning what? it must be miniscule if you can't find anyone to help you out. of course, one of the problems here is that small-balance refinance transactions become hairy for lenders because there are "high cost" laws all over the place, and they prevent the lenders from charging "excessive" fees for a loan. some fees are of a fixed nature (an appraisal, for example). but an appraisal priced at $400 for a $200K loan and one priced at $400 for a $50K loan have a widespread impact on the overall price of a loan. i believe that's where the hesitancy comes in.

i'd like to see you find a credit union or a bank that offers a home equity loan at a reasonable interest rate. i surmise that they'd be able to afford you the opportunity to get the refinance done. it might cost a shade more than a conventional loan or an fha loan, but it may just be worth it to you.

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