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Any lenders out there?

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rljones1958 Joined: 02 Jul 2008 Posts: 2 1.70 Dollars($)	Posted: Wed Jul 02, 2008 7:58 pm    Post subject: Any lenders out there? Like 0 Dislike 0 Bought a home from an investor. Want to refi to a lower apr rate. bought home for 130,000 nothing down. Owe 125,000. Hasn't been a year. Anyone out there willing to refi even though rates are in the 500's? Haven't missed a payment just want to lower my rate from 10.5 to 6.5 or lower. Anyone out there?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Wed Jul 02, 2008 9:41 pm    Post subject: Like 0 Dislike 0 Welcome Rtjones, You're looking to get a low APR; seems like you aren't aware of the fact that a low APR doesn't mean a low rate of interest. A loan with a low APR may have a higher rate of interest. So, when you compare loans, don't simply go for the APR but check out the interest rate too. Good to know that you didn't miss a payment. But is your credit score in the 500's? You can try out with FHA loans then. Regarding conventional loan programs, i suppose they'll be a bit tough to get, considering your low score. However, what's your debt-to-income ratio? Lenders would like to check out your financial obligations. What i suggest is, go through a no-obligation free loan consultation with the community lenders at as they'll be able to analyze which loan option is better for you. And then you can discuss such options in the forums where experts can guide you to choose the best out of them. _________________ Procrastination is the enemy of your financial success
RJones Guest	Posted: Wed Jul 02, 2008 9:52 pm    Post subject: loans Like 0 Dislike 0 Thanks for info I will check into it.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Wed Jul 02, 2008 11:02 pm    Post subject: Like 0 Dislike 0 2 issues score is low and loan to value high. FHA is tyour best bet but it will only allow you to refi to 97% of the value with no cash out. When you add in fees for financing and the difference it may cost a few thusand to get it done. You will save a ton over the lif of the loan. Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
charlesarmbruster Community Expert Joined: 12 Oct 2006 Posts: 169 Location: Chandler, AZ 43.85 Dollars($)	Posted: Tue Jul 08, 2008 11:03 am    Post subject: Like 0 Dislike 0 I whole-heartedly agree! FHA is your path to a better sleep at night! Good luck! _________________ Chuck Armbruster Phoenix, AZ payjunction chuck [on facebook]

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