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 suthie01
Joined: 02 Apr 2009
Posts: 2
1.60 Dollars($)
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 Posted: Thu Apr 02, 2009 1:36 pm Post subject: Looking for a no doc loan of interest lower than 13.99% |
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| I have an interest only loan @ 13.99 % Do you have or know of any other company I can check?Looking to ref a home of value $550,000 with an interest loan of $305,000. |
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suthie01
Joined: 02 Apr 2009
Posts: 2
1.60 Dollars($)
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| Posted: Thu Apr 02, 2009 2:21 pm Post subject: Can we talk? |
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I have to leave now, but can you email me at "suthie01@aol.com" and let me know the best time to call you? I would really appreciate it!
Thank you!
[Link deactivated as per forum rules. Thanks.] |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Thu Apr 02, 2009 7:46 pm Post subject: |
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Hi suthie!
Welcome to forums!
Did you check out with your current lender? Your current lender may help you in refinancing the loan at a lower rate. However, you can speak to other lenders as well to get a refinancing. But, keeping in mind the present market situation, it can be difficult for you to get a no-doc loan.
You can speak to the lenders of this community and seek a no obligation free mortgage quote from them. This will help you in knowing whether you would be getting a loan or not. You will also come to know about the type of rates and terms you would receive.
Feel free to ask if you have further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7407
Location: bloomfield, ct
63.04 Dollars($)
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| Posted: Fri Apr 03, 2009 12:53 pm Post subject: |
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there are such loans available, depending on your location and your credit score. another factor is your employment - are you self employed or employed for wages? self employed individuals are more likely to get no doc loans.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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| Posted: Sat Apr 04, 2009 9:13 am Post subject: |
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Hi Suthie,
So, you're looking for an interest-only no doc loan, right? well, rates are quite low currently. So, you may go for one which requires you to pay amortized payments throughout the loan term. It seems you have enough equity in your home. So, if your credit scores, debt to income ratio and other income level are in accordance with what lenders require, I think getting a no doc mortgage won't be difficult.
However, I'd like to add that no doc mortgages are usually available at higher rates of interest compared to conventional mortgages. Are you self-employed? If not, you may look out for conventional mortgages for which you don't have to pay high interest costs as in a no doc loan.
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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