Posted on: 24th Sep, 2008 05:11 pm
i bought my house 2 1/2 years ago for 650000 on a 5/1 arm..my rate will be resetting in abt 2 1/2 year (04/2011 to be exact)
my house is currently worth 550,000
myself and my wife are working.,,, but our jobs are relatively unstable.
what are the best options for me?
should i raise enough cash to refinance my mortgage to a 30 year fixed?
my house is currently worth 550,000
myself and my wife are working.,,, but our jobs are relatively unstable.
what are the best options for me?
should i raise enough cash to refinance my mortgage to a 30 year fixed?
Hi rarundas!
Welcome to Forums!
In my opinion, refinancing will be a good option for you. Contact a lender or a mortgage broker and he will tell you about the proceedings.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
In my opinion, refinancing will be a good option for you. Contact a lender or a mortgage broker and he will tell you about the proceedings.
Feel free to ask if you have further queries.
Sussane
Hi rarundas,
I think refinancing into a 30 year mortgage would be a good option for you considering the fact that 30 year rates have dipped to the lowest level ever since the past 5 months. But what I'm concerned about is your jobs is unstable. can you highlight more on this, because lenders do prefer stable employment. Moreover, you're not self-employed and you're going for 30 year loan which is quite a long term loan. Do you wish to take out extra cash from the refinance?
May god bless.
Samantha
I think refinancing into a 30 year mortgage would be a good option for you considering the fact that 30 year rates have dipped to the lowest level ever since the past 5 months. But what I'm concerned about is your jobs is unstable. can you highlight more on this, because lenders do prefer stable employment. Moreover, you're not self-employed and you're going for 30 year loan which is quite a long term loan. Do you wish to take out extra cash from the refinance?
May god bless.
Samantha
Thank you so much for your replies. By unstable employment i meant, we both are employed in private companies and they are trying to stay afloat in this tough economy!
I talked to a cpl of lenders and they are refusing to refinance because my LTV is more than 100%. (basically upside down) They can only help me with loan modification. But i am not sure whether i can qualify because of our incomes.
Have the refinance regulations become strict..I dont know if i can bring enough cash to the table before my 5/1 arm resets
I talked to a cpl of lenders and they are refusing to refinance because my LTV is more than 100%. (basically upside down) They can only help me with loan modification. But i am not sure whether i can qualify because of our incomes.
Have the refinance regulations become strict..I dont know if i can bring enough cash to the table before my 5/1 arm resets
Hello rarundas Your best would be to do your best to hang on till you need assistance. If you wind up need loan modification. I can show you who to ask to provide that service. You most likely will not be knowledgeable enough to to it yourself and typically the lender will only listen to you if you have 3 party representation. Email me mike@fmresolution.com
Ps stay positive you are two years away a lot of GOOD can happen between now and then. Expect good not bad!
Ps stay positive you are two years away a lot of GOOD can happen between now and then. Expect good not bad!