Posted on: 06th Jan, 2009 06:19 pm
I am buying two homes, one is my residence (orig $260k, 9% conventional ARM since 9/06 - no option to refi until 9/09), the other is a rental (orig $126k, 7% conventional since 5/99). No bankruptcy, 3 times 30+ on rental house in 2008, current now, never late on residence, low debt (1 car pmt, 2 retail credit cards, FedEx CU loan, Amer-Gen Fin loan, all perfect pay), $100K+ annual income. What are my options/chances on refinancing both properties?
hi dwaynearmes!
welcome to forums!
you will have to speak to the lenders and see if they can refinance both the loans. as you are current on all other payments, i think, you will not face any problems in refinancing. you can do some mortgage shopping before finalizing with a lender. this will help you to know the mortgage rates and terms prevailing in the market.
you can also speak to the lenders of this community and seek a no obligation free mortgage consultation. they will help you to know what type of rates and terms you can get or whether your will be getting the option of refinance or not. moreover they will also help you in knowing the market rates and terms.
feel free to ask if you have further queries.
sussane
welcome to forums!
you will have to speak to the lenders and see if they can refinance both the loans. as you are current on all other payments, i think, you will not face any problems in refinancing. you can do some mortgage shopping before finalizing with a lender. this will help you to know the mortgage rates and terms prevailing in the market.
you can also speak to the lenders of this community and seek a no obligation free mortgage consultation. they will help you to know what type of rates and terms you can get or whether your will be getting the option of refinance or not. moreover they will also help you in knowing the market rates and terms.
feel free to ask if you have further queries.
sussane
First thing I would do is to check with the lender about a loan modification.
Second thing, I would check with the state that you have your primary residence in to see if they have a prepayment penalty law.
In Maryland, where I am, they have a law that protects consumers from excessive prepayment penalties.
You biggest hurdle is the 3 times late. You want to atleast be current for 12 months.
Second thing, I would check with the state that you have your primary residence in to see if they have a prepayment penalty law.
In Maryland, where I am, they have a law that protects consumers from excessive prepayment penalties.
You biggest hurdle is the 3 times late. You want to atleast be current for 12 months.