Posted on: 28th Jun, 2010 08:08 pm
we have over an acre of land. it has an older mobile home, a store front, and a another building with one bedroom and bath and garage. we are in oregon and only owe 76,000. the land is worth much more than the balance of our loan. we just want to refinance with no cash out.
Hi dr!
Welcome to forums!
As you've equity in your property, you will be able to get a refinance. You can contact your current lender and apply for a mortgage refinancing. However, it is not mandatory to refinance the home loan from the same lender. You can speak to other local lenders as well. I hope you have a good credit score. Lenders will refinance your loan if you've a credit score of around 700-720. If your credit score is less than this, then it will be difficult for you to get a conventional refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you've equity in your property, you will be able to get a refinance. You can contact your current lender and apply for a mortgage refinancing. However, it is not mandatory to refinance the home loan from the same lender. You can speak to other local lenders as well. I hope you have a good credit score. Lenders will refinance your loan if you've a credit score of around 700-720. If your credit score is less than this, then it will be difficult for you to get a conventional refinance.
Feel free to ask if you've further queries.
Sussane