Posted on: 26th Jun, 2012 04:18 pm
iwouldliketo refinance a 2nd resident home on a lake, but on leased land. we have finance our home with a bank for the last 10 years but they do not refinance for a lower rate than what we currently have at 7.25. we have a new lease that is good for 25 years and would like to refinance at a lower interest rate. can you help.
marilyn pankoke
marilyn pankoke
On leased land, the lender will require that the lease term is longer than the term of the mortgage loan. So if you have 25 years left, you could do a 15-20 year loan. Shop around with some lenders in your market. Good luck
Hello Marilyn Pankoke,
But if you are planning to move or refinance again in the future, then
be wary of paying high closing costs. Even if they secure you a lower
rate, you will only see a savings if you keep the mortgage for several
years.
:idea:
But if you are planning to move or refinance again in the future, then
be wary of paying high closing costs. Even if they secure you a lower
rate, you will only see a savings if you keep the mortgage for several
years.
:idea:
