Posted on: 08th Oct, 2007 09:39 pm
i also have a $25,000 home equity loan. my first mortgage and my home equity have adjustable rates and i'm paying way too much. foundation financial contacted me about refinancing and i told them that i need a fixed rate. anyway, i found out today that they will give me a low fixed rate loan but when they are finished, i will owe $184,000. i want to sale my house and move soon as the market is better but i don't want to add $12,000 to my mortgage. i need some advice. the high adjustable rate mort. are on a $122,000 loan and the home equity. i need some advice. thanks
So, you wish to sell the home and pay off both the mortgages? I think you need to consult a realtor to get an idea as to whether the market is such that you can sell at a price which will cover both the loans.
Try to avoid anything with word financial in it for your motgage lender or at least check them out first. Also depending on your qualifications and the type of loan it is it would be possible to get lower closing costs at a bit higher rate. And I would definately consider a 12k costs on a 184k loan a bit exessive in the first place. Looks like they making you pay discount points to make the rate more appealing. I would need more info to give you a possible comparacing scenario but you definately want to get a second oppinion there.
Hi Dianenetale,
Welcome to the forum.
Are you thinking of refinancing with a cash-out option? I think that will make it easier for you to pay off both the mortgages. And, I feel, a fixed rate would be ok. Moving on with both adjustable rate loans supposedly is quite tough for you and that's the reason why you wish to refinance.
"I want to sale my house and move soon as the market is better but I don't want to add $12,000 to my mortgage."
I cannot get what you're trying to say here. Can you please explain in details. How do you add $12000 to your mortgage?
God bless you.
Samantha
Welcome to the forum.
Are you thinking of refinancing with a cash-out option? I think that will make it easier for you to pay off both the mortgages. And, I feel, a fixed rate would be ok. Moving on with both adjustable rate loans supposedly is quite tough for you and that's the reason why you wish to refinance.
"I want to sale my house and move soon as the market is better but I don't want to add $12,000 to my mortgage."
I cannot get what you're trying to say here. Can you please explain in details. How do you add $12000 to your mortgage?
God bless you.
Samantha
If you are planning to sell the house soon you don't want to pay any closing costs. It would benefit you to pay a higher interest rate rather pay high closing costs. I am concerned that they didn't tell you that. I suspect they plan on charging high closing costs and charging you a higher rate.
Keep in mind that you will have to pay a real estate broker a commission also if you don't sell it yourself.
You should shop around and find a knowledgable broker who will give you all your options.
Keep in mind that you will have to pay a real estate broker a commission also if you don't sell it yourself.
You should shop around and find a knowledgable broker who will give you all your options.
you should definately be able to refinance that place at a Great fixed rate for much lower than 12,000 dollars. i'm thinking maybe 5,000 unless there is some kind of pre-payment penalty?????? let me know if you have any questions.
Jared Evenson
Senior Loan Officer
First National Mortgage Sources
"jevenson@firstntlmtg.com"
[Email address deactivated as per forum rules. Thanks.]
Jared Evenson
Senior Loan Officer
First National Mortgage Sources
"jevenson@firstntlmtg.com"
[Email address deactivated as per forum rules. Thanks.]