Posted on: 04th Aug, 2007 03:51 pm
i had mortgage (2 year arm) . it was 80-20 loan and the apr on 80% was 5.5. being increased by 3 points to 8.5 from july 07 onwards. i called up lender and requested to reduce the points, they refused. i have no late payments and fico score of 640. how can i refinance?? any good lenders around (if any ). please advise or share your experiences..
Rocky, the first loan must be a arm, and the rate is adjusting on it to equal index plus margin that was set for the mortgage.
You can look to refinance the loan as there are no lates on it and your credit score is also reasonably good. But you know about the equity position of your house? Has it appreciated? To refinance the loan you have to contact a few lenders and know about the rates they are offering. If you find that rates offered are lower then you can apply to see if you'd be able to qualify or not.
Miller
You can look to refinance the loan as there are no lates on it and your credit score is also reasonably good. But you know about the equity position of your house? Has it appreciated? To refinance the loan you have to contact a few lenders and know about the rates they are offering. If you find that rates offered are lower then you can apply to see if you'd be able to qualify or not.
Miller
You can look to refinance into a frm, on frms you will atleast have the safety that rates will not jump after few years making it difficult to afford the payments.
Contact a few lenders, get quotes and compare to see who is offering better refinance terms. If your income and other details are satisfactory then you should not have problems with changing your mortgage to a frm. Present value of your house will be an important factor which lenders would be looking at. So you should check that too.
Contact a few lenders, get quotes and compare to see who is offering better refinance terms. If your income and other details are satisfactory then you should not have problems with changing your mortgage to a frm. Present value of your house will be an important factor which lenders would be looking at. So you should check that too.
loan - 599k
curent value - 620k
scoe - 640
debt - 20k
how can i refi?
curent value - 620k
scoe - 640
debt - 20k
how can i refi?
Hi Rocky,
At your credit score, you are likely to qualify for refinance loan at comparatively higher interest rates than if your credit had been better. By the way, which loan do you wish to refinance – is it the 80% loan or you need a combined refinance loan including both the mortgages?
At your credit score, you are likely to qualify for refinance loan at comparatively higher interest rates than if your credit had been better. By the way, which loan do you wish to refinance – is it the 80% loan or you need a combined refinance loan including both the mortgages?
I need to refi the 80% as 20 % is fixed..
"loan - 599k
curent value - 620k
scoe - 640
debt - 20k "
You have equity in the house and I don't see why you wouldn't qualify for a refinance.
640 score is reasonably good and you should be able to get approval for a refinance.
Have you contacted any lenders? What are they saying?
You only inquired about refinance with your present lender and he refused, contact few others and see what they have to say on this.
curent value - 620k
scoe - 640
debt - 20k "
You have equity in the house and I don't see why you wouldn't qualify for a refinance.
640 score is reasonably good and you should be able to get approval for a refinance.
Have you contacted any lenders? What are they saying?
You only inquired about refinance with your present lender and he refused, contact few others and see what they have to say on this.