Posted on: 13th Apr, 2010 05:37 am
we refinanced our home in 2007 and did a cash-out refinance. we had a va loan but were talked into an adjustable rate mortgage. of course, as you know, a lot has happened to the housing market since 2007 and when our rate started to adjust after 2 years it went down, along with our payment amount. it has adjusted every six months and we have had 3 interest rate reductions and our payment has gone down almost $200. however, i know these interest rates will not stay low and i want to refinance (no cash out) and get a fixed rate now so we can get a low rate before they start to climb.
we were never told anything about this a6 law when we refinanced and knew nothing about once you refinanced and took cash out your loan would always be considered that kind of loan. now because our house is supposedly worth less than before (we don't think so) we are having problems with getting someone to refinance at a fixed rate. what do you suggest? this is very irritating. we don't want any cash out this time; just a fixed rate.
we were never told anything about this a6 law when we refinanced and knew nothing about once you refinanced and took cash out your loan would always be considered that kind of loan. now because our house is supposedly worth less than before (we don't think so) we are having problems with getting someone to refinance at a fixed rate. what do you suggest? this is very irritating. we don't want any cash out this time; just a fixed rate.