new loan payment restructure & pull addistional equity

Posted on: 24th Jun, 2008 11:14 pm

how do you get a fixed rate if your home is valued at 785,000. &you owe 402,000. but you want to pull out another 100,000. and you want a fixed rate 30 yrs your income is 3200. a month what can you do what payment are you looking at?

Total Reply : 3

hi bettiboop.

welcome to the forum.

i think you opt for cash out refinance and turn your present loan in 30 year frm. know more about cash out refinance at http://www.mortgagefit.com/cash-refinance.html

for it have you talked with your present lender? so consult with your present lender and see if he can help you out.

best of luck,
larry

larry2

Posted on: 24th Jun, 2008 11:44 pm

You can contact your current lender or there are a pool of lenders here who can offer you a quote. They will be able to tell you how much you will be able to afford with a monthly income of $3,200.00. You can also learn about the alternative ways other than refinancing. Here is a link just click on it to request a quote from our expert lenders.

http://www.mortgagefit.com/quote/

Thanks and Regards,

Jeanette Smith
Mortgage Planner
Union Mortgage Group

Jeanette

Posted on: 25th Jun, 2008 04:37 am

There is absolutely no way that you will qualify on that income. Please do not tell me you are in an Option arm and making the minimum payment? If you are you need to consider selling before the time comes when you can no longer afford the payment. A fixed rate loan at the amount you owe now, with taxes and insurance will be more than you make a month. I am assuming the option arm (pick a pay - Neg Am etc) because there is no other way you could afford it based on the income. I am sorry to be the bearer of the bad news but you need to know where you stand. Onyour income with ZERO other debt you may qualify for a fixed rate loan for around $225,000

Good luck
Brian