I have a 30yr fixed

Posted on: 10th Jun, 2007 05:53 am

i have a 30yr fixed with 7.258 int with stated income i need to refinance, i am being offerred an arm type cosi @1.95% for 30yr is this a good option?

Total Reply : 20

yes samantha, i have tried several lenders regarding a fixed loan, i have req a longer time period like 40ys but my paymts are not reduced enough to warrant a refinance, my last request was for fha loan but i don't qualify. i beleive that the main problem is that i am retired at age 60 and received a small pension, but wont be able to collect ss until 62.and all i qualify for is stated income loans. regards, nery

Anonymous

Posted on: 12th Jun, 2007 05:09 am

Nery,

There are some other loan programs out there similar to the one you are looking at however the rate is actually fixed for 5 years.....It would allow you to reach that point where a reverse mortgage becomes an option. If you speak with a good broker they should be aware of it. If not please don't hesitate to come back and ask more questions.

ckalvesmaki

Posted on: 12th Jun, 2007 06:16 am

Hi Nery,

If chances are that you cannot afford the refinance loan payments, then it's going to be difficult to manage the COSI ARM. Did your current lender suggest this option? I shall suggest that you look for some other lenders and find out what options they can offer you. With the mortgage industry coming up with so may loan packages, I guess there should be something for you too.

God bless you.

Samantha