Posted on: 14th Jul, 2010 06:27 pm
hi,
we have 3 investment properties with a 7/1 arm to adjust in aug, oct & nov 2012. the rate right now is high compared to what they are now. 6.25%,
2 at 5.875%. is it possible the rate will go down in 2012 on these 3 properties?
the 6.25% arm margin 2.25%, arm index rate 4.311%, arm name one year libor.
what do these figs tell you? i can't find anyone who will refinance to a fixed because i have 5 mortgages in my name. one of them is a co-sign for my son's investment condo. he has always made all payments on the condo. i don't, but because my name is on the loan i can't get refinanced to a fixed. we have our primary residence which is fixed and no problem with that.
i would sure appreciate some guidance.
mary
we have 3 investment properties with a 7/1 arm to adjust in aug, oct & nov 2012. the rate right now is high compared to what they are now. 6.25%,
2 at 5.875%. is it possible the rate will go down in 2012 on these 3 properties?
the 6.25% arm margin 2.25%, arm index rate 4.311%, arm name one year libor.
what do these figs tell you? i can't find anyone who will refinance to a fixed because i have 5 mortgages in my name. one of them is a co-sign for my son's investment condo. he has always made all payments on the condo. i don't, but because my name is on the loan i can't get refinanced to a fixed. we have our primary residence which is fixed and no problem with that.
i would sure appreciate some guidance.
mary
Hi Moondoggie!
Welcome to forums!
It is difficult to predict the rates for 2012. The mortgage interest rates keep on changing on a day to day basis.
As far as refinance is concerned, it is true that lenders will not be ready to refinance your loan as you've 5 loans in your name. You can transfer two of your properties to your son and ask him to refinance them in his name. Then you may try and refinance the rest of the properties in order to get rid of the high interest rates.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is difficult to predict the rates for 2012. The mortgage interest rates keep on changing on a day to day basis.
As far as refinance is concerned, it is true that lenders will not be ready to refinance your loan as you've 5 loans in your name. You can transfer two of your properties to your son and ask him to refinance them in his name. Then you may try and refinance the rest of the properties in order to get rid of the high interest rates.
Feel free to ask if you've further queries.
Sussane