Posted on: 31st Oct, 2009 01:35 pm
I became disabled, divorced & unemployed in 2002. I refinanced my home only because I removed my ex-spouses name from my mortgage. I was talked into refinancing my house for 30 years; big, huge mistake. I am currently researching lending institutions that offer mortgages for disabled individuals at the best possible rate. I have a moderate balance left on my mortgage, therefore, I would like to get my mortgage paid off in 10 years but I can't find a mortgage company that will work with me because they will not be making money off of my loan. HELP, any suggestions?
moderate balance meaning what? it must be miniscule if you can't find anyone to help you out. of course, one of the problems here is that small-balance refinance transactions become hairy for lenders because there are "high cost" laws all over the place, and they prevent the lenders from charging "excessive" fees for a loan. some fees are of a fixed nature (an appraisal, for example). but an appraisal priced at $400 for a $200k loan and one priced at $400 for a $50k loan have a widespread impact on the overall price of a loan. i believe that's where the hesitancy comes in.
i'd like to see you find a credit union or a bank that offers a home equity loan at a reasonable interest rate. i surmise that they'd be able to afford you the opportunity to get the refinance done. it might cost a shade more than a conventional loan or an fha loan, but it may just be worth it to you.
i'd like to see you find a credit union or a bank that offers a home equity loan at a reasonable interest rate. i surmise that they'd be able to afford you the opportunity to get the refinance done. it might cost a shade more than a conventional loan or an fha loan, but it may just be worth it to you.