Posted on: 02nd Oct, 2009 12:18 am
if i want to refinance my house and have a prepayment penalty for a year, what is the best option for me to do ,and which lender can pay my closing cost. are there any lenders who can takeover my loan and i am wiling to pay 10% of the loan amount so that i have equity in the house.
Hi annyb,
"If i want to refinance my house and have a prepayment penalty for a year"
If the mortgage note specifies that there will be a prepayment penalty if you refinance the loan within a certain time, you will have to pay the penalty.
"which lender can pay my closing cost"
There are lenders who can allow you to wrap the closing costs into the loan. But after the sub-prime mortgage crisis, not many lenders would allow you to do so.
"Are there any lenders who can takeover my loan"
I am not sure what exactly you intend to mean by this. I have not heard of any lender who takes over a borrower's loan. But if the borrower defaults on the loan, the lender can surely take over his property through foreclosure.
"If i want to refinance my house and have a prepayment penalty for a year"
If the mortgage note specifies that there will be a prepayment penalty if you refinance the loan within a certain time, you will have to pay the penalty.
"which lender can pay my closing cost"
There are lenders who can allow you to wrap the closing costs into the loan. But after the sub-prime mortgage crisis, not many lenders would allow you to do so.
"Are there any lenders who can takeover my loan"
I am not sure what exactly you intend to mean by this. I have not heard of any lender who takes over a borrower's loan. But if the borrower defaults on the loan, the lender can surely take over his property through foreclosure.
pure drivel anny
Thee is no escape from prepayment penalty
You need to pay the penalty if you pay in advance
You need to pay the penalty if you pay in advance
The best option for you regarding your prepayment penalty would depend on what you are trying to accomplish. If you just want to pay down your mortgage with your own money than you can typically pay down your mortgage up to 20% per year without incurring the penalty. As far as getting your closings costs paid, any lender can do that for you. Be careful though, they might charge a higher rate because of it. You should sit down with a certified mortgage planner and go over your options.
why did you want to go for Refi? it is very much clear that you can afford the mortgage. infact in a position to do 10% prepayment
lee there coudl be several reasons
Pay off the loan and borrow more from the house to invest soem where else etc
Pay off the loan and borrow more from the house to invest soem where else etc
well....with anny nothing is especially clear. go back and read up and you'll find that most of the posts are bogus and completely fabricated. that they make little sense in many cases only adds to the annoyance factor.
You keep it interesting George
keeping it "interesting" is, of course, beneficial because it keeps the public coming back for more.
that being said, however, it is not my intent to "keep it interesting," especially in regard to the nonsense i see in these forums all too frequently. this site is built upon valuable advice, that which can help someone. i'm not trying to be a nudge, nor am i trying to be "interesting" when i point out that someone's advice is ill-chosen or blatantly incorrect.
having been on here for about 2 years, i have a sense of pride about the output of this site, and i decry the negativity, the incorrect advice and the energy wasted.
that being said, however, it is not my intent to "keep it interesting," especially in regard to the nonsense i see in these forums all too frequently. this site is built upon valuable advice, that which can help someone. i'm not trying to be a nudge, nor am i trying to be "interesting" when i point out that someone's advice is ill-chosen or blatantly incorrect.
having been on here for about 2 years, i have a sense of pride about the output of this site, and i decry the negativity, the incorrect advice and the energy wasted.