I heard on CNN that one might be able to enter into renegotiation of a sub-prime or low interest rate with the lender. I have one that will expire in June 2008, but carries a penalty of about $2000 (at this time) and less as the maturity of the loan matures.
I was not told that this was the type of loan I had applied for, although when I signed the papers I was surprised that my interest payments would skyrocket after three years and that if I refinanced before that time that I would have to pay penalties.
My question is directed at mortgage professionals in that can I ask and obtain a current interest rate without paying those penalties and without paying typical refinancing fees (closing costs)? What questions would I ask or how would I answer questions regarding transitioning to a fixed rate?
On CNN Donald Trump stated that, "The lender does not want your house". He continued by saying to "negotiate" with the lender to transition to a fixed rate. How do I do this?
2007-09-26
18:27:45
·
5 answers
·
asked by
Boomer
5
in
Renting & Real Estate