I need to refinance to lower payments?

Question

We bougth our dream home two years ago, now is turning to a living hell because we're being late with payments no more than 30 days but is hard to not fall behind on everihing else car payments insurance oh! everithing else we have an income of $5000 we thoug it was enogh no,no. The larger mortgage was fixed for two years and is turning into an arm rider we have an interest of 7% on that one. The second is a ballon rider with an interst of 9% I would like to refinance and lower my payments also to get some cash out to make some home improvements some advice out there! Something else we can't apply for a gov loan since we have a co borrower.

Answer 1

You have many options out there, (even with the late payments), but more information is needed to accurately give you advice..

One thing i can do at this point is tell you some tips about choosing the right mortgage company..

First and foremost, you muct work with a LICENSED mortgage originator!! A licensed mortgage officer is going to be ethical, and follow all federal guidelines..

Your best bet is to talk with someone that has a portfolio of investors they work with. There are a couple reasons i suggest that:


1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...

2. If you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..

So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..

The most important thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs.


There are many mortgage companies out there, all having different things to offer. Fortunately for you, i can find out which one wants to lend to you at the lowesr rates and fees.

My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in refinancing , or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.

Feel free to give me a call at 312-264-6448, or
you can email me at [e-mail].


Thank You,

Jason Fry
Providential Bancorp
312-264-6448

Answer 2

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RE :I need to refinance to lower payments?
We bougth our dream home two years ago, now is turning to a living hell because we're being late with payments no more than 30 days but is hard to not fall behind on everihing else car payments insurance oh! everithing else we have an income of $5000 we thoug it was enogh no,no. The larger mortgage was fixed for two years and is turning into an arm rider we have an interest of 7% on that one. The second is a ballon rider with an interst of 9% I would like to refinance and lower my payments also to get some cash out to make some home improvements some advice out there! Something else we can't apply for a gov loan since we have a co borrower.
Follow 7 answers

Answer 3

whoa-- sounds like you bought too much house for your income and other debt.

Haven't shopped rates lately but figure a 30 yr is around 7% these days.

Suggest you go to a 30yr fixed or an interest only for the near term and then get into a house closer to what you can afford. Some lenders are coming out with 40 yr mortgages (that may be an option but pretty close to an interst only realistically)

Answer 4

This doesn't sound good at all. I don't understand why-if you bought a house 2 years ago-you didn't get a fixed rate, while the rates were low.

You may be in luck, if you're house appreciated in value significantly over the past 2 years--you should refi to a fixed rate, but I doubt you'll be able to lower the payments significantly--definitely not if you get cash out.

You need to cut spending immediately.

Answer 5

Hi I work with Chartermark a first bank mortgage co. I think you should refi and not get cash out to lower your payments, if you need help in finding out just email me and ill let you know if its worth it for you.
[e-mail]
www.chartermarkmoney.com

Answer 6

Have you tried 40 year mortgage?That may lower your monthly payment.

Answer 7

hi rosa, it sounds like the loan officer did not fully explain to you about the adjustable rates. i can provide you with some advice if you would like... please send an email to me about the specifics of your situation and i can advise you the best i can... [e-mail]

yourmortgagehelper

Answer 8

I need to refinance to lower payments?

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