I was ignorant going into this and I think I might be screwed.
Has anyone any experience with this loan? It is an ARM and will go up soon.
Has anyone had trouble re-financing because housing values have dropped?
How much does it cost to refinance?
The thing is, I probably qualified for a better loan, but I didn't understand the credit score and I am trying to learn about it now.
2007-03-19 03:55:45 · 3 answers · asked by Deus V 2 in Business & Finance ➔ Credit
I would say you should refinance both your loans in to one loan at a fixed rate. you can have your closing closed included in your loan. I'm a Loan officer and can help you or answer any question you may have. Shot me an email if you would like me to answer any more question.
2007-03-19 05:43:05 · answer #1 · answered by cmruffin1 2 · 0⤊ 0⤋
The problem you have in refinancing is that unless you can pay for instance $5,000 in closing costs, they will take it out of your equity if you have that much. If you don't qualify for a fixed rate, an ARM is what you will get, only to go through it 2 years from now.
2007-03-19 12:25:28 · answer #2 · answered by St.Jeb 4 · 0⤊ 0⤋
Yes , you are probably in trouble . . .
The result of getting a loan BEFORE you do your homework and understand it .
Most persons are having trouble with refi which is why foreclosures are spiking upwards.
If you qualify for a fixed rate , get it now before your ARM spikes and doubles your payment .
Cost to refi might be cheaper than a double payment then foreclosure.
2007-03-19 11:18:04 · answer #3 · answered by kate 7 · 0⤊ 0⤋