My adjustable rate has gone up this month and will go up again in 6 months.
Will I be able to get a fixted rate with credit scores between 680 and 720.
How do I go about it and will I have to have my home apraised? I bought the house for 160000.00 and now owe about 130000.00 on it. How much will they refinace, all of it or only 80%.
The rate is going to kill me.
2007-05-29 07:50:51 · 8 answers · asked by lizabet17110 3 in Business & Finance ➔ Renting & Real Estate
It sounds like you can probably go through the existing mortgage holder to get the best rate/low closing costs. My fiance did this with his mortgage (I couldn't beat the rate/closing costs because they held his mortgage). He closed in 10 days and there was no need for an appraisal.
If your mortgage holder is just a servicer of the loan then call up any bank and get it done. It's cookie cutter from the sounds of it!
2007-05-29 08:50:43 · answer #1 · answered by Deme21 2 · 0⤊ 0⤋
You can, and perhaps should --- but you need to compare the adjusted APR with the rate you could get for a new mortgage, on which the rate for a 30-year fixed payment amortizing mortgage is now running about 6.25% for someone with decent credit. Talk to your bank. Also, check out www.mlcc.com, the real estate lending arm of Merrill Lynch. And yes, you will need a new appraisal; you can probably get an idea of what the place is worth from zillow.com.
2007-05-29 07:57:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You will get a good rate and may not have to have an appraisal necessarily. You need to get a good loan officer to walk you through these steps and to help avoid any pitfalls. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
2007-05-29 12:57:40 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋
It sounds as if you are the ideal candidate to convert to a fixed rate mortgage. Your credit scores are good, and you owe $30,000 less than it is worth. Head for a qualified mortgage lender before your rate increases further. 30 year fixed rates are now in the low 6% range, which makes it an ideal time for you to refinance.
2007-05-29 07:57:00 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Call toll free 1866-272-8492 Direction finanacial in warren, mi
call that # and ask for Tori
to get a free mortgage assesment (mortgage quote)
just to see exactly what we can do for you
or you can look at the web site www.directionfinancial.com
but do not fill out an app on line talk to Tori first just to see what she can do for you.
2007-05-29 16:45:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Just want to say be aware of people who are saying to you that they can get you a 6% rate. I think someone on these threads is trolling for business. How can they "get" you a rate from the bank without even looking at your situation. Cmon buddy, go get business somewhere else.
2007-05-29 08:25:18 · answer #6 · answered by jedibratt 2 · 0⤊ 0⤋
Yes, yes, yes!!!!!!!!!!!!!! Ask your loan consultant about a "streamline refinance" If you qualify (no second mortgage, good credit) you won't need an appraisal and it can close quickly letting you take advantage of a short term lock at a lower interest rate.
2007-05-29 08:20:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can definitely get a good rate with those credit scores and where you stand in your loan to value. I think you're almost in conforming (A paper) guidelines for lenders. My broker takes care of everything for me. Maybe he can help you out, just email me and i can give you his contact info
2007-05-29 10:37:45 · answer #8 · answered by Anonymous · 0⤊ 0⤋