What do you think about this? refinance question?
by Mortgage Rates on Thursday, December 2nd, 2010 | 6 Comments
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Run away! He refused to tell you the interest rate, a sure sign of someone less than fully honest and candid.
You should educate yourself more on how mortgages work. Lots of good and bad information on-line. Try Fannie Mae website.
generally, the interest rate you are quoted is based on, among other things, your credit history. Depending how far you are into your 10,15 or 30 year note, and whether you can roll the $9k into your note, this may be a good option for you…
Honestly 5.65% id pretty darn good for investment property. You should be grateful they are even modifying your loan, they do not have to, this is not your primary residence. They are simply increasing your net profit.
I don’t know what “online” thing you’re looking at, but no “online” estimator guarantees your entitlement to a specific interest rate. Underwriting will determine what APR you are offered. That takes into account your credit and income as well as the LTV for the loan (apparently 100% or more in your case).
A refinance is not a “loan modification.” I doubt that you can get your current loan “modified” on an investment property. You have the option to seek quotes from other lenders, if you can find one willing to refinance.
DO NOT SIGN THIS!! Obviously this is a BAD DEAL if he wont give you the answers you are seeking! and from what im getting it sounds like a terrible deal! He makes commision off of you,,, which is WHY he wants you so eagarly to sign!! First off WHY are you getting less monthly then the mortgage amount? you obviously made some sort of terrible deal along the way if this has happened. Your best option will usually be a separate lender or the federal government. The government offers refinance options through the FHA, but these options are only extended to victims of predatory lending. If you received a subprime loan, made payments before the rate adjusted and can no longer make payments, you may be eligible. Otherwise, shop your mortgage around to other traditional lenders. Try settling the debt?? If you fear you will face foreclosure, the lender may be willing to work with you in order to mitigate the potential losses they will experience if a foreclosure occurs. Lenders rarely recover fully if a home is seized and liquidated, especially in a bad market, so you may find this process easier than you think. Ask for a quote to settle the remainder of your mortgage. Then, shop for a new loan that would totally pay off that quote. The lender may adjust the remainder of your mortgage to a level more in line with the value of the home, mitigating your losses and getting you out of the upside down situation.
You have a bigger problem then a lousy broker. You cannot get a 4% interest on a commercial mortgage. That is not your primary residence.