About refinancing a house. Lower interest rates, change to another bank.?I own a house and have do so for around 5 years now. I have refinanced the house and both times I got screwed, first time the monthly payment was too high and now is a progressive tax rate and has been increasing. At the moment the interests of the house is around 11% and I am afraid that it will go higher. This... | |
Ok you have an adjustable rate note that is still sub prime from what you are saying. If your credit is good then a simple rate and term may work but only if you have equity in the home. No equity no loan. Bad credit no loan. You must have not less than a 620 credit score and that being the middle score of all 3 and the equity needs to be around 5% of the value to obtain an FHA insured Fixed note.
I am a mortgage banker in TN
Make sure that when you talk to the lender, you are not dealing with the collections department. Ask specifically for "Loss Mitigation" or "Home Retention". There are almost certainly modifications that can help you out. You need to talk to the right department to get the info you need, though. And do not hire a company to get the mod for you if they make any kind of "guarantee" about it or ask for the whole amount up front -- I used to work for one of those companies and I quit because they were asking me to lie to people and tell them not to take offers so they'd keep paying them longer. I now do it freelance. But you can do it on your own just the same, if you have the time.
You can certainly always at any business ask for someone higher in management to solve your problem.
If you have an 11% interest rate that is unusually high. Someone should be able to explain the reason for that.
There are loan modification programs available through most lenders in hardship cases. Just call your lender and ask if you qualify.
Find out if you are eligible for home loan modification.
