Please advice my situation
I have my 1st loan amount $623,200, 5/1 arm interest rate 5.5%, Interest only payment. I bought house 2004, monthly payment 1st $2856.33
2nd loan amount $40,000 heloc adjustable rate 8.25%, montly pymt ~ $300. Purchase price $779,000 in 2004. Current value house est. $900,000
I have a hard time to make my mortgage payment, please advice should I refinance and what best program for me to do to lowest my pymt?
Thank you very much
Full Version: Loan advice
QUOTE(mortgageadvise @ Sep 21 2006, 10:43 PM) 
Please advice my situation
I have my 1st loan amount $623,200, 5/1 arm interest rate 5.5%, Interest only payment. I bought house 2004, monthly payment 1st $2856.33
2nd loan amount $40,000 heloc adjustable rate 8.25%, montly pymt ~ $300. Purchase price $779,000 in 2004. Current value house est. $900,000
I have a hard time to make my mortgage payment, please advice should I refinance and what best program for me to do to lowest my pymt?
Thank you very much
ASSUMING YOUR MID FICO SCORE IS ABOVE 620, I CAN GET YOU A REFINANCE THAT WILL REDUCE YOUR MONTHLY PAYMENT CONSIDERABLY. IT WILL BE AN OPTION ARM. FIXED FOR 5 YEARS, WITH THE OPTION TO CONVERT TO CONVENTIONAL FIXED RATE AFTER 3 YEARS WITH A TOTAL COST OF 2OO DOLLARS WITHOUT ANY QUALIFYING OF ANY KIND WHATSOEVER.
YOURS TRULY,
QUOTE(mortgageadvise @ Sep 22 2006, 12:43 AM)
Please advice my situation
I have my 1st loan amount $623,200, 5/1 arm interest rate 5.5%, Interest only payment. I bought house 2004, monthly payment 1st $2856.33
2nd loan amount $40,000 heloc adjustable rate 8.25%, montly pymt ~ $300. Purchase price $779,000 in 2004. Current value house est. $900,000
I have a hard time to make my mortgage payment, please advice should I refinance and what best program for me to do to lowest my pymt?
Thank you very much
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