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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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<blockquote data-quote="Richard L" data-source="post: 963033" data-attributes="member: 52972"><p>LaRue,</p><p></p><p>Do you know why they will not refinance your house? Are you upside-down on your loan (Owe more than the house is worth now)? You should be eligible for a VA loan at low, fixed interest rate? If you current loan is a VA loan, they are supposed to guarantee a refinance, but I'm sure there are some restrictions?</p><p></p><p></p><p></p><p>Have you tried other mortgage companies? With an ARM mortgage and the increasing interest rate, there is not much incentive for your current mortgage company to refinance since they stand to lose money because they loaned the money at a lower interest rate for the first 5-7 years.</p><p></p><p></p><p></p><p>I applied for a VA loan on my new house in Jan 24, 2010 and all the paperwork was approved within a month. I closed on the house Feb 19, 2010, with a fixed interest rate of 4.75%. No ARM's for me, thanks.</p><p></p><p></p><p></p><p>Since then I get at least 2 offers a week to refinance, or that I am eligible for a VA refinance. What's odd is that they are not offering any lower interest rate, which makes no sense to refinance for the same or higher interest rate. So of them have offered interest rates down into the 3% range, but they are BS just to entice people to call.</p><p></p><p></p><p></p><p>If you remember Jim Thompson (Real Estate broker and big NASCAR fan with a white ST) from some of the earlier Sport Trac meets. He was at the Memphis meet. Anyway, years ago I was looking to refinance my old house and I only had about 7-8 years left on my mortgage. He suggested I get a 15 year ARM mortgage, and pay it off in 7 years before the interest rate went up. I never could find any mortgage company willing to go for that deal.. and I would not go for any of the offers they tried to get me into :grin:</p><p></p><p></p><p></p><p>I hope everything works out for you and that you are not in any danger of losing your home?</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 963033, member: 52972"] LaRue, Do you know why they will not refinance your house? Are you upside-down on your loan (Owe more than the house is worth now)? You should be eligible for a VA loan at low, fixed interest rate? If you current loan is a VA loan, they are supposed to guarantee a refinance, but I'm sure there are some restrictions? Have you tried other mortgage companies? With an ARM mortgage and the increasing interest rate, there is not much incentive for your current mortgage company to refinance since they stand to lose money because they loaned the money at a lower interest rate for the first 5-7 years. I applied for a VA loan on my new house in Jan 24, 2010 and all the paperwork was approved within a month. I closed on the house Feb 19, 2010, with a fixed interest rate of 4.75%. No ARM's for me, thanks. Since then I get at least 2 offers a week to refinance, or that I am eligible for a VA refinance. What's odd is that they are not offering any lower interest rate, which makes no sense to refinance for the same or higher interest rate. So of them have offered interest rates down into the 3% range, but they are BS just to entice people to call. If you remember Jim Thompson (Real Estate broker and big NASCAR fan with a white ST) from some of the earlier Sport Trac meets. He was at the Memphis meet. Anyway, years ago I was looking to refinance my old house and I only had about 7-8 years left on my mortgage. He suggested I get a 15 year ARM mortgage, and pay it off in 7 years before the interest rate went up. I never could find any mortgage company willing to go for that deal.. and I would not go for any of the offers they tried to get me into :grin: I hope everything works out for you and that you are not in any danger of losing your home? ...Rich [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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