I refinanced our mortgage in July and got a 3.625% 5-1 ARM (interest only).
You did not disclose your loan size, but in general, lender rebates are not super large on 5/1 arm products, and the pricing is worse for interest only 5/1 arms. There would not be a large enough rebate available to get you a significantly better rate at no points and no cost. A silghtly higer rate may be...

Is it possible for us to refinance?
I just read all the answers you were given and not one of them has offered you a true solution. The first solution I can think of is some kind of Co-signer/Co- borrower on an FHA loan. With you wife's good credit and steady job, she can buy a property with a co-borrower such as a parent, relative or...

P & R Conforming Loans in California?
It sounds like you mean a P & I (principal and interest) loan. Based on that, yes practically every other lender has that product and some at better rates, with better turnaround time. On top of that, Interest only mortgages are still available also with many lenders, as a means of keeping the...

Bankruptcy hurt mortgage chances?
No, but you'll need to RE-ESTABLISH your credit by opening new credit accounts. I suggest at least 3 new accounts. These accounts are to be opened after the discharge date. With newly established credit accounts paid on time since the discharge date, you'll be well on your way to getting a...

What is an ARM and can it be better than a FRM?
An adjustable rate mortgage is one that adjusts on a monthly, semi annually, or anual basis. Many adjustable rates loans in the past would adjust right after you got them, such as once a month, or once a year. Today the most popular adjustable rate products come with an initial fixed rate for a certian...

Refi to rent, or should I sell?
It sounds like you are living in the house. You could refinance it as an owner occupied loan to take advantage of the lower rates and pricing offered to owner occupants. You would then be obligated to live there for one year. After that, you can move out and rent it with the fantastic mortgage rate you got...

What do I need for a mortgage.
You are best off to get at least 2 more credit accounts, known in our business as tradelines. With 3 or more active credit accounts paid on time, you will be officially "creditworthy" as a mortgage borrower. If you also have some student loans that were not mentioned in your question, then you...

Refinance
You'll need to provide information on the other important issues such as your type of employment/income etc. We'll also need to show you have a few months housing payments saved in the bank. Once you know you will qualify, you could get the rate all the way down to 3.75% on a 30 year fixed for at...

10-year, interest only mortgage
Sharon,Please call me directly on my cell # 310-433-1703 to discuss your situation.I have access to over 20 lenders to broker to.They all have a 10 yr. fixed, and most of them will offer interest only for a premium.One lender will go up to 3 million on a 10 year interest only at 4.25% for no points.One lender...

Any advice?
Check and see if you have a Fannie Mae or Freddie Mac 1st mortgage.The HARP 2.0 rolls out next week allowing eligible borrowers to borrow at today's low rates in a negative equity position.Call me and I can walk you through how to check.It is easy to, check onlineGoogle fannie mae lookup, and then if...

Can I refinance with a score of 735 with little cash on hand
You are probably asking about a Conventional Fannie Mae 30 yr fixed type of loan.These are the best priced loans with no mortgage insurance premiums.They want to see at least 2 months P.I.T.I. (Principal, Interest, Taxes, and Insurance) in the bank and "Seasoned".They calculate the property...

Can I refinance with a 630 Credit Score?
You can refinance and You might want to get a 15 year or a 20 year mortgage in order to save a small fortune in interest charges over the reduced loan term.15 yr fixed rates are super low now sometimes below 3%Once your middle score falls below 620 you will have very few options.Try to keep your credit card...

Can I have a 600-700 dollar house payment
I just paid off my car last year. The payment was $687. I guess everything is relative. If you pay less for the house, you will pay less to hold on to it on a monthly basis. Like I paid off my car loan, you could eventually pay off this kind of small loan early such as 10 years or less and then you would have NO...

San Francisco Condo Refi
I have an Idea. Let's say the property were to appraise for $825,000. I would be able to get you a new first mortgage of 80% of the value which would be $660,000. and we would arrange the B of A second to "subordinate" to the new first for a remaining amount of say, $82,500.for what we call a...

do you have rates for 10 yr fixed with no closing cost?
Great Question!YES I HAVE RATES WITH NO CLOSING COSTS ON A 10 YEAR FIXED LOAN!I would say on a conforming loan amount of about $350,000 I could get you a rate of 3.00% or better for no points and no costs if you were a well qualified borrow. The bank will pay ALL the fees associated with this transaction...

Are there any HARP 2.0 lenders who will work with someone in Chapter 13 Bankruptcy?
I believe the minumun time required is 3 or 4 years after the bankrupcy discharge date. This is when you would be eligible for bank loans, and that is why you have been turned down now. Banks don't make loans to guys in Bankrupcy.One issue with bankrupcy is the re-establishment of new and good credit....

Worth refinancing?
If your home is going to appraise for at least $190,000., in today's market, then you could refinance the loan in to a NO PMI conventional loan.The way the math works is to keep the loan amount less than or equal to 80% of the home's value.Your current FHA loan probabaly charges at least 1% per...

What lenders are refinancing accidental investment properties under Harp 2.0 in California?
Why is the property "Accidental". Please let me know what you mean by that, and I am sure I can find you the right lender.I am a California mortgage broker with 20 yrs experience and many Harp 2.0 lenders.Please call me and Clarify.Jedd Nabonsal Cell 310 433 1703 Los Angeles Pinnacle Bancorp...

HARP 2.0 and LTV less than 80%?
If you can not benifit from the program there is no reason to use it.The rate will be lower with a conventional re-fi below 80%.If the property appraises low, and you would require over 80% Loan To Value, then you would need to consider switching to a HARP product to avoid PMI. Otherwise it does not make...

Looking to refinance my home loan.....
FHA has become the norm for this type of lending.Lenders don't like making high loan to value Second mortgages anymore.If a relative or friend of yours could loan you about $62,000, I believe I could get you a Conventional first mortgage at 80% of $625,000 with your own source for a private money...