I have a jumbo loan that was purchased with a 5 year interest only arm which will adjust in August. I have great credit, what steps should I take to refinance before it adjusts? I live in Oregon. by jjsikls22 from Portland, Oregon. Jul 21st 2010
What is your loan amount? Also what is the approximate value of the home?
Depending on whether you want another adjustable or fixed rate, we can offer you VERY low rates on either. I would be happy to email you a free quote. Please send me an email to adennie@fmbranch.com and I will get it to you today. We are direct lenders and can fund your deal rather quickly. Thanks.
You might not want to get another Jumbo loan. You may be better off with a conventional loan for $417,000 as a first mortgage and a second mortgage for the rest. It has to be done right. Details matter.
The first step would be to get an approval. I can go over the necessary documentation needed to get the approval and the best available loan options for you. You can reach me at 503-577-3895. My office is in Portland. I have been a mortgage banker for 13 years and I look forward to helping you! Thanks. Lea Snyder - Summit Mortgage - www.leahomeloans.com - 503-577-3895
All of these people have not given you the key question that needs to be answered before you do anything: What will you loan adjust to when it resets? With interest rates as low as they are, your reset MAY result in a lower monthly payment that what you are paying now. Find out from the bank what your new monthly payment will be upon reset. Then make your decsion. If you have any questions call me at 877-662-3321 x-102. Joe Shamie
Possibly, what is your interest rate? What is the index and the margin it is tied to on your loan? Call me and I will ask the questions you need to make the right choice for you. Helen Williams 541-341-1400 x 3104
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