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| *Loan,banking and credit>>>mortgage loan |
Mortgage Brokers Advice Plz regarding a loan/refi 20 yr old investor!? |
I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It's suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that's $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don't want to go bankrupt in 2 yrs when rates go up! 7 months agoI'v been reading lately on the internet about the dangrous 0% down ARM loans mortgage companies give out so easily, I thought I was just a lucky one pft, no way, I got caught into it. But I want to keep the property I don't want to sell. Are my numbers correct or am I just a bad dreamin investor wannabe? My credit score when I got the loan was 700, I'v been paying everything on time so it should have gotten up there I hope I can get the fixed loan. I deeply appreciate your advice. Thank You in advance you probably can't refi (or if you do you won't save any money) because you have no equity. Why do you want to refi anyways? Yeah you might get a higher interest rate when you refi again before it goes adjustable, but its a trade off with the appreciation in the value of the property. If anything, you should refi into a 7-10 year interest only loan. They don't have prepay, youre not going neg am, and it keeps the payment low. No one will refi you cause you're probably at 100% LTV. If you did find someone to do it, it would be subprime and your rate would probably be 8+ lign="right" > Sign in to vote! lass="explain-text">Sometimes none of the answers get it just right. If so, pick "No Best Answer". Voters DO NOT get any points for voting on the No Best Answer. lign="right" > Sign in to vote! |
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