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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! Ask experts : http://index-go.com/finance-mortgage-bro... Source(s): http://index-go.com/finance-mortgage-bro... Ouch - you need K-Y with that loan. Goto a reputable (referral from friend or relative if can) mortgage broker. How long will you stay there, if a long time than fees divided by months is low and worthwhile to pay fees. OTOH if you were planning to leave in a month you'd not care about the nasty high interest rate. Me - I'd look at a 30-year fixed (assuming staying for 5+ years) and still do the 80/20 thing so you can dump the second loan when possible. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found after doing a google search : http://umgarticles.atspace.com/debt-cons... |
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