Tags: 2nd mortgages, approval credit cards, apr cards, b sides, california interest rates, company b, credit cards online approval, current interest rate, fha loan, fico score, fico scores, film projects, incentives, instant approval credit, instant approval credit cards, interest fund, iowa tax, loans mortgage, mortgage company, mortgage interest, mortgage llc, new mortgage, report mistakes
6.75% is average for 30 years fix loan.
8.675 is high of course, but you don't have down payment, lender wants high rates to compensate.
It is hard to find another lender to give you better rate.
I would stay away from adjustable loans or interests-only, because housing market continues to slump. Adjustable loan is "toxic", which means if rates go up while housing price stays, you will in bad spot.
As for interests-only, mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
If you want to go ahead with your plan, threaten to back out, they probably will give you incentives without asking you to use their lender.
Good luck!
Would you consider dela
[...] View original here: Is it possible to refinance 1st & 2nd… [...]
[...] Read the original: Is it possible to refinance 1st & 2nd mortgages for a brand new … [...]