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Question about refi and current rates
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NancyD
I love this guy so much<3
Member since 5/08 1294 total posts
Name:
Nancy
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Question about refi and current rates
Just wondering if a person who was looking to refi would pay the same interest rate as someone who would be buying a house for the first time or if the rates were different.
Anyone happen to know?
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Posted 12/17/08 9:17 AM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Question about refi and current rates
the rates are the rates
however - not everyone qualifies for the lowest rate
there are other factors involved - credit, debt to income ratio, etc
and of course with a re-fi your house has to appraise and you must have equity in it
it's not as easy as saying- of the rates are lower and I want one
many people are applying for a re-fi- but unfortunately in this market with home values falling- it's very hard to get approved
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| Posted 12/17/08 9:52 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Question about refi and current rates
Posted by Beth1210
the rates are the rates
however - not everyone qualifies for the lowest rate
there are other factors involved - credit, debt to income ratio, etc
and of course with a re-fi your house has to appraise and you must have equity in it
it's not as easy as saying- of the rates are lower and I want one
many people are applying for a re-fi- but unfortunately in this market with home values falling- it's very hard to get approved
This last thing Beth listed it what is happening to us on our home in SC the valve has dropped so much in the past 2 year we have owned the home pre construction brand new and dropped $40,000 we can't refi because we have it as an investment home not our primary it sucks but hopefully there will be something we can do. Our rate will change in March since we took an arm with this home back 2 year ago never thinking this was gonna happen.
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| Posted 12/17/08 10:08 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Question about refi and current rates
even a loan modification is going to be hard on an investment property now
is it listed as an owner occ.?
FM me
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| Posted 12/17/08 1:19 PM |
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