I have a 30 year mortgage at 9.75% with a balance of $32,000.00. No one will refinance for less than $80,000.00. I have 20 years left. What can I do?
Hi - You say "no one" will refinance for less than $80,000. Unless there is something about your particular circumstances there isn't any reason you can't find a lender to refinance $32,000. Mortgage financing is a nation wide business - meaning you have many options in finding a lender. I would check with the mortgage financing options advertised here on MoneyTips - there has to be a lender that can help you. Many Credit Unions like to do smaller loans - check in your local area. Good luck!. | 06.01.15 @ 21:00
You might also consider going to a local lender and getting a Home Equity Line of Credit (aka, HELOC) and then use that to pay off your first mortgage. The interest rate on the HELOC would likely be much, much less than than the 9.75% you are paying now and that would allow you to keep making the same payment, but more of your $$$ would be going to pay down the balance. That way, you get it paid off long before interest rates rise to the point where you might be paying 9.75% again.
Hope that helps! | 06.18.15 @ 21:27
Hi, Google, I do mortgages with loan sizes as low as 30K, as do many originators. These aren't loans that lenders typically target, and many lenders do put artificial minimum loan sizes in effect, but Fannie/Freddie/FHA/VA all allow small loans, even if the lenders you're talking to don't like to do them.
Have more questions? I write loans nationally, glad to help if you'd like more info, please contact me through my profile. | 06.01.16 @ 02:42