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?

Asked by goggle

3 Answers

Log in or sign up with email
By submitting you agree to our Terms of Service
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
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
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:33
Answered by Todd VanDenburg, Financial Adviser in Santa Rosa, CA
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
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:33
Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
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
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:33
Log in or sign up with email
By submitting you agree to our Terms of Service
Free MoneyTips Membership!

Get FREE, full access to MoneyTips.com

Answered by

Kim Miller
Kim Miller, CFP®PRO+ in Redmond, WA

Related Questions

Q&A
Asked by Julie Long
Q&A
Asked by Esteban