Financing in 60304>Question Details

blwegrzyn, Other/Just Looking in Oak Park, IL

Hello, currently I have a conventional loan ARM without PMI . The balance is 177000$ with 5.25% interest

Asked by blwegrzyn, Oak Park, IL Tue Apr 7, 2009

rate. Soon the new rate will kick in, and I have no idea what it could be. Can you estimante new rate somehow in case of arm mortgage type? Is it worth to refianance? At the same time I have a home equity line of credit for 22,000$. I tried to combine those two but my agent said: 'I have heard back from the other appraiser and he feels he can only appraise your home for what you purchased it for which is not enough to complete the refinance for. I think at this point you need to wait until the condo market increases in Oak Park. " I cannot believe that there is nothing that can be done. Is it possible to refiannace those two loans separatelty or they always have to go together? Please advice what to do next?
Thank you

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Hey Bankerdoug,

Just in case you hadn't noticed... this thread is 15 months old. I doubt anyone is reading this anymore.

Michael Cline
mcline@peopleshomeequity.com
0 votes Thank Flag Link Sun Jul 18, 2010
You can absolutely refinance the loans separately. I would talk directly to a lender to get a true idea of the value a lender would assign the property. This can sometimes be different than what a real estate agent would assign.
Web Reference: http://www.bankerdoug.com
0 votes Thank Flag Link Sun Jul 18, 2010
Watch for your rate change letter that will come 30-45 days prior to the change. If you want to "guess" before that look at your old paperwork like Michael sugested below and find the index and the margin.

As he said, you may be supprised and the rate may actually go down!
0 votes Thank Flag Link Wed Apr 8, 2009
it says:
it says that the rate can change on first of september 2010,
index is:"
the one yeay london interbank offered rate (libor) whic is the average of the interbank offerred rates for one-year us dollar denominated deposits in the london market, as published in wall street journal, the most current inddex figure available as of the date 45 days before each change date is called the currrent index"

then it says:
new interest will be calculated by adding 2.250 to current index
0 votes Thank Flag Link Tue Apr 7, 2009
Check with Orange. They have a very interesting ARM program that perhaps might fit your needs (and no fees).

Here's the link: http://home.ingdirect.com/products/products.asp?s=OMAHP
0 votes Thank Flag Link Tue Apr 7, 2009
Hi,
Find out what your index is(the 1 year tesury bill, etc) and what your margin is: 2.75%, etc. Your new rate will be the index + the margin. You may be pleasantly surprised if you have a low margin and good index. Ask your servicer or look at your old note for the terms.
0 votes Thank Flag Link Tue Apr 7, 2009
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