We are condo owners in FL for 9yrs. Have never been late with a payment. Husband retired and are trying to lower our interest rate.

Asked by Sandy Vantine, Florida Fri Jul 5, 2013

Did the loan app and got the appraisal which was about the same as what we owe the bank. We were thinking of using some of our investment monies to lower the actual mtg. bank rate but the loan co is asking way too much. Can you advise us where to go now? Yes I should mention it is a condo. in excellent standing. Someone PLEASE help at misspeanut5722@gmail.com

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5
Annette Law…, Agent, Palm Harbor, FL
Fri Jul 12, 2013
Peanut,
In oder to get actionable direction more information is needed.
What is the approximate value of your condo?
What will be the pay-off of the mortgage on Sept 30, 2013?
What is your current interest rate?
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Now, it may be important to actually idenfy the property so potential posion pills can be exposed.
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With the additional information, the resources most responsive to your situation can be idenfied.
For instance, low cap properties are more suited to private lenders while big caps are best for local lender or larger organizations who specialize in debt instruments.
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As you know, real estate is a very agile industry and can be a complex endeavor when all the financing options are condidered.. The right reponses are completly dependant on accurate and reliable data.
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You need to call a multi-dimensioanl real estate professional in your area. They can direct you to the right local resources. Be advised. this is a business, not a hobby. Expect to compensate a professional for their professional services. To waste everyones time and effort with "co. is asking way to much" suggests you have other parameters. Like a stated, transparent, relaible, accurate information leads to the best results.
0 votes
Jason Nadler, Agent, Tampa, FL
Fri Jul 12, 2013
Hi Sandy,

Sad but true, I currently have a number of clients in similar situations that have made a decision to just sell and buy another home..... They are able to move to that "better" home or closer to work and lower their monthly payment by doing so.
0 votes
Sandy Vantine, Home Buyer, Florida
Fri Jul 12, 2013
Here's the answer in a nut shell. If you have good/excellent credit own 8 rental properties free of any mortgages at all and your only debt is the mortgage on the property you live in. NO bank or loan company will give you a refi. to lower your monthly payments unless your appraisal is over 20% of what you presently owe. If however you want to put up that 20% in cash (in our case that would be $22,000) then perhaps they will loan you the money. I remind you that we own 8 income properties have no credit debt and just want to lower our monthly payment not get any extra money. I can't believe this but it's true.

I suppose that if we don't pay out loan for a few months then they will help us out in refinancing. What a crap.
0 votes
Jason Nadler, Agent, Tampa, FL
Fri Jul 5, 2013
There are a few different lower cost alternatives to refinance.

1) Call your current lender and ask if they do streamline refinancing or in house refi.

2) Ask your current lender if they will agree to lower your interest rate (be careful, "trial payments" usually report late to your credit).

3) Seek out a major lending instituition and ask if they will do a HARP 2.0 refi on a condo.

These programs are set up for homeowners looking for rate reductions without some of the expenses of a traditional refinance. Condo communities are tough sometimes but not impossible. Shop around, each mortgage broker has different fees and spreads that they will put in thier pocket at your expense.
0 votes
Jason thanks but been there done that. Our bank will refi but only for the # of years left on the original mtg. That doesn't really help us. Also if you can believe this they don't want to refi us because we own 8 high income rental properties with I might add NO mtg. on them. They said they may do it if we had 3 rentals. I never heard of this at any other bank. My understand on HARP refi. is that you have to already have FHA, Fanny Mac or something else which of course we don't have. I guess I'll try Lending Tree and Quicken. Just don't know where else to go. Thanks
Flag Fri Jul 5, 2013
Antonio Vega…, Agent, Saint Cloud, FL
Fri Jul 5, 2013
Have you consider contacting on of the companies that advertise as "No Fee Refinance". Of course they must make money somewhere, so they charge slightly higher rate, but that should still be significantly less than rates from 9 years ago. Shopping around for rates will be another other alternative, but then your credit will be pulled. Have you considered simply going into a bi-weekly payment program? It will save you time and money otherwise paid as interest.
0 votes
No never heard of a no fee refi. will look. Problem is that we owe 97,000 and the appraisal came in at 90,00. Of course we think that wrong but would an independent appraisal we hired be better>
Flag Fri Jul 5, 2013
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