This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.
I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.
For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.[/quote]
