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  • May 7, 2008 at 1:39 PM #200740
    LarryTheRenter
    Participant

    HLS…Do you or do you know of anyone offering a refi of a rental property to an interest only loan in the 6% range without any points.??.I am still good in the loan to value issue (~60% or so), but have a 5yr ARM coming up in 6 months and just want to decrease my monthly payment and pay the principle down when I like….I know I would be paying slightly higher interest, although the overall payment would go down..

    Any ideas would be appreciated…

    thanks

    May 7, 2008 at 1:59 PM #200632
    HLS
    Participant

    That rate just doesn’t exist today for non owner, no points.
    It was around there the last week of January…

    If you plan to keep the property long term, you should want the lowest interest rate possible for the life of the loan, and be willing to pay a fee to get it.

    There are still WAY too many people playing games with ARMS that may get caught with there pants down when their rate adjusts and not be able to qualify for a refi. They could end up with a 10% loan in a few years.

    Historically, rates are ridiculously cheap.

    Most people who have the pay option arm~ Negative Amortization loans have NO chance of refinancing when their payment adjusts. They were screwed in to the worst loan ever invented for the borrower.

    The loan is poison and in most cases was sold by predators.
    People are/will be losing their homes and the worst is yet to come. Many high end homes were financed with these loans, and are worth much less than the principal balance owed.

    There may be a tsunami coming that few want to talk about because it isn’t here yet.

    May 7, 2008 at 1:59 PM #200673
    HLS
    Participant

    That rate just doesn’t exist today for non owner, no points.
    It was around there the last week of January…

    If you plan to keep the property long term, you should want the lowest interest rate possible for the life of the loan, and be willing to pay a fee to get it.

    There are still WAY too many people playing games with ARMS that may get caught with there pants down when their rate adjusts and not be able to qualify for a refi. They could end up with a 10% loan in a few years.

    Historically, rates are ridiculously cheap.

    Most people who have the pay option arm~ Negative Amortization loans have NO chance of refinancing when their payment adjusts. They were screwed in to the worst loan ever invented for the borrower.

    The loan is poison and in most cases was sold by predators.
    People are/will be losing their homes and the worst is yet to come. Many high end homes were financed with these loans, and are worth much less than the principal balance owed.

    There may be a tsunami coming that few want to talk about because it isn’t here yet.

    May 7, 2008 at 1:59 PM #200699
    HLS
    Participant

    That rate just doesn’t exist today for non owner, no points.
    It was around there the last week of January…

    If you plan to keep the property long term, you should want the lowest interest rate possible for the life of the loan, and be willing to pay a fee to get it.

    There are still WAY too many people playing games with ARMS that may get caught with there pants down when their rate adjusts and not be able to qualify for a refi. They could end up with a 10% loan in a few years.

    Historically, rates are ridiculously cheap.

    Most people who have the pay option arm~ Negative Amortization loans have NO chance of refinancing when their payment adjusts. They were screwed in to the worst loan ever invented for the borrower.

    The loan is poison and in most cases was sold by predators.
    People are/will be losing their homes and the worst is yet to come. Many high end homes were financed with these loans, and are worth much less than the principal balance owed.

    There may be a tsunami coming that few want to talk about because it isn’t here yet.

    May 7, 2008 at 1:59 PM #200727
    HLS
    Participant

    That rate just doesn’t exist today for non owner, no points.
    It was around there the last week of January…

    If you plan to keep the property long term, you should want the lowest interest rate possible for the life of the loan, and be willing to pay a fee to get it.

    There are still WAY too many people playing games with ARMS that may get caught with there pants down when their rate adjusts and not be able to qualify for a refi. They could end up with a 10% loan in a few years.

    Historically, rates are ridiculously cheap.

    Most people who have the pay option arm~ Negative Amortization loans have NO chance of refinancing when their payment adjusts. They were screwed in to the worst loan ever invented for the borrower.

    The loan is poison and in most cases was sold by predators.
    People are/will be losing their homes and the worst is yet to come. Many high end homes were financed with these loans, and are worth much less than the principal balance owed.

    There may be a tsunami coming that few want to talk about because it isn’t here yet.

    May 7, 2008 at 1:59 PM #200760
    HLS
    Participant

    That rate just doesn’t exist today for non owner, no points.
    It was around there the last week of January…

    If you plan to keep the property long term, you should want the lowest interest rate possible for the life of the loan, and be willing to pay a fee to get it.

    There are still WAY too many people playing games with ARMS that may get caught with there pants down when their rate adjusts and not be able to qualify for a refi. They could end up with a 10% loan in a few years.

    Historically, rates are ridiculously cheap.

    Most people who have the pay option arm~ Negative Amortization loans have NO chance of refinancing when their payment adjusts. They were screwed in to the worst loan ever invented for the borrower.

    The loan is poison and in most cases was sold by predators.
    People are/will be losing their homes and the worst is yet to come. Many high end homes were financed with these loans, and are worth much less than the principal balance owed.

    There may be a tsunami coming that few want to talk about because it isn’t here yet.

    May 7, 2008 at 2:02 PM #200637
    LarryTheRenter
    Participant

    thanks for the info.

    May 7, 2008 at 2:02 PM #200678
    LarryTheRenter
    Participant

    thanks for the info.

    May 7, 2008 at 2:02 PM #200704
    LarryTheRenter
    Participant

    thanks for the info.

    May 7, 2008 at 2:02 PM #200732
    LarryTheRenter
    Participant

    thanks for the info.

    May 7, 2008 at 2:02 PM #200765
    LarryTheRenter
    Participant

    thanks for the info.

    May 7, 2008 at 2:34 PM #200667
    cv2
    Participant

    Thanks HLS. I will count my blessings at 7% 🙂

    What happened to me is that when I refied 5 years ago, my broker gave me a 7% rate, 1.5% above owner-occupied. However, two years after closing, when I called the lender I found out that my loan was marked as owner-occupied. So the broker made tons of money on this loan. Yet I can’t do much about it.

    HLS, with your crystal ball, would you think that rate will rack up quickly? On one hand, with the economy in a slow down/recession, Fed wants to keep interest rate low to stimulate. On the other hand, inflation is rampant and they have no choice but to raise interest rate. Right now they put the economy concern over inflation but for how long?

    May 7, 2008 at 2:34 PM #200708
    cv2
    Participant

    Thanks HLS. I will count my blessings at 7% 🙂

    What happened to me is that when I refied 5 years ago, my broker gave me a 7% rate, 1.5% above owner-occupied. However, two years after closing, when I called the lender I found out that my loan was marked as owner-occupied. So the broker made tons of money on this loan. Yet I can’t do much about it.

    HLS, with your crystal ball, would you think that rate will rack up quickly? On one hand, with the economy in a slow down/recession, Fed wants to keep interest rate low to stimulate. On the other hand, inflation is rampant and they have no choice but to raise interest rate. Right now they put the economy concern over inflation but for how long?

    May 7, 2008 at 2:34 PM #200734
    cv2
    Participant

    Thanks HLS. I will count my blessings at 7% 🙂

    What happened to me is that when I refied 5 years ago, my broker gave me a 7% rate, 1.5% above owner-occupied. However, two years after closing, when I called the lender I found out that my loan was marked as owner-occupied. So the broker made tons of money on this loan. Yet I can’t do much about it.

    HLS, with your crystal ball, would you think that rate will rack up quickly? On one hand, with the economy in a slow down/recession, Fed wants to keep interest rate low to stimulate. On the other hand, inflation is rampant and they have no choice but to raise interest rate. Right now they put the economy concern over inflation but for how long?

    May 7, 2008 at 2:34 PM #200761
    cv2
    Participant

    Thanks HLS. I will count my blessings at 7% 🙂

    What happened to me is that when I refied 5 years ago, my broker gave me a 7% rate, 1.5% above owner-occupied. However, two years after closing, when I called the lender I found out that my loan was marked as owner-occupied. So the broker made tons of money on this loan. Yet I can’t do much about it.

    HLS, with your crystal ball, would you think that rate will rack up quickly? On one hand, with the economy in a slow down/recession, Fed wants to keep interest rate low to stimulate. On the other hand, inflation is rampant and they have no choice but to raise interest rate. Right now they put the economy concern over inflation but for how long?

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