Our condo in FL has been for sale for 2 years! Not planning for this…We need to pay off some bills cheapest acomplia to lower monthly payments. What is the best way to go to refinance? We want low closing and of course no pre-payment penalty. ARM? Fixed? Not sure where to start? Our credit union wanst about 5k for fees and closing!!
What Is The Best Short Term Loan For Refinancing Our Condo?
3 Responses to “What Is The Best Short Term Loan For Refinancing Our Condo?”
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I’m sure you will have about 5 people telling you they can help you out on here…no problem
I’ve bookmarked this site…http://loan.surveyland.org/
All the best to you.
I hope when you say your condo in Florida, you mean it is your primary residence and not a second home or rental property. I say that because the underwriting guidelines for those types of refinances are tougher to get than for owner occupied properties. If you do live there you should check into an FHA refinance or a VA if you are a veteran. In most FHA loans you can roll some of the financing costs into the loan. The only time an ARM loan makes much sense is if you are planning on selling the property before the term ends where the interest rate is adjusted for instance…………..in a 5 year ARM loan the interest rate will not be subject to change for 5 years. Since the beginning rates of ARM loans are less than fixed rate if you sell the property and pay off the loan before the 5 years, you will have come out ahead. Otherwise stick with a fixed rate.
You really need the best credit to have no prepayment penalty. As for fees, you aren’t going to get it for free. Do you know how hard the people helping you get a loan have to work sometimes? I know, I used to do it myself. If you are going to go short term, usually ARMs are the best deal. If you are planning on selling your condo soon, then I might even suggest an option arm, but if you think you are going to be living there for a while, STAY AWAY FROM OPTION ARMS LIKE THE DEVIL!