Question by : Is there a way to modify/refinance opportunities if you do not have hardships, if your in 5/1ARM interest loan?
I currently have a 5/1 ARM interest only loan on my home, I have been in the home for 3 years, and I have a hard time paying the mortgage and other bills to stay in good standing. Although refinance is available, I do not have hardships that would qualify me. Are there any opportunities that can help in lowering the mortgage to keep house out of possible foreclosure, or change the loan agreement.
Answer by Beverly S
You don’t have to have hardships to refinance. You can do a regular refinance as long as you qualify- rates are better than ever right now. You need a 620 or better credit score, 2 years provable income & equity in the home. Call any mortgage lender & have them look at it for you. Good luck!
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