Question by steve h: Am refinancing. What terms should i look for (and look out for) in choosing a mortgage?
Am reaching a balloon payment and need to refinance about 50% of the home’s value. I’m 50. I like the idea of securing a 30 fixed because I think it best insulates me from the potential downsides our economic short-to-medium term prospects. More specifically, how do I keep a failing banking system from dragging my home down with it?
Answer by Reena
Don’t worry about the failing banking system dragging your mortgage down… Whoever buys the portfolio from the bank becomes the new owner of your mortgage…. Most of the time you don’t even send the check anywhere else..
Worry about getting the house refinanced. Worry about having enough equity in the house to get a refi done. Worry about finding a lender willing to do it. You are 50 years old and intend to pay the mortgage until you are 80? You may be optimistic… the lenders aren’t.
Give your answer to this question below!
Don’t do any balloon mortgages! They aren’t stable and will not promise you the best rate on the market. I would like to offer my help for homeowners that have a higher interest rate than 4.5%.
My name is Sheila and I represent Wallstreet Mortgage Bank. I specialize in debt consolidation, counseling and refinancing, and want to see if I can help you with your mortgage.
I can go over some of the programs that my bank has to offer, along with a free quote for refinancing. I work with FHA as well as regular conventional loans, investment as well as commercial properties. We can work out a 30, 15 or a 10 year mortgage that will best suit your needs, and if there are any outstanding debts or loans currently in default, I would love to show you how I can help you manage your expenses, all in one simple loan.
My office number is (718) 376-2900 x12 and we are located at 275 Avenue U in Brooklyn, New York.
Would love to see if I can do something for you, so look forward to hearing from you.