Posted by Tim Fierro (Tacoma, WA) on January 03, 2003 at 24:01:18:
You missed this part;
“The rate is .5 to 1 per cent higher but i don’t have all the grief of qualifing.”
Plus, it isn’t me, it was James who was going to do it.
refinancing - Posted by James E. Richards
Posted by James E. Richards on January 02, 2003 at 06:53:59:
I own .40 acres with a 2 bdrm home,2 car garage and 75 ft. waterfrontage with a 32 ft. floating dock. My father lives in that home. I live on the next property which is 5.45 acres including a 4 bdrm ,3 story with a basement built in 1910. It’s an awesome old home, 12 ft. from waters edge. This property also has a just completed 40 x 120 five bay steel framed garage with a 14 ft. clearance. Built by my father,brother and me(i’m proud of this accomplishment). The garage has 2 bays heated. I also have 500 ft waterfrontage with 25 floating docks and boat ramp. Both homes are zoned marine/village residential. I owe $159,000 on a blanket loan for both homes. My interest rate is 8.68% for 30 years taken out in 1994. I now want to refinace getting my dads home off my loan. My home is worth 300,000. My last apprasial was in 1994 and was 169,500 without the garage built. My garage is worth $100,000 plus, this my guess of being worth $300,000. I want a loan for the balance only. I was told I could get a no-doc loan with no financial info required from a few lenders. This is new to me and was looking for some advice. The rate is .5 to 1 per cent higher but i don’t have all the grief of qualifing. I also have excellent credit(another feat i’m proud of).
Re: refinancing - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on January 02, 2003 at 10:12:05:
What kind of advice? Should you do it or not? This is a personal choice. By refinancing as you suggest, you will get the property off of the blanket that you want and you will also get a loan with little paperwork. So you have to decide is paying 1/2% to 1% more than your current payment is worth it to ‘you’.
Re: refinancing - Posted by Heather -Tx
Posted by Heather -Tx on January 02, 2003 at 23:00:43:
If you have excellent credit, Why are you willing to pay even a half percent more for a no doc loan ? Or am I missing something ?
Heather-Tx