Refinance Home

Refinancing your home?

My husband and I bought a duplex that served as a triple. We did not realize that this made the bank nervous. It was a loan difficult to achieve, and we opted for having a low teaser rate (but it has negative amortization, although we have been paying more than the minimum.) since it was the first time he had ever owners and not know who our new tenants would be. Well, we are now living here six months and we are glad we did. We love the neighborhood, our tenants are excellent and have consolidated our office and the area lliving rent / mortgage under one roof. However, we a little nervous because I keep hearing about the mortgage industry is being very strict, due to market subprime mortgages. We both have excellent ratings high 700 credit we work for ourselves, we both have our own body, but I worry refinancing on 08 February. We pay our loans below and also get rid of the negative amortization. Am I worrying for nothing?

You have a very legitimate concern. The appraised value of the property will have an impact on the loan amount you can get, and the value of the property will be affected by the rate of rent as well as the intrinsic value real estate (location, construction, etc) Ratings based on rental income in history as required returns or interest rates rise. If the lender wants to see a 5 percent returns, $ 100 per year is worth $ 100 / 0.05 or 2.000. This is called "capitalized value" – the income divided by the maximum rate (expected rate of return). Obviously, if the maximum rate (required return) increases, the capitalized value DOWN. In addition, lenders have to package the loans and sell them to third parties, and it is necessary to show that loans are going to pay, so the borrower needs be stricter than they have been in the recent past. In addition, to sell loans require third parties to want to invest in loans, and raise the risk of (Default risk) required returns rise, which means that interest rates are higher, and income needed to qualify for a loan increases. You should start NOW to ask the question about rollover or refinancing your existing loan. If you do not qualify, it is best to know early if they have to sell property to avoid default on the loan and ruin your credit rating. Learn from lenders NOW. Waiting can lead to negative consequences if you can not refinance. Hope this helps. Jeff

Dial-A-Refinance Home Mortgages does not Work Rep. Waters

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