How come you can find refinancing options a 425 000 loan for only 1 417mo? why dont they offer it?

Helene
For people who are just trying to buy a house and not refinance it? We are looking at a $400, 000 brand new home and they payments on that would be about $3, 000/mo. How come there is such a HUGE difference in payments??? Is it possible to go the regular way of refinancing and then 6 month down the road, refinance with the other company and save a heck of a lot more money? Or am I missing something here? Please help, we are first time buyers... THANK YOU!!!

Diana
The point is when you refinance you have built an asset by making the loan payments you already have. You then have something to back the loan up with (home equity) which makes you more creditworthy.

Amos
the chance of finding those loans that you are seeking is almost 0... new century financial is going bankrupt over these types of loans andthe stock market has dropped over concerns on sub prime loans you are crazy to try to bite off more than you can chew if you cant afford 3000 a month then dont buy a 400 000 dollar house

Cora
Every loan program has terms and conditions. Check out the loan programs from bankrate.com or see http://helpusellaward.com for some info. $400K by the beach is cheap in some parts of the country.