Who wants to refinance my house?

Kathryn
I bought a house a year ago for $175, 000. I lived in it for a while but ended up having to move and with the house market so bad we all know it's not going to sell for awhile. I got stuck with a bad mortgage due to still owning another home when I bought this one (have gotten that one sold) so I have a pretty high interest rate and a $1405.00 payment. In a year my mortgage will increase $400. Since I had to move I rented my house out but only for $1200 since no one would rent it for more. I need to refinance it so my payments won't go up but also because I am not even making a profit off it and I am paying the difference in the mortgage plus rent and utilties and such for where I live now. I make $31, 000 a year plus a little extra and I have good credit. No bankrupcies or foreclosures and not one late payment although I do have a lot of open credit. Can anyone help me?

Genevie
Hello, Most people get an ARM in the beginning with intention on turning it into a fixed rate in the future for all the benefits of a fixed rate. So refinancing is a good thing for you. I work for a company that is very good at finding people the best rate for their particular situation. I know because I work there and I got my home loan here and I referred friends and family. On the website www.worldclassfinancialgroup.com you can find a lot of useful information. Or you can call them direct at (972) 782-2577 and ask for a certified loan broker. Go to the learning center under the information tabat the website. I would check it out even if you choose to go with another company. They do loans nationwide and internationally.I hope you find what you are looking for.

Bess
for someone to give you a quote they would need some more information, like your FICO score, the appraisal value and state..

Freddy
To me it seems like the bank made an error somewhere. The payment on your house is almost half of your income. They are not supposed to give you a loan with a payment equaling to half of your income. I would try to sell it, or look for a company that will refinance. Try to find a fixed rate, instead of an ARM. It may be tough, but I am sure someone can help you...Good Luck!

Maegan
Hi there! I've been in the mortgage business as a loan consultant for several years now and, based on the information you supplied, I see now reason why I would't be able to help you out. If all you owe is $175k, I could get your payments as low as $700 per month. No kidding! The only restriction is, I only do business in California, Arizona, Colorado and Minnesota. If interested, please email me: lindsayl@asmartloan.com

Faye
I am guessing you are on an adjustable. That can have it's goods and bads. Bad for when the intrest is fixed and low and bad when it's no longer fixed. Best bet is to try and refinance NOW, your mortgage payment is going to continue to rise and now would be the best time to refinance before your interest rate gets so high that you can not afford your payment. Can you give an estimate of how much you owe, and the value of your home now. If you refinance now you can try and get yourself on a fixed mortgage and not have the worry of your payment increasing in a couple of years. Either way I can try my best to help you or at least point you in the direction of someone who can.

Arline
Unfortunately a lot of people are in the same situation you are in. They are being force to refinance before there payments go up. With home prices going down and interest rates going up it's hard. I still believe however that if you have good credit, payments on mortgage and credit cards have not been late you should be able to refinance and get a good interest rate.Look in the web for information or call a local Realtor they can refer you to a reliable Lender. You can also go to your bank and get some information there.Don't wait to long interest rates are still going up and loans are getting tighter because of all the foreclosures and short sales. You can also email me if you want and I will be more than happy to guide you in the right direction.