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I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?

Claudio F asked:


I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?
I have $67,934 mortgage+ $22,000 home equity loan=$89,934.
I want to pay it off in 15-22 years.
My credit score is 707.
The house is worth only $75k now.
We want to stay in the house for at least 5 more years.
Where do I find a good deal?

Alvin

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This entry was posted on Monday, May 25th, 2009 at 5:31 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?”

  1. Spock (rhp) Says:
    May 28th, 2009 at 4:37 am

    Jesus

    find a mortgage broker … in my area (So. Florida) there are no cash out in excess of appraisal loans and almost none with less than 10% equity in the house.

    of course, home prices here are expected to fall this year.

  2. Colanth Says:
    May 30th, 2009 at 7:22 am

    Jessica

    You’re not going to get a good loan for over 100% of value - pay down whichever one you can pay down fastest. If you’re only staying 5 more years, it may be more economical to not refi.

    But, if you still want to, go to lendingtree.com and see what you can get. If not now, let anyone who contacts you know that you’re still interested for the future, even if they can’t do anything for you now.

    I did that a few years ago - there was nothing available that I was interested in. Over a year later one of the people called me back with a 30 year fixed, 4.875% offer. Needless to say, that’s what I’m sitting with now.

  3. ADP_14 Says:
    June 2nd, 2009 at 2:21 am

    Cindy

    If the house is only worth 75k right now, i don’t think you will be able to refinance. The only thing I can suggest is to apply as much extra money every month as you can to the 2nd mortgage to try to get that paid off as quicly as possible as it probably has a much higher interest rate then the first.

    You don’t need to refinance to pay off the loan faster, you can just start making extra payments as you are able.

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