AMPinvestor 0 Report post Posted March 25, 2003 I have a house that I purchase for $15,500.00 and is worth approx. 35-40k. I want to refinance it and take the money and reinvest.They lender wants me to take about 7% apr. (for going stated) pay about $2300.00 closing costs with a three year prepay.I would like some insight and suggestions. I was thinking of doing the deal asking for a higher interest rate to lower closing costs. And if the prepay is 3% the first year it will be 2% then 1%. At this rate 3% is $900.00 and it wouldn't be to much of a hit to pay the prepay in the even I should find an out right buyer, I will more than likely L/O it. I now look to the wise people of my investor forum for help in a creative manner that will befit me most. Thanks guys/gals.Shane Share this post Link to post Share on other sites
-Tony- 0 Report post Posted March 25, 2003 AMPinvestor, I believe the is a paper refinance, were there is no closing cost. that might be just to get a better intrest rate. but never hurts to ask..... Tony Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 25, 2003 Shane, my suggestion is to shop around. There are no shortage of mortgage brokers who want your business, my friend. Call around, even shop online, and tell them your situation and what you're trying to accomplish. The cream will rise to the top and you'll find one or two who can offer you what you need with terms you find acceptable. Share this post Link to post Share on other sites
