I Need Some Refi Advice
I own a home in Indianapolis in which I purchased it 3 years ago. It’s been on and off the market for almost two years and is difficult to sale; being that the housing market is slow in Indianapolis for older homes in the inner city. I had a renter, but she just moved out and it’s even difficult to get another renter in there. I have one of those ARM mortgage rates and I believe the rate is going to get even higher any day now. The interest rate is 12.5% now. I started a refi process with a mortgage co. who first promised me a rate of 6.125%, and then the loan officer kept increasing it along with adding more closing cost on to it when I had to do a no doc loan. I would have to pay them over $2500 in closing cost (I was originally quoted $1695) plus about $800 for title fees and who knows what else. I already paid them $75 with my credit card and if the loan doesn’t go through, I won’t get it back. I’m wondering if I should even refinance at all (with any company) or keep trying to sell it. My goal is to sell it because I already own another home and can’t afford 2 mortgages. Even though the interest rates are climbing, I don’t know if it’s worth it to refinance – paying the extra closing costs and all. Any comments or suggestions?
Yes investors partner with people to have their credit used to finance deals. I do suggest that you also work on fixing your credit starting now so that you will have it in the future. You can get loans on your house even with bad credit to fund these deals because you will have a great LTV. I do suggest not resorting to this unless you have to. Attend local REIA meetings to network and find what local investors are doing. NOT ALL INVESTORS HAVE GOOD CREDIT. Thats why you have to be a "creative investor."
Thanks for the reply. I plan to go ahead and seek credit partner through an ad. I understand from seeing posts in the past on here that I shouldnt use this site as a method. Is it okay to seek out advice on where I might freely discuss deal ideas and possible financing solutions, is it okay to get web addresses in responses? I would like to pursue this and would greatly appreciate others input or possible deal ideas. Thx.