Profile picture for DRK47

What can I do to get more (or better) quotes for my loan request ZR-HSBVPJX

I'm one of the sheep that was lead to the slaughter back in 2006 when the mortgage market was 200% better than it is today. I bought an investment property locate in Springfield, MA for $193,000 with $10K down. The loan was not backed by Freddie or Fannie and I was told by my mortgage broker than I'd be "fool not to take advantage of a 5/1 ARM" so I did. The responsibility ends with me but it makes me sick to my stomach that a guy who's made every single payment on time, has a strong FICA score 750+ cannot not refi into a fixed rate. I borrowed a $154K first mortgage and a $28K 2nd and all I want to do is refi the 1st while the whole world bends over backwards to help the stiffs who don't pay their bills and should have never borrowed in the first place. There has to be a solution or a bank that would be interested in making a loan to someone with great credit who actually pays his bills one time and in full at 3 pts over the current market rates. How could that be a bad thing for a lender?? 7% interest fixed for 30 yrs when the going rates are between 3.75% and 3.99%. Even if rates jumped 2 points in the next 3 to 5 yrs the bank is still ahead of the game.

  • April 02 2012 - Indian Orchard
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Answers (1)

Profile picture for shapiroamg

Who do you pay your mortgage to? The AG Settlement might help if your loan is with one of the big five lenders. There is a piece in the settlement for those who wish to refi but are not owned by fannie or freddie.
Short of that, your best bet is speaking with your current lender. Perhaps there is a local attorney that could make the call for you. I know someone in my area. It may be worth a phone call/consult if you contact me through my profile.

  • April 03 2012
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