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Profile picture for JOEBRAZZEL

i ACQUIRED MY PROPERTY FROM MY GRANDMOTHER AND SHE HAD A PREDATOR LOAN, WITH THE INTEREST RATE 12%

aT THIS TIME THEINTEREST RATE IS JUST TOO HIGH AND I AM LOOKING FRO A CHEAPER RATE, BEFORE I HAVE TO LOSE THE PROPERTY.  PLEASE CAN YOU DIRECT ME TO THE CORRECT PERSONS THAT CAN HELP ME.  THXS
  • February 09 2010 - Memphis
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Answers (6)

Best Answer

Profile picture for Memphis Owners12
Because you are in Memphis, there is a special Tennessee loan that may help immensely-- the THDA loan program. 

Claire Bergman
Memphis, TN
  • February 09 2010
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Profile picture for FFG123
Joe:

You will have to refinance the property (if you are on title) it shouldn't be an issue if you have sufficient equity and good credit.  Best of Luck. 
We can help in Memphis. 
  • May 03 2010
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If you are currently on title, you will have to treat the process as a refinance. If you are not on title, try going with a standard FHA Loan and have your grandmother give you a Gift of Equity. You will be able to lower the rate and the gift will be considered your down payment so you will not have to come out of pocket any money.
  • February 12 2010
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Submit a loan request on Zillow. 
  • February 09 2010
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That rate is awfully high. If you qualify, your loan under FHA or Conforming can be as low as 5%. I would start with your local bank you have your accounts with. Then get a second estimate from a local lender either through the internet or using the phone book. Bottom line is you have lots of room for improvement on that rate and make sure you SHOP, SHOP, SHOP for the best deal!
  • February 09 2010
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Yes that is an extremely high interest rate. The going rates right now, depending on credit of course, are 30 yr fixed 5.25% and 15 yr fixed 4.25%.

  • February 09 2010
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