Zillow Advice: Mortgage Types - I'm trying to find a no-cost refi loan, 7 yr. IO ARM. Not finding much out there. Any ideas? http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ Zillow Advice | Zillow Real Estate who in the world did you ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ who in the world did you find to do an interest only arm? <br/>do the&nbsp;freddie to freddie or the fannie to fannie &nbsp;loan. you won't need an appraisal. but you will have to get a fixed rate . Thu, 22 Oct 2009 05:44:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-22T05:44:00Z Thanks to all who responded.&nbsp; ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ Thanks to all who responded.&nbsp; I've got what I need, I think.&nbsp; Now I just need my house to appraise right and BofA to agree to subordinate....this could be a long process. Wed, 21 Oct 2009 19:27:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-21T19:27:00Z This depends on the state ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ This depends on the state your home is located and the amount of the new <a href="http://www.zillow.com/mortgage/">loan</a> amount.&nbsp; The rate for a loan like this is higher by .125-.50% becasue the closing costs are being paid for on the back of the loan.<br/>We have them in some senerios. Wed, 21 Oct 2009 15:55:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-21T15:55:00Z That seems a little odd. ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ That seems a little odd. When you submit a <a href="http://www.zillow.com/mortgage/">loan</a> request I would think that you would get several quotes.<br/>That product is available. Wed, 21 Oct 2009 15:49:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-21T15:49:00Z you'd be North of 4.5% for ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ you'd be North of 4.5% for that. Mon, 12 Oct 2009 22:40:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-12T22:40:00Z Call the top Colorado lender ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ Call the top Colorado <a href="http://www.zillow.com/directory/lenders/">lender</a> listed to the right,&nbsp;see if he deals with&nbsp;ING.&nbsp; Your <a href="http://www.zillow.com/mortgage/">loan</a> may not be the typical portfolio type and they do have stringent LTV caps by stste, but they have about the only 7/1 I know of that could cover your costs and still be competetive and also offer I/O.&nbsp; The 5/1 is priced even better.&nbsp; The guys below are right, the conforming ARM's are priced a bit lower however with the secondary market they typically cap the yield spread at a level that could not cover more that the <a href="http://www.zillow.com/mortgage-glossary/Origination/">origination</a> and many do not offer I/O.&nbsp; Keep in mind, with this yield, there would most likely be a pre-payment penalty for a year.<br/><br/>P.S. with the 30 year so low.......&nbsp; it is really a great time to not look at ARM's?? Mon, 12 Oct 2009 22:28:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-12T22:28:00Z I agree with Justin and Doug,&nbsp;and ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ I agree with Justin and Doug,&nbsp;and since you usually have to move the rate too high on an Arm to cover all closing costs, look at a no <a href="http://www.zillow.com/mortgage-glossary/Origination/">origination</a>, no <a href="http://www.zillow.com/directory/lenders/">lender</a> fee 7/1 where you are paying only hard costs. You should be able to recover the cost investment in short order AND get a much better rate. &nbsp;&nbsp; Tue, 06 Oct 2009 18:42:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-06T18:42:00Z Max premium available is ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ <p>Max premium available is not as high on ARM/IO <a href="http://www.zillow.com/mortgage/">loans</a> as on fixed rate.&nbsp; So there likely isn't enough available to cover closing costs and broker/lender compensation.&nbsp; You would have a much better chance for "no cost" on a 15 or 30 fixed rate product, but of course the rate and payment will be higher than 7/1 IO.</p> Tue, 06 Oct 2009 18:30:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-06T18:30:00Z call THIS GUY. He's been ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ call <a href="http://www.zillow.com/profile/ColoradoLender/">THIS GUY</a>. <br/><br/>He's been a great contributor to Zillow and an all around nice guy.<br/><br/>He's also the top lender in your area. Look to the right -------&gt;<br/><br/>&nbsp; Tue, 06 Oct 2009 18:20:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-06T18:20:00Z I might be able to help you ... http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ I might be able to help you depending on your <a href="http://www.zillow.com/mortgage/">loan</a> size, state, credit scores and homes value.&nbsp; We offer <a href="http://www.zillow.com/directory/lenders/">lender</a> credits to offset closing costs. Tue, 06 Oct 2009 18:16:00 GMT http://www.zillow.com/advice-thread/I%27m-trying-to-find-a-no-cost-refi-loan-7-yr-IO-ARM-Not-finding-much-out-there-Any-ideas/285823/ 2009-10-06T18:16:00Z