Yes, you are not getting the lowest rate bc it is 100% financing. I just went thru the same thing not long ago. I was told if I put 20% down, I would get the best rate. Otherwise, I would have a slightly higher rate.
Math_Rocks wrote:Kind of a different question so I'll start another thread.I know all my FICOs and based on this site, the scores would qualify us for rates like 6.1% on a 30 year fixed. I started applying for mortgage quotes today and it seems like the rates are more in the 6.5 - 7.125% range. Is this because we need 100% financing? Or am I not getting quoted their best rates?
I would refrain from posting your personal e-mail on a public forum.
Please correct me if I am wrong. Are you asking my opinion on refinancing your home to buy out a Chapter 13 BK and pay Interest Only and then refi agian to get better terms. Again it depends. If you have great terms on your current mortgage now, I wouldnt touch it. If you have a lot of equity and just want to pay off the BK and take out some cash, maybe depending on what you planned on doing with the cash. Interest only loans in my eyes are for people who in the short term will have equity in thier home and are managing their cash flow for many different reasons. In simpler terms if you are not taking those savings and putting the extra cash into something that is going to give you a return, dont do it, if you dont have a nice chunk of equity in your home, dont do it, if it is just to have a lower monthly payment, dont do it. This of course is just my opinion and my change depending on each different scenario. Given what I interpreted in your post, there probably isnt an interest only producrt available for someone who is currently in a BK anyway, though there are some that will aloow to py of a BK as long as your payment history is perfect with the trustee. All of this contigent upon that I am the specialist you were referring to. Please forward any mortage related questions to my email at **personal email address removed by admin** unless everyone else dont mind mortgage info in a FICO forum.Thanks