Few weeks ago, I mention in on of my post I have a difficult time getting refinance of my condo. I bought this condo with 20% down pay. After few repairs and remodel, I put the condo back on market for sale, aiming to flip it in short period of time. However, market turns and demand affected quite badly by the sub prime turmoil. After 2 months of listing, I wasn't able to sell it the price I wanted. I decide to take it back and get a refinance to get back my original investment as cash so I can move on the next investment projects. It was very difficult, most bank refuse to lend me money since the house was just listed on market. The bank's underwriting guideline was very stricted. After countless attempt of visiting banks and mortgage brokers, I finally found a broker who found the Bank willing to loan me money. This is ING lending. After all the process (which take about 1 months), tonight I finally get the refi done and able to pull out most of my original investment. My interest was 6.875%, fixed for 5 yr ARM, interest plus principle payment, with 90% Loan to Value ratio, one loan. Not bad.
Monday, September 17, 2007
Subscribe to:
Post Comments (Atom)
3 comments:
Congratulations for your refinance. There is a lot of lay off these days in many mortgage company, refinance is really challenging.
Hey congratulation! With interest rate going lower, maybe you can re-refinance soon with better rate :P
Yeah, I'm so glad to hear FED drop their rate today by 0.5%! Not only it will help the mortgage market, stock market take a big JUMP right after the news. More opportunity will arise soon.
Post a Comment