Posted by Mary Pierce on 1/11/06 6:26pm
Msg #87672

OT - refinance

Does anyone know any mortgage companies that refinance a loan under $50,000? I'm trying to refinance mine but my balance is only $38,000 and they are saying their minimum is $50,000.

Reply by Anonymous on 1/11/06 6:29pm
Msg #87673

What state are you in?

Reply by Mary Pierce on 1/11/06 6:38pm
Msg #87677

PA

Reply by Kate/CA on 1/11/06 11:19pm
Msg #87748

Why don't you just get a HELOC? I have seen several borrower's pay off their existing loans this way.

Reply by SLP_VA on 1/11/06 6:47pm
Msg #87679

Try QuickenLoans.com.

Reply by Mike_NJ on 1/11/06 6:48pm
Msg #87680

HELOC - Fix rate now if everything is good 8.1-8.25% adjustable 1% less. You won't find many place that will refi under 100K in NJ.

Reply by PA_Notary_II on 1/11/06 6:51pm
Msg #87682

Mary: I re-fied my low balance mortgage with a HELOC that I got for prime minus .50. While prime is slowly climbing, my interest is less than $30 per month and I can send any amount
towards principle I want. All local banks seem to have a 'special'. Got mine at BOA.

Reply by Mike_NJ on 1/11/06 6:53pm
Msg #87683

Sounds like the BNY deal, take 25K up front and get a 6 month deal on the interest rate.

Reply by BP/WV on 1/11/06 7:01pm
Msg #87685

Try Beneficial

https://www.beneficial.com/learn/HomeNewUser.jst

They are an excellent company and have a Pay Right Rewards program that you may be eligible for. Your contract rate will drop each year (up to the 12th) if you are not late (over 30 days) on any payments the prior year.

Reply by Mary Pierce on 1/12/06 8:30am
Msg #87782

Has anyone ever dealt with Wells Fargo for their mortgage refinance? I've been told their minimum is $15,000.

Reply by Mike_NJ on 1/12/06 9:42am
Msg #87808

Silly question - Why would you refi and pay a ton of closing cost, when with a good HELOC deal it will cost you nothing?

HELOC is the way to go for your amount.

Reply by PA_Notary_II on 1/12/06 1:32pm
Msg #87914

I agree, Mike. BTW, my HELOC started with Fleet Bank who was bought out by BOA. My rate has been, and will always be prime minus a half. Not a special deal...I was astounded by the offer which is why I jumped on it. Zero closing costs, and they sent docs directly to me for sigs and the only Notarization was the mtg...which I had a friend notarize. The bank even credited my acct for a $10 notary fee.

Reply by Rick_NY on 1/12/06 2:06pm
Msg #87922

HELOCs vs. Mortgage [Re: OT - refinance]

To the people who are advising "Mary" about what kind of financing she should take:

We don't know anything about Mary or her financial picture. How can someone tell her what product is right for her in that case?

A physician who prescribes medication -- no matter what the "wonder drug" can do -- without examining the patient, commits malpractice.