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I have to refinance my house to stay away from politics, I limit ADHD rental of my house. My house is currently for sale, but because of the economy, it could take months or years before sales and my family and I would like to move as soon as possible. When we refinanced, we could at least rent the house when it was suggested that the Bank dass.Die I have a 3 / 1 ARM or 5 / 1, because I intend to sell the house immediately. From what I hear, ARM are very scary and I’m not sure this is the best way. Help! Pls understand that I am not trying in the hope that this refinancing understand the goal of lowering my Geschwindigkeit.Ich also make a refinancing will add more money to my loan, but in the end I could probably still sell home at a price zahlen.Verkauf total loan amount of the house is my priority and I would not really praise them, but if it’s important, I order for my family in a bigger, better suited to bewegen . Mein house is priced to sell fast, but there is so much competition in Augenblick.Ich me considering refinancing rate out under the guidelines provided grant ADHD .. ADHD-I pay my mortgage, have been since I bought my house. I have to balance when I pay to sell the house, but it is not important for mich.Die Directive, which imposes ADHD is crucial for me can be read on the link below. It is about 12: http://www.thda.org/Programs/Mortgage/svcqstns.html

5 Comments
  1. Reply
    Big Al
    January 23, 2011 at 3:49 am

    Arms are very scary but if you know you can sell it in 3-5 years then you can do it. Now if you cant sell it and the rate goes up to 10% get ready to pay your butt off in interest.

  2. Reply
    Biggie @ Arbor Mortgage
    January 23, 2011 at 4:21 am

    Stick with the fixed rate. It is a lot safer.

  3. Reply
    Wango138
    January 23, 2011 at 4:53 am

    If you are planning to sell within the time frame of the ARM, you should be fine. However, if you are intending to sell immediately, you are not saving anything by refinancing. You are simply adding more debt that you will have to repay when you sell.

    Example. Say your payment is $ 1,000 now, and after the refinance it is $ 900. However, to accomplish this, you have added $ 3000 to the note. Now, imagine you sell in 13 months. You will essentially have paid $ 1,700 to not pay $ 1,300 over the year.

    I normally don’t suggest a refinance when selling the home is the ultimate goal within the very near future.

    Also, many of those ARM loans come with a prepayment penalty, which will also cost you a substantial sum if you do, in fact, sell.

    Finally, renting out a home can end up being a nightmare as well. There is no guarantee that you will find a suitable renter, nor be able to make the many repairs that could likely be necessary after the renter leaves and you attempt to sell again. Becoming a landlord out of desperation usually doesn’t turn out well.

    I would strongly suggest you rethink your entire plan, not just the refinance. You may be better off scraping together the cash needed to lower the price of the home and sell it immediately, rather than prolonging the process and possibly paying considerably more.

    **EDIT**
    Correct me if I am wrong, but THDA provides grant money for the purchase of a home in a targeted area. If you refinance, won’t you have to repay those bonds? Other wise, I am not certain what guidelines they have imposed that would make such a grave matter of concern.

  4. Reply
    loudevone
    January 23, 2011 at 5:23 am

    One cannot refinance a home that is on the market for sale. Firstly, the house has to come off the market. I would stay away from ARMS and try for a fixed. I will be happy to help you with this. If you want my contact information, let me know.

  5. Reply
    Jeromy W
    January 23, 2011 at 5:28 am

    I hate to break this to you, but if you proceed with a refi right now and the appraiser goes out to the home and sees a for sale sign, the entire process with stop right there, that is a big, giant red flag. If you review an appraisal, one of the main items an underwriter will look at is to see if the house has been listed for sale in the past 6-12 months. I would speak with a mortgage professional to see what the underwriting requirements would be concerning the sale of the home. As far as the refi itself goes, arm’s are not a bad option, either is interest only, the theory behind it is that if your not going to be in the home more that 3-5 years, why pay principle? If your going the arm route, be damn sure it’s for the time period, ie 3 or 5 year that your looking for. The interest only is pretty much the same thing, but they’re mainly a 5 year interest only payment, then it adjusts. I would also consider speaking to a realtor in your area as if you are in an area with home values decpreciating, an arm or interest only may not be the solution your looking for since if the house decreases in value, and you have an arm or IO mortgage, your principle may be higher that the house is worth, so be careful

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