What mortgage lenders still hold out an "leeway ARM"?
I am looking at refinancing my primary residence to a pay option ARM. Are in attendance any lenders out there that offer this type of mortgage?
Answers:
You pay would have to be enough to qualify for the loan at the top expected interest rate for the loan. Too many lenders have be burned and they are being more restrictive on the qualifications.
Theres still some banks that offer this loan, but, you have to prove them that you are a good borrower. your pay must be very big (in a 100K in 200,000 laon and next to a big downpayment too, say 20-25%),
your job is highly very stable, no layoff has be happening in your company, and you own to have a huge amount of money in your money account that if you lose your job, you can verbs paying your monthly house payment continiously while looking for another job.
Some lenders still hold them, but they're nearly impossible to qualify for these days. Your finances have to be superb within order to qualify for that product.
you will find what you are looking for here, i did:
http://refinancemortgage.fsaenterprise.c…
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Answers:
You pay would have to be enough to qualify for the loan at the top expected interest rate for the loan. Too many lenders have be burned and they are being more restrictive on the qualifications.
Theres still some banks that offer this loan, but, you have to prove them that you are a good borrower. your pay must be very big (in a 100K in 200,000 laon and next to a big downpayment too, say 20-25%),
your job is highly very stable, no layoff has be happening in your company, and you own to have a huge amount of money in your money account that if you lose your job, you can verbs paying your monthly house payment continiously while looking for another job.
Some lenders still hold them, but they're nearly impossible to qualify for these days. Your finances have to be superb within order to qualify for that product.
you will find what you are looking for here, i did:
http://refinancemortgage.fsaenterprise.c…
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