 |
Refinancing In 80s |
| |
 |
Dear Ms. Lank: I have a mortgage at almost 8 percent, now sold to a different company. I am a single lady in my early 80s. I notice rates in the 5 percent range. Interested in re-mortgaging at a lower rate. How do I go about this? |
| |
| |
 |
Start with your own mortgage company. If you have an FHA or VA mortgage, ask about "streamline" refinancing at little cost.That can be done at a different lender, if yours doesn't handle it. With a conventional mortgage, you can still talk with your present lender, to see if they have anything to offer.Otherwise, start looking at other lenders, or work through a mortgage broker. If your only goal is a lower monthly payment, you might start all over again with a 30-year loan. Lenders are not allowed to take your age into consideration; all you need is sufficient dependable income to handle the payments. If you are concerned simply with paying less interest overall, get a shorter loan, for approximately the years still owing on your present mortgage. |
| |
|
Edith
Originally published on May 15, 2005 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
