gregorygarver.com

[cj]

Would you agree that 6.5% is a fantastic rate for a 2ND HOME refinance? No money down, not primary res., 30 year fixed, principal and interest, property located in New Mexico. Please, NO solicitations for business, just your professional opinons, thank you.I meant no down meaning, the house can just about secure that 80% LTV leaving 20% to cover MI. Loan may be an 85% LTV

[chezzrob]

i smell a rat, being that if you won the lottery, and went to pay it off, you will have to pay the full 30 years worth including the interest. this can be the trap in fixed rate loans.

[JohnG]

Depending on your loan to value, this is a decent rate. If you are getting this rate with no points, then it is very competitive with today's market. Also, if you owe more then 80% of your homes value, then this is a great rate.If you do not owe more then 80% of your homes value or you are getting charged origination or discount points, then this is an average deal.One thing to consider is that if this is considered a 2nd home and NOT and investment property then many of the underwriting guidelines for primary residences are honored. What this means is dont let your broker make a big deal about the fact that this is a 2nd home as that is not nearly as big of a detriment as an investment property. Let me know if I can help you further.

[yahoooo]

When you are refinancing you don't need down payment. You already own the house. If you still have a large equity in the house and not borrow it - you're in good hands. If you still have a good credit score - don't have any bad loans - don't get a cash out and don't get an ARM or adjustable rate for a lower rate to save a little money.

[ShawnaMarie]

I'd say it's a fantastic rate at 85% LTV! A primary residence rate wouldn't be much different, if it was any different at all. Go for it!