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loan rate question

interest rates have gone up for me +1.5% since i purchased .2014, I have balloon mortgage and am looking to refinance. It seems, however that i might end up owing the entire balance or paying more in my month to month payments in a 30yr fixed. any recommendation? by bolow730 from Belmont, Vermont. 3 days ago Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

Hum.. Are you sure it's a balloon note? They really don't exist any more.. so it's odd that you have one.. That being said, if you do have a balloon payment and you don't make the payment, you will get foreclosed on. So, you either sell the home, or payoff the balloon note. If you don't have the funds, you will need to refinance... That's the reason the CFPB has classified balloon notes as "non-qualifying" loans.. they are very risky, and there are a ton of disclosures you have to sign acknowledging you understand the risk.. If your payment goes up, oh well. .that's the risk you took to get the lower payment.. Regardless, you still own the home, so if you cannot afford the payment, it's best to sell the home and buy something that's in your price range. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

3 days ago
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