Keeping the NON-qualifing assumeable feature? - Posted by EJH
Posted by EJH on December 02, 1999 at 15:07:17:
We have a 20 year old 4 plex, we bought 5 years ago by assuming a non - qualifying assumeable loan at 9.5% with 17 years left to go. ( Yea, we bought it wrong) Today’s value is about $165,000.00. We owe about $128,000.00, PI is $1,245.00. The lender (GMAC) is offering a refinance to a conventional loan at 7.75% - 15 year note. New balance would be $132,800.00 and the new PI would be $986.00 and rolled in the closing cost ($4,800.00) in to the loan. ( or keeping the non - qualifying assumeable of course add those cost too)
What Makes sence?
Thanks in advance for you advice,