Refi time

codeman671 · 08-18-2010, 01:42 PM

With the rates as low as they are now we have decided it would be a great time to refinance the island. We originally built with a 6.25% 30 year fixed. Being on an island, your typical conventional programs do not apply. Almost all of the banks I have talked to are either offering 5/1 ARM programs (which I have never done), or no solution at all.

Has anyone financed or refinanced an island property lately that can share their experience?

Little Bear · 08-18-2010, 01:52 PM

Quote:

Originally Posted by codeman671

With the rates as low as they are now we have decided it would be a great time to refinance the island. We originally built with a 6.25% 30 year fixed. Being on an island, your typical conventional programs do not apply. Almost all of the banks I have talked to are either offering 5/1 ARM programs (which I have never done), or no solution at all.

Has anyone financed or refinanced an island property lately that can share their experience?

We refinanced our island property 1 year ago with Merrimack County Savings Bank. I got 4.125% fixed for 15 years (w/ 2 points). The rates are even better now:

http://www.mcsbnh.com/rates/mortgageRates.php

Call Chris Hunt - she's great to deal with.

08-18-2010, 01:42 PM	#1
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,544 Thanks: 222 Thanked 829 Times in 500 Posts	Refi time With the rates as low as they are now we have decided it would be a great time to refinance the island. We originally built with a 6.25% 30 year fixed. Being on an island, your typical conventional programs do not apply. Almost all of the banks I have talked to are either offering 5/1 ARM programs (which I have never done), or no solution at all. Has anyone financed or refinanced an island property lately that can share their experience?