OfflineLast year I inherited a piece of property that has a maxed out HELOC. Right now the HELOC is around 90% of the value of the home(estimated). This loan is with Wells Fargo.
With the prime rate being so low our current rate is 4.6%. But as that goes up we are going to need to switch this to a fixed 30 year loan. But the loan agent that I spoke with at wells fargo said because I have renters in the property they will not give me a loan for less than 8% and no lenders out there would either. When I told him that I am sitting on a pre-qual at 5.75% he first hinted that I was lying and then said it would never close.
Anyone know what gives with this? Should I just have my broker re-fi when the time comes? Is there some truth to what he is saying?
Thanks!
8% loan?!
Posted on: Wed, 10/21/2009 - 22:50
8% loan?!
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check your FICO score and shop around! Sounds to me like this MB (mortgage broker) is trying to continue to line his pockets. Call some of the local (smaller) lending institutions in your area to inquiry what rates they're offering base on your FICO score (and other required information of course).
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