I lost my job idon't want to lose my house mom will refinance or get a new loan so we need to know which will be the best to do

Hello j:

The process is the same. You can certainly contact your present lender, but you lose nothing if you shop around for a better rate.

excon

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Originally Posted by jackie36116

i lost my job idon't want to lose my house mom will refinance or get a new loan so we need to know which will be the best to do

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we went to a lender she said that mom need to get a investment property loan because mom will not be living in the house
Is that true or can we get another type mortgage

Hello again, jackie:

It's true.

However, if the intent is to save your house in the short term for the least cost, having her cover your payments for a few months, will cost a great deal less than any refinance you could find.

The above assumes your job loss is just temporary.

excon

Quote:

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Originally Posted by excon

hello again, jackie:

It's true.

However, if the intent is to save your house in the short term for the least cost, having her cover your payments for a few months, will cost a great deal less than any refinance you could find.

The above assumes your job loss is just temporary.

excon

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interest rate for my house is 7.75 investment 5.7 so is a investment loan is the only loan she can get

Quote:

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Originally Posted by jackie36116

interest rate for my house is 7.75 investment 5.7 so is a investment loan is the only loan she can get

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Hello again, jackie:

Yes.

excon