“8.75% and a 3% Pre-payment Penalty”
Good evening Joe,
I was advised to contact you by my buddy Greg XXXXXX. I’m looking to refinance a rental property I fixed up this summer in Willimantic. I found an offer for 8.75% for 30 years, with a 3% penalty for prepayment before 5 years. My credit score is 675 Transunion and 686 Equifax. I have been told I can find better terms, and that you may be able to point me in the right direction. I appreciate your time and consideration.
Thank you, Pedro
A few years ago, this mortgage market place was called sub-prime. Now it is called Non-QM. Basically, a fancier name for similar types of loans.
The truth is there is a need for these loans and there are many clients that can’t get regular conventional or government type loans.
The bottom line, there is a demand, but these loans are pricey. As they say it is the cost of doing business in this marketplace.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
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Manchester, Ct. 06042
Office: 860 647-7701 x116
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