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View Full Version : Refi time

codeman671
08-18-2010, 12:42 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, 12:52 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?

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.