Any suggestions on how do I lower my monthly payments on Condo? (credit score, fee)

[minhaj]

I bought a studio apartment in Arlington, and the mortgage comes to about $1200/month. Then there is the condo association fee that is about $285. So I am almost paying $1500/month!!

My credit is clean but maxed out. Do you know how I can lower my mortgage payments? The interest rate I am paying is: 7.25%.

Is there some nice place I can go where they would pay off my loan and give me a very good interest rate which would lower my monthly payments and allow me to live happily ever after?

[pghquest]

Actually there is, its called ANY OTHER BANK willing to refinance your loan..

[minhaj]

Does it help if I get rental income on the condo?

[pghquest]

Originally Posted by minhaj

Does it help if I get rental income on the condo?

Depends if you live in the condo or not. If you live elsewhere, then the condo is an investment property and interest rates are different for investment properties vs homeowners.

[expatnortherner]

It depends on how much equity you have in the condo. The lower the equity, the harder it will be to get a different loan, especially in these times.

Ex-Pat

[Oildog]

Had the same deal when living in Chicago...$325/month in association dues on top of the note...ouch. Try to build enough equity, at least 20% so you dont have to pay PMI, then shop other banks for lower rates.

Careful as each time they run a credit check it may affect your credit score.

[minhaj]

Thanks guys, no I dont live in it. I had to give it up for rent. I guess I am out of options at this stage. I am just going to try and survive for now and make the mortgage. I head about FHA but they require a down payment.