soncristian asked:
Buy home @ 265.000 now value @ 210.000 how can i refinance or lower my monthly mortgage.(Current loan in 250.000 @ 7.00%, interest only)
JESS
Buy home @ 265.000 now value @ 210.000 how can i refinance or lower my monthly mortgage.(Current loan in 250.000 @ 7.00%, interest only)
JESS
DUDLEY
Check your options around the web. Your situation sounds reasonable. Get an idea of refinance rates by checking with the larger more well known companies first. I dropped you a resource to help you get started. Good luck!
Comment by Jaimie — September 17, 2009 @ 9:51 am
CRUZ
There are no programs to refiance if you are upside down. You may check with your current mortgage company to see if they can modify your exsisting loan.
Comment by Beverly S — September 19, 2009 @ 11:50 am
JOESPH
You can’t…unless you bring $55,000.00 to the closing table to make up the difference.
Comment by reenzz — September 22, 2009 @ 8:54 pm
DION
Obama didnt think this one through when he started encouraging banks to refinance people. You CANT refinance if you owe more than what your house will appraise for. You currently owe $250,000 but the home only appraises for $210,000. Plus—you can only borrow 95% of the homes value in order to refinance. So, in order to refinance your home, you would need to owe $199,000……which is quite a difference from the $250,000 that you currently owe. And, since you bought more home than you could afford and went with an “interest only” loan, you have NO hopes of ever paying any of it down.
Comment by lathom01 — September 23, 2009 @ 4:45 pm