Steve M asked:
Hi, I bought my house in 2006 for $450k with no down. Interest rate for the first loan (80%) is 6.5% and I got the 2nd loan with 9.5%. Now the estimated home value is ~$400k. I know the interest rates these days are less than 5.5%. Can I get a refinance?
CARLTON
Hi, I bought my house in 2006 for $450k with no down. Interest rate for the first loan (80%) is 6.5% and I got the 2nd loan with 9.5%. Now the estimated home value is ~$400k. I know the interest rates these days are less than 5.5%. Can I get a refinance?
CARLTON
DYLAN
Can you get a bank to refinance your 450k loan for your 400k house?
No. The Bank of North Stupid has gone out of business–the only ones left are the sharp cookies.
Can you pay down your principle amount to 20% below 400k, then seek a loan at a great rate? Not likely, but that’s what you would have to do.
RODOLFO
You have one option.
First, call your lender(s) and ask to speak to someone in the Loan Modification Department. They should be able to help you get your
rate(s) down.
Please don’t fall for any of the Modification scams going on right now. Anything that they say they can do for you you can do as well directly with the Lender.
Godd luck and I hope this helps
CARLTON
Mortgage refinance of a property is quite hassle free and usually a good idea to save money.Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property.
There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster.