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Am I wasting my money(appraisal fees, etc.) in trying to re-fi my 1st and 2nd mortgage?

I have a 1st(6%) and 2nd mortgage(8%) with a total amount of 185,000
owed. I refinanced in 2008 and at that time home appraisal came in at
223,000. I have no idea what a new appraisal will come in at in this current market. I live in a rural area with few sales and varied home styles. Do you think it is possible for me to re-fi to lower my payments
or am I throwing money away on appraisal fees, etc.
Any suggestions as to reputable lenders? I live in Dwight, Il. 60420.
Thanks in advance for any advice.
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December 28 2011 - Dwight
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Answers (3)

Also posted on your earlier submission.

In addition to the comments made already it is important to know when you took out the second mortgage. If it was less than one year then your transaction will be subject to more strict guidelines as it is considered to be cash-out.

My assumption is that your property is probably worth enough to refinance FHA if your second is older than a year old.

Good luck and Happy New Year,

Mark
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December 29 2011
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Thanks, I checked those websites and neither owns my mortgages.
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December 29 2011
Your best chance is to find out if your primary loan is owned by either Fannie Mae or Freddie Mac, if so there would be a good chance you can at least refinance the primary loan into something better.    Check on that first before you apply for anything.
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December 28 2011
 
Related Questions
Am I wasting my money(appraisal fees, etc.) in trying to re-fi my 1st and 2nd mortgage?
Profile picture for Mark Collins
Latest answer by Mark Collins
December 29 2011 | 3 answers
  • Asked by kenmo14
  • In Refinance
  • December 28 2011
Mortgage Rates
 
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