Profile picture for user0102389

Can I refinance? Thanks.

Can I refinance.  Here's my Stats.

Bought in 2010
Multi Family Dueplex
Current Owed 155,000
Paid 161,000
Current interest rate 5.275
Currently have no MI
Currently a Key Bank community loan not FHA or Fannie or Freddie.
Currently a 30 year fixed rate
Current payment $1200.00
Zillow projected current value 162,000
Currently certain parts of the house being remodeled.

Thanks
Alex 

  • November 08 2012 - Everett
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Profile picture for AndreaSmolin
I'd suggest emailing your scenario to one of the lenders in our directory
  • November 15 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First question to get answered in my opinion is if it is HARP eligible.  If it is then you likely won't need an appraisal nor income and asset documentation.   So call up Key Bank and ask them.  They can probably handle it directly for you.   And if you'd like a referral to someone else that can, I know several excellent choices.  Feel free to reach out to me and I'd be happy to make a referral.  

If it's not HARP eligible, then it's a question of is it worth it to refinance with PMI or lender paid MI and the answer will likely be that it is.  But, if it's HARP eligible, you wouldn't have to add PMI to make it happen, so that's going to be your best bet.   If it is not HARP eligible, free to click on me and reach out if you'd like me to make to give you an offer on it. 

  • November 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Since you stated that it is not Fannie or Freddie, you will not be using the HARP program. Refinancing with your current 5% plus rate makes sense by just taking a quick look at the numbers you provided. Be sure to reach out to a reputable lender in your area will plenty of reviews to hwlp you with your situation.
  • February 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It all depends on your credit rating and you might have to pay down the balance.
  • February 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.