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Mortgage

We have our mortgage through PNC and was recently approved for a loan modification. The amount in arrears was added to the back of our loan. We are current on our payments. We have a home equity line through another bank. According to Zillow, we have about 10K in equity if you only look at our mortgage. However, with the equity line, we are upside down by about 6K. Our equity line interest rate is around 8%. We want to lower that interest rate and our clueless of our options. We have a meeting with their mortgage specialist soon and want to mine the knowledge of mortgage experts before meeting with them. What options do we have?  What would be the best move to make?  We do not want to take out any more money. We simply want to refinance to get a better interest rate. 
  • September 13 2012 - Indianapolis
  • 0Yes

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Answers (1)

Profile picture for PukonYukon
the zillow value has no meaning for this purpose.  an appraisal will be what the lender uses for the refi.   If you want a better guess of the value to see if an appraisal will work pick a local agent and pay them $50 for their time to do a CMA to help you decide if you want to pursue the refi because the refi will cost you an appraisal- if the CMA indicates it won't be worthwhile, that $50 saved you from spending the $500 for the appraisal

dont bother with a "free" cma from an agent, if they aren't getting paid their motivation is because you might want to list it someday etc.  so you can't trust that value as much if you just pay someone for their time and honest opinion.
  • September 13 2012
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