Close

See current mortgage rates on Zillow Mortgage Marketplace

Refinance Options

Profile picture for johnatchison
I got a 30 year mortgage at 7.25% in Nov 06 for $185K, at the time the house value was just short or $200K and current balance is $176K.  In Michigan prices have dropped crazy amount, had an appraisal done in Mid 2009 saying $140K, are there any options out there that would allow me to lower the 7.25% without the appraisal as according to Zillow (not saying its 100% accurate) but the value is lower than it was even in 2009.

Credit Scores over 800 and Household income around $140K annually.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011 - Shelby Township
 Share
 RSS
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Profile picture for Mark Gelbman
That sounds about right.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
Profile picture for johnatchison
Just looked up more information, Fannie owns the loan, so it looks like I'll need an appraisal which means there is nothing I can do but pay the thing down $20K to qualify right? (Don't want to spend that much on this)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
Profile picture for Mark Gelbman
If you know it is either Fannie or Freddie, then the next consideration is to find out which. You may be able to refi without an appraisal if it is a Freddie and you go through the company that currently services the loan. If not, you will definately need to get an appraisal.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
Profile picture for Steffnie
Mark is correct, unless the system waives the appraisal you will have to get a new one.  It is the DU Refi Plus loan, I believe on is called HARP, but is basically the same thing.  Guidelines say upto 125% of the appraised value, but just some FYI there is one MI company if you have them will only let you go to 105%.

Have an awesome day!

Steffnie in Oklahoma
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
Profile picture for johnatchison
Not an FHA its Conventional (its either fannie or freddie backed don't remember which though)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
Profile picture for Mark Gelbman

First off, is the mortgage a FHA, Fannie Mae or Freddie Mac. If it is an FHA, you may be able to refi without an appraisal. If it is Fannie or Freddie, you may be able to refi up to 125% of the current appraised value, (you will need to get an appraisal).

  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
Profile picture for johnatchison
Edit - I mistyped above the appraisal from 2009 was $130K
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

April 12 2011
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion
Related Questions
Profile picture for Mark Gelbman
QuestionRefinance Options
  • Latest answer by Mark Gelbman
  • April 12 2011
Profile picture for edulis
QuestionHow does the Obama Plan help mortgage brokers? We can't seem to be able to do these loans
  • Latest answer by edulis
  • March 05 2009
Compare Mortgage Rates

See all rates

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy