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Refinance when property value is less than balance on mortgage...

I want to refinance 82,000 mortgage but am worried about the appraisal and 7000 in fees. Are the fees excessive? What 2 do? FHA? Should I find a mortgage broker who can help me find the best deal?
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August 24 2010 - Stone Mountain
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Answers (1)

Whether it is a lender or broker, we are all still subject to an independant appraisal.  The actual appraised value will give us the final answer if we can refinance.  If you have an existing Fannie Mae or Freddie Mac loan, we can offer up to 105% of the property value to refinance. 

The FHA programs are not designed to allow this type of financing.  Your best options are the Homes Affordable Refinance Program OR an internal modification with your existing lender. 

Put in a request through Zillow Mortgage Marketplace to get local quotes.
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August 25 2010
 
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