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Replies (12)
- frank1003
- Contributions:266
If your FICO is 705 you should be intelligent enough to know that the Zillow value is in most cases relatively meaningless. Visit your local Savings & Loan, Credit Union, Bank or Mortgage Company. Run your scenario by a professional and only rely on an appraisal completed by a licensed appraiser before drawing any conclusions.
- CORONA NICK
- Contributions:2218
Well, since you didnt put anything down, your LTV(loan to value) is 100% or your probably upside down depending how much your property has dropped. Today, lending is much tighter, and there maybe someone who can help, but I doubt it. What Zillow says gives you a ball park figure, not exact.... you might start by looking who will be willing to give you 100% LTV refinance...... then prey your appraisal comes in around what you owe, if not more. If your appraisal comes in at less than what you owe, I doubt you will be able to refi, maybe, but it will be at a high rate, thus placing you in the same spot. If your trying to refi because your having trouble paying your mortgage now, by refinancing, I dont think your payment will go lower, unless you get a 40yr loan of some kind, to spread out your mortgage. Appraisal normally cost around $300- $450.... It boils down to your appraisal basically. Do you have an ARM on your first? If so, you might cut your losses and let the house go, save some money and look for a nice rental... good luck
- Dave Mason, "DebtFreeDave"
- Contributions:1315
I wouldn't go by zillow, if you are in a declining market you could be screwed.
If you bought a house 2 years ago on an 80/20, I find it hard to believe its still worth what you paid for it.
If it is, refi QUICK before you are 10% underneath it.
- Thomas Martin 954-667-9110, "Browardhomes954"
- Contributions:3
- Doug Williamson, "Mr Loanman"
- Contributions:50
Remember, you don't have to refinance both loans. You can refinance the first and resubordinate the second. The appraisal is the key.
- Davis Team Lender
- Contributions:12
Actually, with FHA, you can refi your 1st trust up to 97% LTV and re-subordinate the existing 2nd trust with no combined loan-to-value limit in some cases. The problem you are going to run into is that FHA does not do interest only, so even if the rate is lower on your 1st trust, the payment may still be higher than what you are paying now. Let me know if I can help you decide which course to take.
- Nathaniel Kelly, "nkelly32"
- Contributions:162
Zillow is a excellent community to get great advise. Start qualifying lenders:)
- Anthony Ebright, "anthonyebright"
- Contributions:15
I would get an appraisal done before I do anything. If its less than what you owe, I would contact your lender about re subordinating.
- not available b
- Contributions:253
Davis Team makes a great point: If you can get your current 2nd mortgage lender to resubmordinate, you can theoretically borrow well over 100% of the value with the two loans combined if you use an FHA loan for your new 1st trust deed. I've seen as high as 118% of the home's value when a subordination is done.
- ELender
- Contributions:1479
Weren't you telling me a while ago it couldn't be done??
Refinancing
l have uptill june to be able to refinance my house.l have 80/20 type of loan and l purchased the house 2yrs ago on interest only loan.The interest on the 1st mort is 6.87500 and the 2nd is 9.250.l,m having difficulty paying the mortagage.l aslo have this prepanalty and it will end in june..Will l be able to refinance my house has l see the value of home keep going down.l bought my house for $328,000. and Zilliow says it,s worth around $340,000.My fico score is 705.
l need some advice,thanks
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