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Want to refinance

Right now we it's almost 5 years I have been living in this house I purchased. I think I got a very bad deal, but was excited about the new house. The deal I got is 5 years arm with 7.25 with 120k down house valued at 600,000.00. Now houw is almost 433,000.00 or a little over that. but we still owe 480,000.00. I'm interested to refinance it now and willing to put down some money to get the best rate. I was wondering if someone can help me to find the best deal. My brother can cosign the loan, we both make about 120,000.00 a year. if you can email me shah256@gmail.com I will really appreciate that.
  • May 11 2011 - Sterling
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Answers (2)

There is hope there, as JBMonty suggested, find out if your loan is Fannie or Freddie, then contact the lender of your choice to help.
You mention the home is valued at 433K...is that a recent appraisal? Zestimate? Obviously, the higher the value, the more programs that will open up.
Best of luck in your search! Jim.
  • May 11 2011
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Do you know if your loan is owned by Fannie Mae or Freddie Mac?  If so, you may be eligible for a HARP loan which requires no appraisal.  If you don't know whether it is owned by those 2 entities (most people don't know this, as Fannie and Freddit do not service loans), you can check here:

www dot makinghomeaffordable dot gov / loan_lookup.html

  • May 11 2011
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