Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for apingicer

Way to Refinance if underwater, current, and non Fannie or Freddie?

We are currently in year 6 of a 10/1 ARM 30 year mortgage. We are underwater with our mortgage by about 22% right now. The loan is not Fannie or Freddie, and we are current with our payments. Credit scores are good, and we make a decent income. Basically, we are looking to get a lower interest rate, get out of the adjustable-rate mortgage, and lower our monthly payment. Our loan is with Bank of America. Do we have any options?
  Flag content
Close
Report a Problem

Please enter a valid email address.

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.
December 06 2012 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

1) contact BOA to see if they can offer any options
2) pay the loan balance  down to the 95% ltv level and refinance at this point
  Flag content
Close
Report a Problem

Please enter a valid email address.

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.
December 06 2012
 
Related Questions
Looking to refinance, but do not know the process
Profile picture for Paul Collier
Latest answer by Paul Collier
10 hours ago | 2 answers
Bank of America Employee Accepted Bribes on Short Sales
Profile picture for Hamp Yonce
Latest answer by Hamp Yonce
1 day ago | 1 answers
Whether pay off a part of the principal
Profile picture for David Taylor
Latest answer by David Taylor
1 day ago | 4 answers
Mortgage 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.