Profile picture for richinHim2

We are current on mortgage.Wanted to refi. owe 208k, Zillow est. 203k. 6.375% 20yr. been in home 5yr

Considering doubling up on payments. would have mortgage paid off in Aprox 5yrs. Debt free. Wanted to refi. but LTV sucked. I know some would say dont payoff house for tax purposes etc. But we do not want a mortgage at my age coming into retirement in the not so distant future. thoughts,comments acepted. thank you.
  • September 29 2010 - Dover
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (8)

Profile picture for Tim T Wells
Hi RichinHim2,
More simple answer to you.
You may qualify for Home Affordable Refinance program. It's a government refinance program for people like you.

Start with your current mortgage lender and ask them to give you a few refinance options including no closing cost refinance. 
  • October 22 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

Since your not far off in  value from what zillow says to what you owe you may be able to do an FHA loan if there are comps in your area to support value. The rates are much better than those Fannie mae programs with all the add ons to the rate.
  • October 20 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

If your house is fannie mae back you will be able to do a DU Refi Plus deal. You can take a 15 year mortgage and make larger payments to payoff the loan faster in say 5 years. If you would like a quote you can contact me [contact info removed by Zillow moderator]
  • October 13 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

Profile picture for Erick Rodriguez
Great thinking, you should check with a financial planner though.
  • October 11 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

You should be able to do a Fannie Mae refinance plus on this loan. Was there mortgage insurance on it?
  • September 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

Find a loan officer in your area and have them run the deal thru DU (desktop underwriter) - that is Fannie Mae's automated underwriting engine. You may get lucky and get an appraisal waiver. I have been getting them a lot lately. You need out of that high rate you have!

Best of luck...
  • September 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

Profile picture for richinHim2
It is Fannie mae backed
  • September 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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

Is your property a Freddie or Fannie Mae owned home? If so you can possibly still refi your property. Below are links to check the status of your property.

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

If you have any questions don't hesitate to reach out.
  • September 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

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