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Will I be wasting my time and money (appraisal fee, etc.), in seeking a re-fi due to home values?

I have a 1st(6%) and 2nd mortgage(8%) with a total amount of 185,000
owed. I refinanced in 2008 and at that time home appraisal came in at
223,000. I have no idea what a new appraisal will come in at in this current market. I live in a rural area with few sales and varied home styles. Do you think it is possible for me to re-fi to lower my payments
or am I throwing money away on appraisal fees, etc.
Any suggestions as to reputable lenders? I live in Dwight, Il. 60420.
Thanks in advance for any advice.
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December 28 2011 - Dwight
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Answers (3)

In addition to the comments made already it is important to know when you took out the second mortgage. If it was less than one year then your transaction will be subject to more strict guidelines as it is considered to be cash-out.

My assumption is that your property is probably worth enough to refinance FHA if your second is older than a year old.

Good luck and Happy New Year,

Mark
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December 29 2011
Ken- In addition to possibly contacting Phillip, I believe you would be best working with a portfolio lender that is familiar with your rural area. I just did a search for you. I suggest you call the bank branch located in Dwight, IL.  Best wishes.
http://www.selectcdrates. ... ocations/

Happy funding, Rudi
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December 29 2011
You might be correct that based on your area of fewer transactions it might be very difficult to find comparables. Prices did usually fall a bit more from 2008 to 2009ish which seems to be the technical 'bottom' of the market yet it is hard to generalize those statistics to every county or town. You need to check with your local lenders to see how much equity you need in order for them to give you a loan.If they want 20% equity and the appraisal comes in at 200K for example then they would give you a loan for 180K. Since you owe 185K you would need to write a check for 5K to do the deal.
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December 28 2011
 
Related Questions
Am I wasting my money(appraisal fees, etc.) in trying to re-fi my 1st and 2nd mortgage?
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Latest answer by Mark Collins
December 29 2011 | 3 answers
  • Asked by kenmo14
  • In Refinance
  • December 28 2011
Will I be wasting my time and money (appraisal fee, etc.), in seeking a re-fi due to home values?
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Latest answer by Mark Collins
December 29 2011 | 3 answers
  • Asked by kenmo14
  • In Mortgage
  • December 28 2011
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