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Replies (6)
- Gus Pishue, "Gus Pishue"
- Contributions:68
You should contact a local mortgage broker and pose your questions to them. They will be happy to help you I am sure. It sounds like you may be stuck, but they may know of something that can help you in your request. Ask friends and family to recommend someone they have used and trust. You should be able to find someone that can help you. Good Luck.
- Peter Boyle, "Peter Boyle MN"
- Contributions:20
I would recommend that you first determine who holds your mortgage. If it is Fannie Mae or Freddie Mac, you may be able to refinance using one of their HARP refinance programs which allows high loan to values—sometimes up to 125% of the home's value. Try to look up your property on these web sites to see who owns the underlying debt:
- Aaron Dickinson, "Aaron Dickinson"
- Contributions:146
Check with the lender that has your loan. Also check with a local credit union - they may have some more options that larger banks may not.
- Carol Namath
- Contributions:24
Just pay down the mortgage at closing. Should not be a problem.
- Chris Hacker, "thelendingcoach"
- Contributions:130
If the loan is fannie mae or freddie mac owned, you can go to 125% of the value. Keep in mind, you might be off on estimated value, you never really know until you get an appraisal.
If you are still short, ways to fund the shortage would be:
1. cash
2. 401K loan
3. other financing
With the rates available now, any investment made to reduce the principal would pay off.
If you are still short, ways to fund the shortage would be:
1. cash
2. 401K loan
3. other financing
With the rates available now, any investment made to reduce the principal would pay off.
- helaurin
- Contributions:23
It doesn't matter what you paid for it in the past. What matters is the relationship between the value and the debt owed.
For example, if you bought a property for $800,000 but only financed $300,000 and then a few years later, the property value had dropped to say, $600,000 and your remaining debt was, say $275,000, you would be just fine.
For example, if you bought a property for $800,000 but only financed $300,000 and then a few years later, the property value had dropped to say, $600,000 and your remaining debt was, say $275,000, you would be just fine.
refi for lower rate
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