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should i refinance my home? bought for 199000 and was worth 217000. current rate is 6.75 ?

we bought for 199,000$ and was appraised at 217,000$ when we bought it. our rate is 6.75. 30 year no money down. payments are 1500$ thanks
  • December 17 2008 - Taylorsville
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Answers (4)

What kind of loan did you use to purchase the home?  There may be a possiblitity that you may not need to get an appraisal to refinance.  If it was FHA they have a great streamline program.  But you may have done a conventional loan with lender paid mortgage insurance.  Which has some refinance options as well.  Be aware not every property has lost value during this housing slump if you purchase in the last couple of years you may still have all the value that was there when you purchased it.  Like Jason said it doesn't hurt to look seriously into your options.

  • March 09 2011
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Values probably have gone down since you posted this, but rates are so good now, that you might have some options.  It's probably worth at least looking into.
  • August 18 2010
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If you could get into an FHA loan that would be your best bet.  I am in Midvale so know that the market has been tough around here.  Some values have stayed steady but others have fluctuated.  It would depend on how long ago you bought what the value is really looking like now.  The other issue is how long do you plan to stay in the home.  If it's not for more than a year or two then you might now want to pay the money for closing costs.  But if you could get into an FHA loan it would definitely be to your advantage.  It would be worth at least checking out if you want to give it a try because rates are so low.  
  • December 17 2008
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the rule of thumb is too lower the rate by least 2%.  the 30-year product is close to that now.  in FL  the rate and term refinancing is limited to 90% loan to value for a non-condo. property.
  • December 17 2008
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