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Roger Hinkle

Agent

Realtor/Broker

Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
Commercial R.E.

Advice

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My loan is $450k and my home value is $260k. Can I get an interest rate reduction?

Answer

It would depend on your Debt to Income Ratio. You take your new payment at the lower rate, divide your yearly taxes and insurance payments by 12. Add in all your other minimum payments and divide that by your monthly income. That would be your yearly income divided by 12. If your are under 40% probably you could refinance. If over its still possible. 

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