Posted on: 22nd Aug, 2011 11:09 am
I have a HARP loan on my first mortgage for $200,000 and have a 2nd mortgage of $50,000 at 9.0%. Home value is currently around $220,000. Is there any way I can re-finance my second mortage to lower my 2nd mortgage interest rates? I am getting no help from my lender for 2nd mortgage.
hi billfromiowa!
welcome to forums!
in order to refinance your mortgage, you need to have around 20% equity in your property. however, you presently don't have equity in your property. in such a situation, i don't think the lenders will be ready to give you a mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
in order to refinance your mortgage, you need to have around 20% equity in your property. however, you presently don't have equity in your property. in such a situation, i don't think the lenders will be ready to give you a mortgage.
feel free to ask if you've further queries.
sussane