Posted on: 11th Jun, 2010 11:39 am
Home is currently under my wifes name. Current balance is $154k. Home was appraised 4 months ago at $166k but who know where it might come in today. She has owned home for 3 years now.
Wife and I have credit score of 760 and 810 and wife has income of $131k and I have $60k. Looking for our best option to re-fi this mortgage into 30 yr with no out of pocket costs. I thought she could do a streamline with original appraisel but HSBC says they woudl need a new one? Her current rate is 7% so this would be a big savings. Her credit was bad for awhile but is now over 760.
Thanks,
Doug
Wife and I have credit score of 760 and 810 and wife has income of $131k and I have $60k. Looking for our best option to re-fi this mortgage into 30 yr with no out of pocket costs. I thought she could do a streamline with original appraisel but HSBC says they woudl need a new one? Her current rate is 7% so this would be a big savings. Her credit was bad for awhile but is now over 760.
Thanks,
Doug
apparently the present mortgage is owned by freddie mac. that means you can refinance under the freddie mac relief refinance program which simply means that even if the house value dropped from whe you purchased, if you did not have pmi before, you do not need pmi now.
with the values you noted, normally you would need pmi. this is not a streamline refinance. those do not exist anymore.
with the values you noted, normally you would need pmi. this is not a streamline refinance. those do not exist anymore.
Rates are at a low point. Do it immediately if not sooner even if you cvan not cover all the costs with a new loan amount.
There are no better programs anyplace. Do it ASAP while the opportunity lasts
There are no better programs anyplace. Do it ASAP while the opportunity lasts