Refinance Question

welcome guest,

in order to refinance your present mortgage, you should have at least 20% equity in your property. i don't think you've 20% equity in the property. in that case, it'll be difficult for you to get a mortgage refinance.

Depending if Fannie or Freddie owns your loan and when you purchased the property will determine if you'll be able to refinance. Thru FHA you can finance up to 97.75% of the value of your home. You'll still probably be required to bring $ to closing. You don't have enough equity to incorporate all costs.