Posted on: 16th Dec, 2010 08:06 am
i own a condo in which the original loan was for $162,500 with an arm at 6%. the amt now owed is $156,900. we had a previous appraisal which devalued our condo to $158,000. with avg interest rates being in the mid-upper 4% would it be wise to refinance even if the appraised value is less than our original purchase price?
Welcome Guest,
As the rates are still going low, you can refinance your mortgage at a lower rate. However, in order to refinance your home loan, the property should have at least 20% equity in it. You will have to appraise the property and check out if you've the required equity in your property. If you've equity, then you can apply for a mortgage refinance.
As the rates are still going low, you can refinance your mortgage at a lower rate. However, in order to refinance your home loan, the property should have at least 20% equity in it. You will have to appraise the property and check out if you've the required equity in your property. If you've equity, then you can apply for a mortgage refinance.
If the condo is approved by FHA, you can finance up to 97.75% of the value of your home. Where did you get the value from?
Is the mortgage you have now owned by Fannie mae or Freddie Mac?
If it is, you can refinance under special guidelines that exist for another year.
Call your serving lender and ask if your loan is owned by Fannie Mae or Freddie Mac.
If it is, ask your seving lender if you can refinance and at what rate. They can do it without appraisal and without full processing of a mortgage
If it is, you can refinance under special guidelines that exist for another year.
Call your serving lender and ask if your loan is owned by Fannie Mae or Freddie Mac.
If it is, ask your seving lender if you can refinance and at what rate. They can do it without appraisal and without full processing of a mortgage
To find out if your home is owned by Fannie Mae you can check here:
"http://www.fanniemae.com/loanlookup/"
To find out if it is owned by Freddie Mac go here:
"https://ww3.freddiemac.com/corporate/"
[Deactivated links as per forum rules. Thanks.]
"http://www.fanniemae.com/loanlookup/"
To find out if it is owned by Freddie Mac go here:
"https://ww3.freddiemac.com/corporate/"
[Deactivated links as per forum rules. Thanks.]
