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Mortgage Community Forums | Forums: Learn from other's experiences | I paid $139000 for my condo in Atlanta in 2003. My balance as of 2-1-09 is $102,919.

I paid $139000 for my condo in Atlanta in 2003. My balance as of 2-1-09 is $102,919.

Posted on: 01st Mar, 2009 02:19 pm
i paid $139000 for my condo in atlanta in 2003. my balance as of 2-1-09 is $102,919...i have 6% interest for 30 yr loan. credit is excellent. i'd like to refinance a 15 year loan. will lower home values make this a bad move at this time?
In your case, you should be fine just as long as your loan is less than 80% of the value of the home. What do you think it is worth?
eric1
Posted on: 01st Mar, 2009 03:50 pm
You can refinance do long as your house worth more then what you owe for it at least 10% more but 25% more will get you best results and will avoid mortgage insurance.
evolovik26
Posted on: 01st Mar, 2009 08:25 pm
Eric
What's the best way to ascertain what it's worth? Do I have to get it appraised?
Thanks
Carolyn
Anonymous
Posted on: 02nd Mar, 2009 06:04 am
well, you asked eric, but i can chime in too. you can have a real estate agent give you an estimate, and you may be able to get an idea for yourself, based on what other units like yours are selling for (preferably in your condominium complex).

atlanta has been hit hard in this downturn, so your value remaining static or having increased would be quite surprising to me.
gmakerley
Posted on: 02nd Mar, 2009 08:41 am
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