That's a pretty old property!! Nevertheless, in order to get a refinance for repairs, you need to check out whether or not there is equity in the property. Unless there is equity in the property, lenders won't consider giving a refinance loan.
Welcome Guest,
Apart from the equity that Niicss has spoken off, you need to meet all the other required criteria of the lender. You should have a stellar credit score, stable employment and income, 2 years of tax statements, etc. while you apply for refinance.
Apart from the equity that Niicss has spoken off, you need to meet all the other required criteria of the lender. You should have a stellar credit score, stable employment and income, 2 years of tax statements, etc. while you apply for refinance.
i have refinance 3 times with a lower rate each time.yes, the rate was 1/8 % - .1/4 % higher each time than if i'd paid the closing costs myself. my rate is now 1.75 % lower than when i started the process.