Posted on: 19th Jul, 2011 05:06 am
just bought a house last october for 287,000, the loan was 297,000. too soon to refinance or second mortgage? the interest is 6.5% and i need money my oldest will attend college in the fall! plan to keep the house for at least 10 years, if not more.
thanks
thanks
Annie, what I don't get is how you obtained a mortgage loan in the amount of $297K, yet you purchased the home for $287K. That's unheard of.
As for your intentions to take some money out of the "equity" - there is no equity based on what you've described. You owe more than the property is worth, and there's not a lender around these days who'll see fit to putting out more money in such a situation.
Are your numbers correct, or did you make a mistake?
As for your intentions to take some money out of the "equity" - there is no equity based on what you've described. You owe more than the property is worth, and there's not a lender around these days who'll see fit to putting out more money in such a situation.
Are your numbers correct, or did you make a mistake?
If you have a fannie mae, or freddie mac loan, or an FHA loan, they do loans up to 125% but only for rate and term. You may be able to lower your payments. There is another company who is starting 125% seconds - cashcallmortgage...Never worked with them, and they are the company who used to do personal loans, now doing 1st and 2nd mortgages.
The numbers don't make any sense so you need to review what you actually got.
Regarding equity, there is none available even if the numbers were reversed ($297,000 purchase price/$287,000 loan).
Regarding equity, there is none available even if the numbers were reversed ($297,000 purchase price/$287,000 loan).
You've got the wrong numbers, it's not really possible. Can you review your figures so that we can have a closer look at your situation.
Hallelujah for a consensus.