Posted on: 12th Jul, 2009 03:39 pm
i now have a home loan with a value of around $76,000 left to pay and would like to refinance with a lower interest we now pay 10% and have 13 1/2 years left to pay do we would like to lower our interest rate to save $ but other banks tell us that we can't barrow at a 100% value are you guys able to help at all?
what state are you in?
Hi ajeaves,
You haven't mentioned whether you've equity in the property. Getting a refinance depends upon the amount of equity you have in the property. If you don't have any equity, lenders will not refinance the mortgage for you. Moreover, your credit score and income are also important criteria which will be taken into account.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you qualify for a refinance.
Thanks
You haven't mentioned whether you've equity in the property. Getting a refinance depends upon the amount of equity you have in the property. If you don't have any equity, lenders will not refinance the mortgage for you. Moreover, your credit score and income are also important criteria which will be taken into account.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you qualify for a refinance.
Thanks
there are loans up to 105% depending on what state you are in I might be able to help you.
There are loans for credit under 620.
Do you know who owns your loan?
If not you can find out if fannie or freddie mae own it here:
http://ww3.freddiemac.com/corporate/
http://loanlookup.fanniemae.com/loanlookup/
There are loans for credit under 620.
Do you know who owns your loan?
If not you can find out if fannie or freddie mae own it here:
http://ww3.freddiemac.com/corporate/
http://loanlookup.fanniemae.com/loanlookup/
we live in New York in the canandaigua area. I'm not sure how much equity we have in our home due to beneficial holds the loan to our house and that it has been over 1 1/2 years since we got an apprasal done and since the loan we have done changes to our home, and we can have it appraised for $ out of our pocket in which we don't have (due to the high payments on our house now)
Hi ajeaves!
Welcome to forums!
Lenders can offer you a loan provided you have equity in the property. You need to know the exact value of your property now so that you can judge whether your property has equity or not. If there's no equity in the property, then you'll have to apply for a loan modification rather than a refinance. A mortgage modification will help you in lowering your interest rate and saving your property from a foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Lenders can offer you a loan provided you have equity in the property. You need to know the exact value of your property now so that you can judge whether your property has equity or not. If there's no equity in the property, then you'll have to apply for a loan modification rather than a refinance. A mortgage modification will help you in lowering your interest rate and saving your property from a foreclosure.
Feel free to ask if you've further queries.
Sussane
Hi, since you have done changes to the home. Maybe you need another appraisal subject to the recent change appraisal. You can have it done for 300-400 dollars. Or you can use the lender approved appraisals, and you can take this with you even if you do not refi through that lender. Hope this helps.
My links were valid links, why were they removed. I was not pitching my services, those links were so they could lookup who owns their loan.
check with the moderators of this forum, david (i'm not one). they can fill you in - perhaps your intent was misconstrued.
David
re-post them if necessary, however it looks like they are there on your post dated 7/12
re-post them if necessary, however it looks like they are there on your post dated 7/12
