refinancing first mortgage

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refinancing first mortgage

larry2

Posted on: 07th Aug, 2008 03:16 pm

can you refinance your first mortgage if you have a second already and the value of your home is not worth what has already been loaned?

1st was originally $199,000, now it is $160,000, second is for $166,000. home value is probably $235,000-$250,000

Total Reply : 1

Hi HMemar,

Welcome to the forum.

If you owe more than the property value then you cannot refinance the mortgage. How much equity do you have? Why do you want to refinance the mortgage?

If you refinance the mortgage then you will also have to pay the prepayment penalty too.

Best of luck,
Larry

larry2

Posted on: 08th Aug, 2008 02:58 am

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