What are my options for refinancing?

Hi canbaby,

If it was a Fannie or Freddie loan, then you could have gone for the option of HARP to refinance your loan. As that is not the situation, it will be your lender's discretion whether or not he will allow you to refinance the loan. Chances are that he won't allow you to refinance the loan.

Thanks

Hi canbaby!

Welcome to forums!

As you don't have equity in your property, none of the lenders will be interested to refinance your mortgage. You may apply for loan modification if you're unable to pay off the loan at the present loan terms.

Feel free to ask if you've further queries.

Sussane

Come up with the 22k needed to close the short. Then you can get out of the 8% rate and down into the low 4's or even 3's....Example, lets say you owe 150k and your payment at 8% is $1,100...You then refi to a 4% and put 22k towards the balance, bringing your new loan to 130k...Your new payment at 4% would be $620...Saving you $480 a month, taking you 45 mos to recover the outgo...Do a basic calculation with your actual numbers and see if its worth it to pay or borrower the funds to close the gap. Not only will you save money on your payment, your total interest charges will be Much less...good luck

Hi there. I just got my kitchens remodel, now its on progress. Even if the price is cheap, still I need to financing it. could you gives me suggestion what option should I took to finance my cheap kitchens and its rate for 3 years at least, whereas I'am still in the debt of my house for next 15 years.

Hi kitchenscheap,

You can take out a home improvement loan in order to finance the kitchen improvement. As far as rates and terms are considered, you can speak to the local lenders and shop around. This will help you know as to who is offering you the cheapest rates and terms.

Thanks