Posted on: 24th Jul, 2012 01:27 pm
i purchased a home (zip 85212) in 2004 for $149,000 with a 7.25% intrest rate with a conventional loan.i am trying do a steamline refinance with a lower intrest rate.. the balance on property is $134,000. the current zillow estimate is $120,000-$130,000.. is there a way to do a conventional streamline refinance? i do not qualify for the harp program since it's not a fha loan.
dan
dan
Streamlines exists for FHA and VA loans. HARPS are for Freddie and Fannie back loans. How is your loan backed?
Its a conventional loan backed by a private investor.
The loan is backed by GMAC.. It is not a Freddie or Fannie backed loan.
If your loan is not by Fannie, Freddie or FHA, then there is currently no program available for Underwater properties. There is talk from the Fed about a program to refi those other loans using FHA loans as a refinance. But that is just hear say at the moment. Can you pay it down?
Hello Guest,
Now, with interest rates at record lows, the opportunity to refinance that loan for a lower interest rate is really appealing to many homeowners, which leads them to refinance. However, the actual state of your credit will come into play here since really bad credit scores are not likely to lead to more favorable interest rates.
:idea:
Now, with interest rates at record lows, the opportunity to refinance that loan for a lower interest rate is really appealing to many homeowners, which leads them to refinance. However, the actual state of your credit will come into play here since really bad credit scores are not likely to lead to more favorable interest rates.
:idea:
Yes, I would also ask you to refinance your home loan as the interest rates are pretty low at this moment. Boost your credit score before refinancing your home loan in order to get favorable rates.