Posted on: 09th Nov, 2010 09:44 am
A few years ago I could have sold my house for about $550,000. I took out a second at $60,000. Did a kichen remodel and a couple other updates. My mortgage is at $380,000 and is interest only at 6.375%. My second is interst only as well. Now my house is down to $348,000 on Zillow. I'm not getting anywhere and am now about $100,000 under counting the second. I've been told I can't refi because they can't make the numbers work.
Thought if I could refi at todays low it would help.
Thought if I could refi at todays low it would help.
well, you cant go by zillow prices , you would have to know the real appraised value, but if zillow is anywhere near accurate, you have 0 equity and cannot get a 100% Loan To Value loan. so for example if your house is worth 350k and you owe 380k, you basically owe more then what your house is worth and therefore no bank will give you a loan.