should I refin my current loan?
Wednesday, 11. August 2010
I purchased this house two years again in bay area the value has dropped 30%. My current loan is fixed 30yr 6.125. We both have jobs so far.
1. If I can take advantage of any loan modification program giving the real estate is getting worse or worse
. 2. If not, I want to refin to bring down the monthly payment.
I do have another house that has equity that I can get 250k no problem. is that ia good idea? I keep heading people saying don’t refin unless I am in AMT program. Can someone list to pro and cons .
thanks.
LW
Rusty Says:
If you decide to refinance the mortgage amount will be based on the current appraised value not the original sales price or original appraisal. In other words if your home has decreased in value by 30% that amount is what the loan will be based on.
james P Says:
If you want another equity on the house you can contact e_loan@yahoo.com,tell them what your problem is and i think they would be able to help