haygirlc
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Unless you are about to lose the property due to your rates adjusting, hang tight and wait for the value to increase over the next few years. It is in your best interest to gain equity in the property before refinancing, and 100% financing is risky and difficult to find. Plus it will cost you more $$ to refi than you'd likely save over a period of 1-2 years. If your rates have just adjusted and you can't afford the new payment, call your lender and see if they will help you extend the entry rate. |
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gigi877
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No on refinancing. You are up-side down. You would need to put up the difference (what you owe minus what the appraised value is) to buy it down. But why would you want to do that?? You wouldn't......you are stuck until the market recovers and real estate goes up in value. |
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Spock (rhp)
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in today's market, the only outfit that might consider doing anything is the one that currently is holding your paper.
no other mortgage lender of any stripe will even consider your situation -- why should they buy trouble? |
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src50
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Only if you can come up with the cash difference. |
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Azul
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I don't think so. My parents couldn't, and this house was very expensive but now its less:(. My parents credit if about 750, and they told them that if they refinanced that they would still pay the same and that they weren't going to get money from the refinance. |
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Y.S.
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without equity..probably not |
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Bill C
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You picked the wrong time to try. Banks currently are not in a real estate lending mood. You have to be able to not only pay, but you can't burrow more than 95% of the property value. I would wait until the market rebounds and banks loosen up on the restrictions before I attempt to refi. This is NOT the time to pick up great rates. |
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KELLY T
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Probably not, unless you can get a 125% loan to value. I wouldn't do that if I were you.
If you're reason to refinance is to get cash out, then no. If you are looking to just qualify for a smaller interest rate, then maybe. Also, did you have an appraiser come out and give you the value? If you're guessing on the value, don't. The bank will have an appraiser give them a true value and you may be looking better than you think.
Good Luck! |
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Ol' Skool
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Of course, just get an appraiser that is willing to overvalue the property, pocket the rest. Now make sure that you understand that you are going to have to pay the loan processing out of the accumulated appreciation. Also you wil have to be established with insurance and tax escrow, so make sure to have it give it a roll. The return on your investment should decrease as the property value increases. |
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Eric H
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Some banks will loan up to 125%, becareful and check around. |
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