kristinjohnson111 asked:
I purchased a townhouse back in 2005 and i have two loans on it one for 490,000 fixed for 10 years at 5.75%, and a smaller loan for 54,000 dollars at a variable rate. Obviously the value of my house has dropped. But i’ve noticed some companies offer refinance rates at about 4.5%. If i put down about 10,000 and try to refinance will i be able to get that 4.5% fixed for 30 i guess. I have perfect credit and have never missed a payment since ive purchased the house. Also is it worth refinancing for 1%.? Thanks
Dan
I purchased a townhouse back in 2005 and i have two loans on it one for 490,000 fixed for 10 years at 5.75%, and a smaller loan for 54,000 dollars at a variable rate. Obviously the value of my house has dropped. But i’ve noticed some companies offer refinance rates at about 4.5%. If i put down about 10,000 and try to refinance will i be able to get that 4.5% fixed for 30 i guess. I have perfect credit and have never missed a payment since ive purchased the house. Also is it worth refinancing for 1%.? Thanks
Dan
Tim
I think loan modification is the best option for you. find some sources where you can modify your existing loan and get current refinance rates you can try this source if you would like to modify your loan : if you get solution here please reply me back
Joann
Unfortunately your issue is not what the interest rates are. It’s what your house is worth. If the value doesn’t come in high enough to support a refinance loan it can’t be done.
I’m not sure where you live, but is a good place to start to get an idea of your homes worth. It is not 100% accurate since a lot of the appraised value comes from surrounding sales and the condition of your home. But, as I said, it’s a place to start.
Good luck.