So you make a decent wage, you have money in the bank, your credit is outstanding and you are paying 6.25% on a 30 year fixed mortgage. You are a slam dunk for refinancing, right? Hmm. Maybe. If you bought your residence 3 years ago and it has declined in value, you may have a problem.
People are finding that refinancing is harder than they think. Here are two scenarios that may have people scratching their heads.
You put 10% down on your residence (a 80% first mortgage and a 10% home equity loan.) The purchase price was $400,000. You have an outstanding first mortgage of $315,000. The appraisal comes in at $350,000. The maximum the bank will refinance is $280,000.
Your coop allows 70% financing. You bought your apartment for $400,000. You financed $280,000. You want to refinance. The appraisal comes in at $350,000. Although the bank will still do it, the maximun the coop will allow is $245,000.
What should you do? Call me.
Find an appraisal firm near where you live and pay them to perform a home appraisal.
ReplyDeleteVisit only a certified broker in seeking help in finding a mortgage lender. Always ask for their license to operate in your state,
ReplyDelete