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I paid $139000 for my condo in Atlanta in 2003. My balance as of 2-1-09 is $102,919.

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carolynlacy Joined: 01 Mar 2009 Posts: 1 1.35 Dollars($)	Posted: Sun Mar 01, 2009 3:19 pm    Post subject: I paid $139000 for my condo in Atlanta in 2003. My balance Like 0 Dislike 0 I paid $139000 for my condo in Atlanta in 2003. My balance as of 2-1-09 is $102,919...I have 6% interest for 30 yr loan. Credit is excellent. I'd like to refinance a 15 year loan. Will lower home values make this a bad move at this time?
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Sun Mar 01, 2009 4:50 pm    Post subject: Like 0 Dislike 0 In your case, you should be fine just as long as your loan is less than 80% of the value of the home. What do you think it is worth? _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote
evolovik26 Community Expert Joined: 15 Aug 2007 Posts: 537 Location: Minneapolis 28.93 Dollars($)	Posted: Sun Mar 01, 2009 9:25 pm    Post subject: Like 0 Dislike 0 You can refinance do long as your house worth more then what you owe for it at least 10% more but 25% more will get you best results and will avoid mortgage insurance. _________________ Eugene Volovik Home Loan Consultant Countrywide 612-481-3127 Conventional, FHA and Commercial Lending in 48 states
carolyn Lacy Guest	Posted: Mon Mar 02, 2009 7:04 am    Post subject: Like 0 Dislike 0 Eric What's the best way to ascertain what it's worth? Do I have to get it appraised? Thanks Carolyn
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Mar 02, 2009 9:41 am    Post subject: Like 0 Dislike 0 well, you asked eric, but i can chime in too. you can have a real estate agent give you an estimate, and you may be able to get an idea for yourself, based on what other units like yours are selling for (preferably in your condominium complex). atlanta has been hit hard in this downturn, so your value remaining static or having increased would be quite surprising to me. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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