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fixed mortgage

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nelria12 Joined: 05 Jul 2010 Posts: 19 0.08 Dollars($)	Posted: Sat Mar 26, 2011 11:25 pm    Post subject: fixed mortgage Like 0 Dislike 0 My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Mar 27, 2011 9:24 am    Post subject: Like 0 Dislike 0 Hi nelria, Welcome to Mortgage fit, It is true that due to decresed home value (effect of subprime) one may not be able to refinance the existing mortgage...To understand it better let us take an example... If you had taken a mortgage of 300K..and till date you owe them 250K ...but due to market condition..value of your home has decreased to 120K then in this scenario you owe more than the value of your house so there is no question of refinance at lower rates if the home prices have dropped more than 50% of its initial value... Feel free to ask any further query if you have..... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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