Posted on: 26th Sep, 2009 04:50 am
three years ago i purchased a home with an 80/20 loan. i automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. the 80 is still interest only due to set at as an arm in two years. the house was purchased at 335, 000 but on current mean estimates like zillow is currently at 311. i obviously have little equity in the house. i am wondering if i can refinance the 80 into a payment that will not be too much higher than what i currently have. i am not having trouble making payments and could afford higher. my credit is excellent, but i am beginning to consider options at this point.
for refinancing first mortgage second mortgage holder must be hold in place. if zillow is accurate then you owe more than the house is worth.
what are the loan balances on your first and second mortgage? is the same company servicing both mortgages? also, have you made any upgrades to your home, such as finishing the basement, remodeling the kitchen, adding a bathroom, etc?
what are the loan balances on your first and second mortgage? is the same company servicing both mortgages? also, have you made any upgrades to your home, such as finishing the basement, remodeling the kitchen, adding a bathroom, etc?
odds are slim of obtaining a new, refinance, mortgage on the 80% loan.
