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#425275 - 06/24/13 11:01 AM Refinancing question
mrfredo82 Offline
Junior Member

Registered: 06/24/13
Posts: 2
Loc: NY, USA
I have two mortgages. My first is 30-year with PMI ARM @ 6.375% and balance of $163,024. The second is 25-year conventional home equity loan @ 9.89% and balance is $47,384. According to Zillow.com my house is valued at $83,240. The combined original balance was $219,500. Now it is $210,408.



I want to refinance to lower my interest rate but I need to know how much I would have to pay to do this (rough estimate) as I'm upside down, in addition to the closing costs. I have 780 credit score with no outstanding issues and about $60,000 in savings and annual income of $200,000.



Thank you very much.

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#425278 - 06/24/13 02:19 PM Re: Refinancing question [Re: mrfredo82]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
If it appraised for Zillow's "estimate" of $83,240 and you wanted to consolidate your loans as one principal mortgage, then you'd have to bring in about $144,000 !

But your new mortgage would only be about $66,000 (80% of the $83,240).

That may not be the answer you sought; but that's why many upside-down-people can't re-finance.

_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#425290 - 06/24/13 05:26 PM Re: Refinancing question [Re: Vermont]
mrfredo82 Offline
Junior Member

Registered: 06/24/13
Posts: 2
Loc: NY, USA
Thanks for the response. Yes definitely not the answer I was hoping for. I might just pay off the second then as the interest rate there is way high.

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#425295 - 06/24/13 07:19 PM Re: Refinancing question [Re: mrfredo82]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Maybe you can consult with your lender and see if you'd be eligible for any programs which would allow you to do something to lower that excessive principal amount. Such programs have been available; but your income may disqualify you.

It (usually) doesn't hurt to ask. They should be happy to speak with you . . . . because so many others in your circumstances have walked out on their commitments without any discussion at all.

Ask them to tell you about HAMP (Home Affordable Modifiction Program); the HARP (Home Affordable Refinance Program) and the HAFA (Home Affordable Foreclosure Alternatives) to name a few. There may be more now . . . . one might work for you ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#425306 - 06/25/13 06:33 AM Re: Refinancing question [Re: mrfredo82]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2419
Loc: Outer Banks
There is no way you can make an educated decision until you find out what your house is really worth. Those zillow estimates are rarely, if ever, accurate and sometimes they can be way, way off.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#450312 - 02/04/16 08:46 AM Re: Refinancing question [Re: mrfredo82]
Pauline Offline
Junior Member

Registered: 02/04/16
Posts: 3
Loc: Buffalo, NY
In refinancing, I never had to worry about because Perry Allen my realtor helped make sure I get the best rate for my home.

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