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You own a condo and the loan is about to adjust can you refinance if the loan amount is more than the condo is worth?
Wiki User
∙ 14y ago
Your lender or banker is best prepared to answer your question.
You may need to leverage additional collateral to make up the difference.
Wiki User
∙ 14y ago
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What can you use a a refinance calculator for?
A mortgage calculator can be used to find out if it is worth it to refinance your monthly payments, if it will lower your payments and if you would save on interest and fees. By entering your data you can decide if it is worth it to refinance your home mortgage.
What steps should you take if you am interested in auto refinance?
First, find out what your auto is worth. Then visit the dealership or bank you used for auto refinance options.
Why is it bad to do a 100 percent refinance?
If you refinance and you don't have enough equity in your home, then you are paying refinance fees and adding to your debt, plus your house isn't worth what you are paying so there is more liability to the bank. Banks don't like to take risks on the owner defaulting since they rarely get what the house is worth if they have to foreclose.
How do I refinance out of an adjustable rate mortgage with high interest rates when my propety value is less than the mortgage owed?
You cant. You cannot refinance a property for more than it is worth.
How do you refinance a house that you owe more than it's worth?
Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.
How do people refinance there home loans?
My parents have had to refinance due to the monthly payments being unreasonable for the income. Refinancing is done through the bank. They come out and evaluate how much the house is worth and suggest options on payment.
How do I refinance car if I owe more than it's worth?
To refinance a car, you must check your report for any performance issues. Then you must check history, for any accidents or problems with car. That should help you.
Why should you get a condo insurance?
If your condo is insured, you can receive enough cash to replace your damaged belongings. This type of home insurance gives you security and peace of mind, which are definitely worth the additional expense you will pay for the policy.
What is the meaning of vehicle refinance calculator.?
A vehicle refinance calculator helps you calculate if refinancing your current car loan will help you save money. Refinancing a car loan is especially helpful when you owe more on a car then its actual worth.
How can one refinance a car loan?
After you have reviewed the terms of your existing auto loan, determined if your car qualifies, and decided whether or not it is even worth it for you to refinance your auto loan, all that is left to do is apply at the bank for refinancing and wait for approval.
If you have a condo in Guam worth 150K and want to purchase a 300K home in Florida what are your chances of getting another loan to purchase the home in Florida?
It depends on how much money you make monthly. Your income must be at least twice the amount of your monthly payment for both properties combined. So if your income lies within this range you should be fine, if not you will have to sell your condo in Guam to qualify for the other home.
Is it worth doing a mortgage refinance to save 1% per year on the interest?
It's not about percentage; it's about real dollars saved annually. In order to determine if a refinance is the best option, speak to your mortgage lender. You'll want to calculate what your new monthly payment would be and then determine if the refinance would be worthwhile, considering closing costs, etc. You can also use this calculator: http://www.mortgage101.com/refinance-calculator
