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What is is that you want to achieve with a refinance? Is it to lower interest and therby payments? Or do you just want to have better and different terms? With regards to your question, you can refinance the property however, you will have to come to the closing table with enough cash to make the lenders whole (ie. pay off the balance due). If your first and second mortgage balances are greater than the appraised value of the property, then the assumption is that the value of the property has dropped. If the difference is not too large, perhaps there are factors within your control that can help you increase the value. Please keep in mind that it is the holder of the second mortgage that is at greater risk of loss than the holder of the first. Depending upon the specifics of your situation, perhaps there is some negotiating room to get creative with your situation. A conversation with an experienced mortgage broker in your area might prove to be useful.

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โˆ™ 2005-09-15 18:34:06
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Q: If you have two mortgages on your home can you refinance even though the mortgage is more than the house is appraised for?
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Related questions

How can a person get a refinance mortgage?

An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.

What needs to be done in order to refinance a mortgage?

A homeowner needs to apply for a refinance in order to refinance their mortgage. Various documents comprise the application, and the process isn't the shortest one around. Banks can decline a refinance application, though.

Where can one obtain the lowest refinance rates for mortgages?

The lowest mortgage rates are offered by private lenders though they may use various government programs for the specific mortgage loan. The government does not actually make mortgage loans, though government sponsored enterprises such as Freddie Mac and Fannie Mae purchase the loans later from banks which actually make the loans.

What rates does Abbey mortgage offer to the customer?

They offer a low of 2.6% on home mortgages and there are no hidden fees they claim. THe mortgage rate for a thirty year mortgage is 4.375% though.

Where can one obtain FHA Refinance?

One may obtain FHA refinancing directly though the lender who currently provided the mortgage. One may want to refinance for a lower rate or simply refinance out to a different program for a better rate.

I would like to refinance my mortgage. I have a lender who will give me a 5.75 fixed interest rate on a 15 year mortgage. If this mortgage is sold can the interest rate be changed?

If it's truly a fixed-rate mortgage contract, then no, the rate won't change if the mortgage is sold to another lender. Check your contract for any gotcha clauses, though.

How much is a mortgage?

There is no universal price for a mortgage as there are numerous factors in any given situation such as the nature of the house, its assets, and the financial situation of the person looking to buy it. Ultimately, a mortgage company will help determine whether or not you can afford to buy a house or refinance a mortgage on it. A good mortgage company will try to help you in any possible way by helping you find good loan solutions depending on your income and credit history and keeping you in the loop on any financial perks that might be available to you. Again though, there is really no universal price for mortgages as there are too many factors that can play into it. Depending on what type of financial situation you are in, you can receive additional loans with the assistance of a credible and reliable mortgage company.

What can someone do if unable to get an FHA loan because of an Ex on an FHA mortgage together won't refinance or sell?

You need to check the terms of your divorce decree. All your property should have been addressed at that time. It sounds as though you and your ex-spouse still own property together. You need their signature to sell or refinance. Perhaps you should try to buy their interest and then refinance on your own.

What is a fha streamline mortgage?

Take a look here for the detalis on how this works: Streamline Loan has been set up to refinance an existing FHA mortgage. This loan does not require an appraisal, and fees are generally minimal, but the new loan cannot exceed the balance of your existing loan. Any fees must be paid up-front, unless you arrange for a special "no-cost" FHA Streamline Loan allowing the fees to be incorporated into the refinance loan.Though a no-cost FHA refinance will usually requires an appraisal, and there must be enough equity accumulated in the property to accommodate the extra amount.To qualify for an FHA Streamline Loan, the owner of the existing mortgage must be up-to-date with payments and they must have been made on time for at least the last year. Also, the owner must have owned the home for at least six months before an FHA Streamline Loan can be considered.You must apply through an FHA-approved lender. If you want to refinance a conventional (non-FHA) mortgage, you can either apply for a conventional refinance loan, or you can still apply for an FHA refinance mortgage. The FHA refinance loan in this case will not include the cost-saving elements of a FHA Streamline Loan, but they are usually less costly than conventional refinance loans.

Where can one receive low closing cost mortgage?

Low closing cost mortgages can be found at most banks and financial institutions. One form of no closing cost mortgage is when the mortgage company waives the fees, though this is rare. Another type is when the mortgage company give you no closing costs but the interest rate you pay is increased. For example the standard rate could be 4% with closing costs or 4.25% without.

Where could one find information relating to fha refinance?

FHA refinance allows for the purchase or refinance of a home. You can find information on FHA refinance though local real estate agents or your local library.

What is the defference between legal mortgage and equitable mortgage?

Legal MortgagesA legal mortgage is one created under law. Every jurisdiction has its own statutory requirements for legal mortgages. Typically, the party offering real estate is known as the "mortgagor." The party offering money is known as the "mortgagee." In most states, the transfer of interest to the mortgagee gives the mortgagee the right to take the property only if the mortgagor fails to pay as promised. However, a few states' laws hold that a mortgage is an actual transfer of title, and the mortgagee is the legal owner of the property until the mortgagor pays off his debt.Equitable MortgagesEquitable mortgages are relationships that don't meet a jurisdiction's legal mortgage requirements. When an arrangement looks like a mortgage and smells like a mortgage, some jurisdictions' courts, known as courts of equity, will recognize the arrangement as a mortgage even though it isn't a legal mortgage. In such cases, courts will usually look for the basic elements of a mortgage: a debt from one party to another for an amount significantly less than the land is worth and some sort of promise to return the land upon payment. If the court finds these elements, the arrangement will then be treated as a mortgage under law.

Change to va mortgage from conventional mortgage?

In order to move from a conventional mortgage to a VA mortgage you would have to refinance. In most cases when changing from one program to another, changing loan term, etc, a refinance is necessary, though you can often refinance with very few out of pocket expenses.Of course to obtain a VA loan you will need to meet the requirements such as a being an eligible veteran or active duty member of the US military, having a certain credit score, and being able to qualify based on your current income and the amount of your other debts.You can learn more about this program here: of luck!

Is house refinancing the right thing if you have high payments?

Given that the current rates are at a historic low, it is an excellent move. Currently though with the economy and mortgage crisis, housing prices have dropped. So, it has been difficult for the average person to obtain a mortgage refinance because the main reason is people have lost equity in their homes, and mortgage companies want people to have at least 20% equity in their homes.

Can people get mortgages on their homes in Jacksonville?

You can get mortgages from many places in Jacksonville. Even though the economy is down, banks are striving to give out mortgages to people with good credit scores.

Does a person have to use a bank in order to take out a mortgage?

One does not have to use a bank in order to take out a mortgage, though using a bank is the most wise choice in a matter like this. Since banks can help set a new home owner up with the correct deals and all the financial support one would need to keep the mortgage clean and easy. Also banks are able to help with mortgages even if the owner does not have great credit.

How can one get a second home mortgage loan?

In order to acquire a second home mortgage loan people should first approach high street lenders who tend to offer the most competitive rates on mortgages. Before taking out such a loan though people should thoroughly consider whether they are able to meet the repayments of such a loan as it can be a big commitment to make financially.

How do you know who owns your mortgage?

Fannie Mae and Freddie Mac own a majority of mortgages in the U.S. Most mortgages have a servicer and an investor, which is why many homeowners can be confused about who actually owns their loan. The servicer is probably who you are most familiar with. A loan servicer is who you send your monthly payment to and who you receive your statement from. The servicer Your servicer, though, does not own your loan, they just do administrative work for the investor. The investor is the actual note holder are the one that truly owns your loan. More than likely, though, either Fannie Mae or Freddie Mac is the investor on your loan, as they own roughly 90% of the residential mortgages. To figure out if either Fannie Mae or Freddie Mac owns your loan, you can visit their website and verify some information with them about your mortgage. To determine if Fannie Mae owns your loan, visit their website in the related links. To determine if Freddie Mac owns your loans, visit their website in the related links Finally, there are some credit unions and mortgage companies that hold on to the mortgages for the life of the loan. If that is the case, whoever you originally did your mortgage through is the investor on the loan.

You have paid your chapter 13 off early and would like to refinance with a lower interest rate and get your credit back on track?

The answer is a resounding yes, I am a mortgage loan officer who specializes in helping people with bankruptcies and damanged credit. The most important thing is to never be embarassed, we are all human and we all make mistakes or just have things happen to us that are beyond our control. I myself filed bankruptcy years ago and I know the feeling. The mortgage industry has also realized this and has created many programs to help people with BK's obtain mortgages. Once your BK is dischared though you should have little or no issue with obtaining financing and probably lowering your rate. The main thing now is to make sure you handle your finances well and pay your mortgage on time.

Where can someone with a poor credit rating qualify for mortgages?

You can qualify for a mortgage with a bad or poor credit rating at your local bank or credit union. You may have to do certain things such as eliminate all other forms of debt you currently have or finding a co-signer first though.

What are the reasons in which a person would apply for a subprime mortgage?

Subprime mortgages are for people with lower or worse credit ratings, its more of a second chance than anything. You would apply for one if you have bad credit and need a home loan, it does have higher interest rates though.

How could one refinance a mortgage?

Mortgage refinancing is done through usual mortgage lenders and brokers. What's important is to be prepared and move cautiously. Gather all of your relevant financial documents (W-2, etc) and review your credit score. Then shop around and choose carefully. Refinancing a mortgage does not decrease debt; it just changes the payment structure. Though a lower monthly payment may look more attractive, higher monthly payments allow one to pay off the debt sooner and spend less money in total.

If you just bought a house a month ago how soon can you refinance for a lower payment mortgage?

Most banks require seasoning of atleast 12 months before you can refinance a mortgage. Though I work with banks that will do a refinance even 1 day after funding. As a footnote most states have what's called 3 days of rescission. Your broker is supposed to explain this to you. Basically you are allowed to rescind on the loan up to 3 business days after closing. This is to protect the borrower who may sign under duress. Many lenders and brokers pull what is known as a bait and switch. They promise you a low rate and then at the closing table the rate is considerably higher and many people sign because they have invested so much time or they are pressured into it. So they do have the right to rescind even after closing. I am a mortgage lender and broker. Some lenders do not require that you own your home for a certain period of time before refinancing; enabling you to refinance whenever you like.

How do you Qualify person in Canada toward mortgage?

To qualify for a mortgage, there are several factors that the lenders will look at. First of all your credit history, available down payment, your debt repayment capacity, property value, property status and your income. They have ratios (which we call as debt service ratios) that are to be met in order to get you the mortgage. Now the fact is with so many lenders out there, the chances of getting mortgages is really varied depending on your situation. If you are a A+++ client, the banks will offer you the best rate and the best options but if your credit and history of payments is not that great, you may have to consider other lenders (called B lenders). We are mortgage professionals at Dreamlife Mortgages, look at all these aspects and hence are able to offer a customized mortgage solution plan to our clients. Weigh in your options property before you make any decision. Mortgage rate though an important factor may not be the only factor that will decide where you get your mortgage from.

Where online can a person find more information about remortgage rates?

The best place to go for mortgage rates is your local bank. Though there are legitimate sites specifically for mortgages there are so many fakes that it is best to search federal banks. Otherwise risk giving your money to a thief.