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If you have two mortgages on your home can you refinance even though the mortgage is more than the house is appraised for?
Wiki User
∙ 18y ago
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.
Wiki User
∙ 18y ago
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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.
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.
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: http://afrmortgage.com/va-loans.phpBest of luck!
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.
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.
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: http://afrmortgage.com/va-loans.phpBest of luck!
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.
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.
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.
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.
