Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Refinancing my Mortgage?

Refinancing my Mortgage?

I have about 350K left to pay off on my mortgage. The housing market being what it is the value of my home has dropped below the 350K I have left to pay off. I am looking into refinancing to a lower rate but was told that my “Loan to Value” amount was off and I’d need to borrow more than my house is currently worth. Most lenders won’t do that.

Is this correct?
Are there any other options for me?

RELATED POSTS:

  1. How does a refinancing loan work on an FHA mortgage? I have an FHA loan for $25,000……House is worth much more, especially after the repairs we did. House sold at...

  2. What is “refinancing”? Does refinancing mean paying off an existing mortgage and taking out another mortgage? What does it mean in this context? The housing boom spurred economic activity because consumers refinanced at lower interest rates,...

  3. Mortgage Refinancing Mortgage Refinance Refinancing Mortgag www.MortgageRefinancing-co.com was designed to help people with making good Mortgage Refinancing decisions. ...

  4. Benefits of Mortgage Refinancing, Mortgage Refinancing Advi www.mortgagerefinancing-co.com Learn About All Information Needed on Mortgage Refinancing today! Check Out Tips, FAQs, and Current Rates! ...

  5. Refinancing Home Mortgage : The Ultimate Convenience! | Refinancing Home Mortgage At A Glance There are many reasons why people consider refinancing home mortgages. Ranging from wanting to withdraw their cash in equity...

Written by

Filed under: Mortgage Refinancing · Tags: ,

3 Responses to "Refinancing my Mortgage?"

  1. David M says:
    Nobody is going to loan you more money than your house is worth. I’m not sure how you got there (previous refinancing,very little down when you bought, bought your place at the height of the real estate boom) but you need to turn that around before you can refinance. There’s only two ways that’s going to happen. Increasing the value of your home or pay down the debt. Since the market has more influence over the value of your home than you do, you need to pay down your debt.

    The best way to do that is to increase your monthly payments. 100% of any extra dollars you put to your payments goes directly to reducing your debt. And by reducing debt, you make more of your future payments go to principal and less to interest, so it feeds on itself.

    Good luck.

  2. src50 says:
    That is correct. No lender will lend more than the current value of the house and nowadays most will not touch anything over 90% LTV.
  3. Al Rodenburg says:
    Depending on location (ZIP / County), we might be able to go up to 110%. We would need more details on your situation in order to respond properly. If interested, please fill out my brief RFQ (Request For Quote) form at mortgageoffice dot com (it comes directly to me) and I will respond quickly.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player