Can you refinance a 1st mortgage and 2nd mortgage without equity?
Posted by admin | Under Mortgage Refinance Saturday Nov 1, 2008I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum
No. I wish there was more to say but there isn't.
If anyone offers to do it for you run away fast, they are liars.
References :
http://WeFixRates.Com
My best advice is to consult an experienced mortgage broker on this question. I hope that you can because rates are far below 7.25% currently making it a great time to refinance.
Go to http://www.MyMortgageSaver.com to have a local mortgage broker contact you.
Good Luck,
Jon
References :
Sorry, but you have over extended yourself. You don't even have enough equity. No point. Check here for more info: http://www.bills.com/home-refinance/
References :
http://www.bills.com
you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum
References :