Can i refinance my mortgage for 350 000 if my house is only worth 250 000? ?

Claude
I have a total debt of $348, 000 including the mortgage, 4 lines of credit, and credit cards. I am able to make all payments and just want to consolidate. Wouldn't one lending institution want my money that I am paying to 12 different ones?

Bradley
Refinancing your mortgage will typically be the best option, as it can save you hundreds of dollars per month if you’re refinancing from a high interest rate to a lower rate.The website below may provide some insight for you. http://www.refinancing101.netGood Luck...!

Emiko
If your home is worth $250, 000, the most you can get a mortgage for these days is likely to be around $200, 000. Most mortgages that are actually being funded are around 80% LTV, which means you need about 20% down to get financing. Even in the days of 100% financing, you could never have gotten $350, 000 on a house worth $250, 000. That's 140% LTV! Keep making out 12 checks a month and get that debt paid off. In this economy, the ones hurting the most are the ones with debt. The debt-free are generally hanging on.

Dorie
Highly unlikely but call a mortage loan officer and ask.Right now the market is bad and money is tight. You must have about 680 credit score to get a loan for 80% of your homes value. Most are not willing or cannot go over 80% of your homes value...Your best option is probably a home equity loan which is a secondary home loan...but since you appear to have no equity I don't know if they can do this either.When did you buy your house. Did you buy it 12 years ago because if so maybe it's worth more now than it was then. If you purchased it within the last few years I would say your probably out of luck in all aspects of this thinking.edit: I thought this over some more...you have 4 lines of credit? you have $100, 000 of debt? I assume maybe 30, 000 is for a vehicle and the rest is pure waste...ie credit cards, maybe home improvements...sounds like your only option may be debt consolidation loan and I would recommend some counseling on your spending habits as even if you get a loan to lower you monthly debt payments you still have a PROBLEM. I am not trying to be mean! I have 0 debt other than my mortgage..I have two vehicles paid off and I pay my credit card balance in full every month. Your going to need to revise your budget and eliminate some waste.

Britany
Wow! Probably not. Unfortunately lending institutions just don't think like that. You could try to put some of your credit cards together on one card and get a lower balance transfer rate. That may help save you a little bit.

Kamilah
No, you cannot. The best thing for you to do is to just pay down your debt as fast as you can, starting with the one with the highest interest rate. Generally, this will be the credit cards.

Leandra
Nope, your living well beyond your means has now caught up with you. The only way to fix this is to significantly increase your income or significantly reduce your spending. Good luck.

Camille
Ha ha. No sir. You home has to be worth more than all your debts together. Sinking home values are killing all of us.Sorry my friend. The world is scarry right now.

Amy
Unlikely. The easy credit rules are changing.

Brandy
No, I'm glad my house is paid for, in full.