I bought a house 2 yr ago with afix rate for 2 yr the house value went down could i refinance curent loan amt

Deanne
refinance of a 2 year old loan with house having a lower price than before

Dinorah
It depends on what your interest rate was and how much your house went down. If the house went down more than a couple of thousand, you will probably have to pay cash to refinance. The first 5 years of a mortgage you pay off almost nothing. You can use this link to figure out how much you owe on your house, but you should also have been given this as part of the closing process, so you can look it up in your paperwork: http://www.bankrate.com/brm/amortization…

Rosemarie
I am thinking that you have a flex mortgage rate and that its coming due and will increase. If that is the case my answer has to be ''qualified'' only because you do not provide more details.I have no idea how much $$$ you gave as a downpayment on your house and as such you might have created enough equity that even if the value has gone down you still have ''enough equity'' to refinance...I dont know if you want a cash out in your refinancing or just want to get into a long term interest fix rate...something that regardless you should seriousely consider ...So the answer is yes, but it depends on the above circumstances, on the other hand if you had no equity from the start it is possible that your lender or other might consider a refinance, based on the problem that the market is having with variable rates...i would first start with your lender and move on to find a fix long term rate

Tora
If you financed 100% of your purchase price there is probably nothing you can do at this point except try to ride it out until your value increases, as it eventually will.If, on the opther hand, you made at least a 10% down payment you can contact your current lender and ask about a "streamline" refinance. This type of transaction does not require a new appriaa and you do not have to re-qualify for the loan so it is fast and cost effective.

Breanna
There are some combination loan programs that can be used as piggybacks on other loans to get up to 110% of your home's appraised value. However, the criteria to qualify for those loans are extremely rigid, in your case would make absolutely no sense. All this would do is put you deeper into a bad position, and one way too similar to having a negatively ammortizing loan. In assuming that you had/ have a high LTV or Interest Only loan, you will probably have a loan balance higher than the appraised value. In a refinance, you can only refinance for what the house is worth. You can consider a short-sale if you believe that the house is a bad investment, so that you do not incur a deficiency balance. However, the situation is something that you may want to explore with your bank for available options.Many banks have quick, low cost refinance options for returning customers, since they have records of your old loan application and appraisal - and would at least honour that appraised value, just so that they do not undermine their underwriting standards and sell their investors short.