I purchased a house in 2006 now that the prices have gone down would there be a way of refinancing our home?

Erlinda
I'm not for sure if I have the facts Straight but my landlord got refinanced but she actually had to default the loan to get it.She has good credit.

Susana
You don't say where you live. If you live in Australia, this would be a comparitively easy thing to do. You can refinance either with your current lender, or you can go to a different company. You may have to pay out quite a lot of money to terminate your existing loan, it depends on the condition of your current loan. If you are in Australia, go and talk to Yes Home Loans. They are very good, and can tell you about a lot of different banks and products, and have won a number of awards from the finance industry. They have helped a few people I know.

Jose
Talk directly to the company you have your mortgage with. A new appraisal would have to be done. Unless you can get a much lower interest rate than what you have now, it may not be worthwhile. Due to the economic situation, some lenders will work with you if you have a hardship paying your mortgage. If you don't have a hardship and have some equity in your home it may be possible.

Allie
I have refinanced my home several times over the years and have, a few times, been unable to do it for a variety of reasons. So here's a few things to keep in mind: 1) Have you made your payments on time/do you have good credit? If yes, keep going.2) Do you have equity in the house (is the house worth more than you paid for it?) If yes, keep going.3) Do you have a stable job that gives you pay stubs? If yes, keep going.4) If you have a "bad" loan-to-value ratio, then you will have a harder time, but you may qualify for some loan restructuring plans that are out there. Loan to value means that, for example you have only paid of 10% of the house and 90% of the value is still owing. That's bad.5) Another possibility is, like if your loan is with Wells Fargo and you do NOT have a "second" on the house, they have programs where you can just re-fi in order to lower the payment. Look into it with your mortgage holder.

Janean
If there is equity in your home (value - current mortgage) then yes you can. With house prices falling at the moment this my be tough though!In 2008 UK houses prices dropped by nearly 10%!

Alana
Of course you can refinance if you have decent credit and job history. However, you still owe the same amount as you do now... you just might get a lower interest rate, which equals lower monthly payment.

Eve
YES! Of course! Shop around to a few different lenders, find a better rate and plan and snatch it up- while they are low! And Good Luck! :)