Refinancing my house is it a possibility ?

Contessa
I owe $197, 000 on my house but the house is worth only $170, 000 in todays market I'm wanting to know if there is any way to refinance my house in this time when the interest rates are so low. I currently have a rate of 6.8 and a 800 credit score. .

Jonna
You could only refi to 136, so you need to come up with 61k to do this.

Brandie
No, The rate is only low for the first year. After the first year if you don't pay the total balance off it is a 96% or more loan not a 4.5% loan. After the first year the loan is amortized. If you don't believe me look at the amortization schedule on your current home. Keep the existing loan and the money you have already paid to principle on it and start paying extra on the monthly statement to the principle. It will safe you thousands of dollars in interest each year. Do not refi, it is nothing but a trap by the banks to get you to pay them more interest.

Isreal
only way that you will be able to refinance is is you bring a lot of cash to closing, and in your case, it would be 10s of thousands. for a lesser rate (and you have good credit), the monthly savings would not be worth having to have all the money at closing, plus closing costs. if you want to pay down the home quicker, you would be way better off to get your amortization schedule from your lender and send in extra every month. this will often knock years off of your term and doesn't come with the costs, hassle, etc. of refinancing.

Evita
the ONLY way you can with out cash out of pocket is if you have an FHA note and you can streamline it with out an appraisal or credit check they just want proof of timely payments the last 12 monthsI am a mortgage banker in tN & KY

Brenton
You will need to come up with the cash difference in what you owe and the value of the house. Under the new mortgage rules, Banks won't loan more than 80% of the True Cash Value of your home on an uninsured mortgage.

Cathrine
Mark, we can't help you. You need to talk with several lenders in your area. See what programs they have and select the programs that best suits yoru financial situation. We can only guesstimate and you really need factual information.