When the feds lowered the interest rate am i able to refinance my house even though i have lost money on it?

Palmer
Unfortunately no. First of all the Federal Reserve lowered the Fed. Funds rate and the Discount Rate which affect the amount banks are charged for borrowing money not mortagage rates.If your home is worth less than what you paid for it your lender will not be able to help you as you do not have any equity in your home. Hopefully you have a fixed rate mortgage and not an ARM scheduled for readjusting soon. If this is the case all you can do is sit on the sidelines until the huge inventory of houses on the market is absorbed. (in some areas of the country this is said to be around 10-12 months worth).

Olinda
Its tricky... if your house has depreciated in value and is appraising for less than you paid for it, NO lender will refinance because its a bad investment. You better hope the market comes back and then you will be ok.

Alia
The Fed Rate and Mortgage rate are NOT related.You need to call your mortgage company (or another) and find out what their rates are.If the house is worth less than your principal balance, then no, you cannot refinance.

Barbera
The feds lowering of rates effects your credit card, not your house. I will take months for the rate cuts to work into the house market.You can always refinance. It will just be a fresh look at everything. You may end up paying PMI because your loan to value is over 80 percent.

Carline
The Fed lowered the Fed Funds rate. The federal funds rate is what banks charge each other for short-term loans. Fixed interest rates are about the same. You mean your house has depreciated? The only way you will know if you can do something is to contact your Loan Officer and go through your credit report, full application, and get comps of homes to know what kind of value the appraiser should be able to get. With this info, your loan officer can tell you what you will qualify for, and then you can make the decision to move forward if it makes sense. http://www.choicerealestate.net/

Jackeline
you need equity in your home to refinance or else you would need to pay the difference out of your pocket.mycommunity programs go up to 100% ltv rate/term...and fha's up to 97.75%