By Admin on Nov 18, 2008 in Renting & Real Estate
No Equity asked:
I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
Create a video blog
I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
Create a video blog
No. I wish there was more to say but there isn’t.
If anyone offers to do it for you run away fast, they are liars.
Steven L | Nov 19, 2008 | Reply
My best advice is to consult an experienced mortgage broker on this question. I hope that you can because rates are far below 7.25% currently making it a great time to refinance.
Go to to have a local mortgage broker contact you.
Good Luck,
Jon
John the helper | Nov 20, 2008 | Reply
Sorry, but you have over extended yourself. You don’t even have enough equity. No point. Check here for more info:
MmmmKay! | Nov 20, 2008 | Reply
you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum
Strawberry S | Nov 21, 2008 | Reply