There are options out there for you. Rates are very good right now and there are ways to make your situation work at 90% LTV. I would love to speak with you and earn your trust. Rates are set to go down more next week and you may want to get a couple different Good Faith Estimates. I have a couple ideas of what would be the best way to structure your refinance but have a few more questions. Please feel free to contact me. As a Private Mortgage Banker for Wells Fargo I specialize in larger mortgages and have particular expertise for your situation. I am available over the weekend.
Private Mortgage Banker
My jaw is on the floor, having dropped precipitously (like the housing and stock markets)
Natasha, In what part of San Francisco or anywhere in the country has property increased by 25% in the past 3 years?
I hope your refinance goes well. I think there are quite a few more options than the media would have us believe...of course, it is tough out there. Credit is much harder to get than before but not impossible.
Recently, I blogged about how to chose a mortgage broker. It was geared towards San Francisco home buyers but it is quite relevant to your situation as well.
Choosing the right mortgage broker or banker will be paramount to your success navigating the tighter refinancing guidelines.
If you want specific recommendations, please feel free to email me.
Zephyr Real Estate
If you can't or don't choose to do that, since you've owned for 3 years, I would still guess that the property has increased in value such that your current "loan to value" is 80% or less. When the current value of a property is in question, I usually call my appraiser and have him run the comps. There is no charge for this.
Chances are good that you can refinance. The rate probably won't be lower than the loan you obtained three years ago, but it could be pretty close. The type of new loan you should obtain will depend on how much longer you plan to live in the property.
Call me if you would like to obtain more information.
given the situation of the Real Estate Market more likely your unit lost value? The best possible way to keep your current payment would be to call your lender and try to negotiate a loan modification to try to keep the same interest at least for the next 3 years?
Most banks are a little more receptive now days to do this.. It can get very frustrating at times talking to them, you have to be persistant your refi won't fly with anybody at least for now.
Greg's number is 415-828-5818.