Home Buying in San Diego>Question Details

Pablo Chavar…, Home Buyer in San Diego, CA

Our the mortgage loan is not owned by Fannie Mae or Freddie Mac (also not FHA loan). We would like to know if there is a way to refinance it?

Asked by Pablo Chavarin, San Diego, CA Mon Apr 1, 2013

*Our loan rate is 5.125%
* we owe $186,000 on the condo
*Original loan was for $229,000 in 2006
*We would like to lower our monthly payment in order to qualify for a second home

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Answers

7
Any lender will need to know the value of your home in order to tell you what your options are. If you would like getting that value for free, I can look it up very quickly. Just email me the address and I'll get that value over to you right away.
Then, you can call one of these lenders if you want so that they can tell you what your refinance options are.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevinsanderlin@gmail.com
1 vote Thank Flag Link Mon Apr 1, 2013
Hi Pablo,
You might have some options. I agree with the responses below. Your best bet is to speak with a mortgage broker. If you need a referral for an awesome one, I would be happy to assist you. Good luck and let me know if I can help!

Thanks!
Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
brokermcallister@gmail.com EMAIL
0 votes Thank Flag Link Tue Apr 2, 2013
If you would prefer to work with a local lender, and meet in person we can sit down with you and go over options you have. The link below will direct you to our web page and give you more information on who we are. Alisha
Web Reference: http://guildMESAsd.com
0 votes Thank Flag Link Tue Apr 2, 2013
Hi Pablo,

It sounds like you have negative equity in your home, so answering a few questions from a lender may tell you if it's even possible to refinance. I'm guessing that if your original loan at the top of the market is not much higher than what you owe, you may not have enough equity since values fell so much from 2006.

Good luck to you!

Cory
0 votes Thank Flag Link Tue Apr 2, 2013
Hello Pablo, It only takes a few dozen questions to qualify you in minutes. You may even qualify for a short refinance with principal reduction. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify.

I am also a Real Estate Broker and can evaluate your homes value and go over your options. Here are some links to study and consider that I offer.

http://www.under640ficoscoreloans.com/Pages/Refinance.aspx

http://www.under640ficoscoreloans.com/Pages/HARP.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Tue Apr 2, 2013
Pablo,

How much equity do you have in that property?
0 votes Thank Flag Link Mon Apr 1, 2013
Hi Pablo,

The implication is that you have negative equity which would make it very unlikely, based on what you've indicated, that you can refinance. If you want to call me I can confirm the value of your current home and help you determine if there are options available. There are a few questions that need answered to be best of help.

Jim
0 votes Thank Flag Link Mon Apr 1, 2013
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