Hi Jennifer,

You received some good advice from the other professionals. However, I see to many people focus simply on what their current interest rates are and what their current monthly payments are. When you focus simply on rate and payment the lenders have you right where they want you. The two most important questions to ask yourself are when will I pay this loan off? And what will this loan cost me? When you speak with any prospective lenders ask them the following questions:

1. Do they offer a Daily Unpaid Balance Loan?
2. Will the lender apply your payments immediately to get you the interest savings and not wait until the second half of the month?
3. When will I pay this loan off?
4. What will this loan cost me?

If you have further questions I would welcome the opportunity answer them. You may reach me in my office at (626)610-1179. There will be no oligations. Good luck!

Matt

They say that if you can make an adjustment on your interest rate by 2% it is worth while to refinance. The fact that you just purchased your home last year and prices seem to still be adjusting may be a problem. However, I would attempt to do the following:
1. Contact the bank that is holding the mortgage and see if you can refi
2. If your income has changed (lower) and it is more difficult to make your payments then I would contact http://www.MakingHomeAffordable.gov site to see if you qualify under any of those conditions.
3. Don't settle with just checking with one bank. Try numerous banks to obtain information.

Good luck. Now is a great time to refi if you can find a program that will work with your balances.

First is to find out if your loan is Under Fannie Mae, in order to do that go to http://www.fanniemae.com. Once you confirm that your loan is under Fannie Mae, then you might be able to use the new Fannie Mae DU Refi Plus program that can go up to 105% LTV (loan to Value) with no minimum credit score.

If you have more questions please contact me at michael.angeles@assurityfinancial.com and I'll be have to help you out. We are a Direct Lender located at Bayhill, San Mateo.

Hi Jennifer, I hate to be the one to go give you the bad news, but I don't think you can REFI right now. Your home has probably gone down since you bought, and your ratio's are way off to Refi.

To refi, you should owe 80% loan to value, but now that the lenders have made it tougher, many want 70% loan to value.

Don't take my word for it. Why don't you give B of A a call since they did your loan, or try Wells Fargo or another large lender and see if they might be able to pull a rabbit out of the hat for you.

Good luck,

Dave Tap Tapper
Realtor
Cashin Company http://www.DavidTapper.com
650-403-6252