Can I refinance if my loan is about 100k under?

Asked by sparklewithmarlo, 95632 Mon Oct 1, 2012

I am in a terrible interest only loan, 6.5%, going to adjust in a few years. I feel like I'm throwing my $ away every month (2,052!!). My bank won't do a refi due to our income to debt ratio. What should I do? Im trying to buy a home now, but I'd like to keep this one as a rental. How can I get a better loan?

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April Cooke, Agent, ELK GROVE, CA
Mon Oct 29, 2012
Your mistake was going to your bank, it is very hard to qualify for loans or refis with the larger banks right now. You want to get qualified with a Mortgage Banker, they are Direct Lenders.
You need someone to look at everything you are wanting to do and find the right direction for you to go in. Refining your home will depend on the type of loan you have and the current market value.
Your payment seems very high. Your property taxes may be higher than they should be. If you want to talk about your situation, please give me a call, so I can get a better idea of your needs, then I send you to the right person, Call me at 916-769-3694.
0 votes
April Cooke, Agent, ELK GROVE, CA
Mon Oct 1, 2012
I agree with Bruce. Give Chris a call and he can help you. He will be able to advise you and get you going in the right direction.
0 votes
Bruce Slaton, , Elk Grove, CA
Mon Oct 1, 2012
Like April said, if your current loan if Freddie Mac or Fannie Mae owned (you can check at either http://www.AmIFannieOwned.com or http://www.AmIFreddieOwned.com ), you might be able to take advantage of the Harp 2.0 program which is geared to underwater homeowners who have not missed a payment.

The other factor might be the new house, I am not sure how the Harp 2.0 will affect your ability to purchase another home.

I would recommend you contact Brian Barnes from Paradise Financial ( http://www.FHAKing.com ), his number is 916-230-4750. He is a very reputable and knowledgeable lender who is experienced with HARP 2.0.

One other recommendation is Chris Opfer from Mason McDuffie Mortgage, his number is 916-709-3257, I've worked with Chris for many years and he's a great loan officer.

Best of luck with your situation

Bruce Slaton
Realty World eCurb REALTORS
http://www.GaltHomeSource.com
Lic # 01305148
0 votes
April Cooke, Agent, ELK GROVE, CA
Mon Oct 1, 2012
You have a complicated situation. Do you have a Fanie mae or freddiemac you may qualify for the Harp 2 loan. You need to consider your whole financial picture before doing anyrhing. Give me a call and I can go over your options.
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