Asked by Calwalker, Sacramento, CA • Mon Nov 29, 2010
original question question) Org Q: I own a house with a loan balance of $108,000 at 6.25% and market value of $92,000. I'd like to refinance at lower rate. Bank of America holds loan. I'm current in payments and have never been late. Unfortunately my loan is NOT Freddie Mac or Fannie May, or FHA. Also I'm not in financial hardship & earn $50,000 a year.
Are there any ways to refinance without paying in $20,000 or more in cash to pay down the mortgage?
One complicating factor is that I have a long commute and I'm considering renting out the house and moving closer to work.
FURTHER DETAILS: My goals are: 1. avoid the long commute, 2. keep house until retirement in 12 years or at least until the value exceeds mortgage (plus any buy down). My current payments plus expenses roughly match expected rental. But there could be other expenses (repairs). A refinance would save me a lot over12 years & cover unexpected costs.
Instead of a buy down, I wonder if lender take as collateral, a $35,000 IRA?
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