Montgomery County, MD. Home appraises at $950,000. Current Loan is $900,000.

Asked by reyjunquera, Clarksburg, MD Wed Dec 26, 2012

Strong income, credit scores 750 . Any lenders out there for refinancing this loan?

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0 votes
Joseph, , Columbia, MD
Sun May 5, 2013

I am not sure of the other particulars but if you haven't refinanced yet please give me a call on my cell.

We are Lend across the country

Joseph A. Ray
Mortgage Broker
Branch Manager NMLS # 204912
Sutherland Mortgage Services, Inc.
10015 Old Columbia Rd. Suite B215
Columbia, MD 21046
Cell 443-303-7573
Office 410-290-6244
Fax 866-833-4210
0 votes
Your Solar R…, Agent, Silver Spring, MD
Sat Mar 2, 2013
Reyjunquera, try asking your local credit union loan officer. Also, check out often.
We have a few listings in your area and can help you with your real estate needs.
0 votes
Bruce Lemieux, Agent, Gaithersburg, MD
Wed Dec 26, 2012
$950K is a lot for Clarksburg. The highest sale so far in 2012 was for $830,000. Unless you have a custom home with acreage, then getting an appraisal for a refi at $950K is very unlikely. If this is your 'tax value', then I recommend that you challenge the tax assessment to have your taxes reduced.

Since most inventory in Clarksburg was built during the peak of the market, this area has had more than its fair share of distress sales -- especially at the higher end of the market. I've sold several homes in Clarksburg and understand this market segment. I can give you a quick home valuation if you like so you have a better idea of it's current market value. From there, you'll have information needed to begin working with your bank to renegotiate the mortgage.

Good luck.
0 votes
Fred Glick, Agent, Mountain View, CA
Wed Dec 26, 2012
Sorry, no.

But, if you have another home that has equity or a 401k that you could borrow from to bring you down to 80% of the value, then you can refi.

But, try calling the current lender literally every day and see if they will renegotiate your rate.

Good luck,

0 votes
Ron Thomas, Agent, Fresno, CA
Wed Dec 26, 2012
The Industry standard is 80% of the Appraised value:
This would mean a loan of $720,000 with a down payment of $230,000.
Can you handle that?
0 votes
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