I see al the answers from out of state realtors, except for on on the other side of the state. So lets do this, If your mortgage is only 2 years old the p[roblem is how much equity diod you build at this point? It is not going to be much. As for an answer of being upside down already, I would say NO. Things are moving up and do not put that in mind set until you know for sure. The only way id of we do a Comp[arative Research Analysis pretty close to an appraiser . But it may be some what off. If you have money to get it apparaised again, do it. If you know the original appraiser you had from the bank, contact them and ask for th exact appraiser who id it. Ask him/her what they think now about its worth.
Secondly if you can pay the closiing costs it will be to your benefit. If yu have an FHA then se what it would be now. It should only be about 31/2 percent and if you do it with the same bank, they should give you a big break on all costs that they would normally charge. what I would do is sit down with them and see what they are going to offer for incentives to you do refianance. DO NOT TAKE ANY MONEY OUT JUST REFINANCE, PERIOD.
Now you can make a decision that will fit your needs and so forth. If you look for work out of State, are you selling or is some one going t stay in the home? What you could do is rent it out to cover your costs of the payments and try and get an aditional $100 to $200 in your pocket. But it will dpened on the rental market in your area. If you need any help at all feel free to call me. My Realty has seven Offcies and one near you to help. We can also manage the property for you and keep an eye on it, prequalify all applicants and then you have the final say of yesy or no. What we do is make sure a renter makes 3 times in salary of the rent. Ex. If rent is $1000 a month they must make no less than $3000 for the month.
I will be glad to come and speak with you just give me a call. Sorry if some spelling is a little off.
Pete Dolci, Realtor
My Cell (321) 480-2544
How much do you owe now and how much is your house worth now? Will the 5-6 k really make a difference? What I am trying to say is, if you are already over equity or close to it, wouldn't it be best to take the lowest payment you can for the time being?
Have you looked at the Fannie Mae and Freddie Mac relief refinance mortgages?
If you like, I would be glad to discuss this with you. I am here in Clearwater and am very familiar with this market and the options that you will have.
I hope to hear from you.
We have options where you will pay no closing cost what so ever on a Refinance. Also in some cases no Appraisal needed as well.