Our the mortgage loan is not owned by Fannie Mae or Freddie Mac (also not FHA loan). We would like to know if there is a way to refinance it?

Asked by Pablo Chavarin, San Diego, CA Mon Apr 1, 2013

*Our loan rate is 5.125%
* we owe $186,000 on the condo
*Original loan was for $229,000 in 2006
*We would like to lower our monthly payment in order to qualify for a second home

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Sinead McAllister’s answer
Sinead McAll…, Agent, Oceanside, CA
Tue Apr 2, 2013
Hi Pablo,
You might have some options. I agree with the responses below. Your best bet is to speak with a mortgage broker. If you need a referral for an awesome one, I would be happy to assist you. Good luck and let me know if I can help!

Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
License 01366009
858-205-5215 CELL
brokermcallister@gmail.com EMAIL
0 votes
Kevin Sander…, Agent, San Diego, CA
Mon Apr 1, 2013
Any lender will need to know the value of your home in order to tell you what your options are. If you would like getting that value for free, I can look it up very quickly. Just email me the address and I'll get that value over to you right away.
Then, you can call one of these lenders if you want so that they can tell you what your refinance options are.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
1 vote
asirois, , San Diego, CA
Tue Apr 2, 2013
If you would prefer to work with a local lender, and meet in person we can sit down with you and go over options you have. The link below will direct you to our web page and give you more information on who we are. Alisha
Web Reference:  http://guildMESAsd.com
0 votes
Cory La Scala, Agent, San Diego, CA
Tue Apr 2, 2013
Hi Pablo,

It sounds like you have negative equity in your home, so answering a few questions from a lender may tell you if it's even possible to refinance. I'm guessing that if your original loan at the top of the market is not much higher than what you owe, you may not have enough equity since values fell so much from 2006.

Good luck to you!

0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Mon Apr 1, 2013

How much equity do you have in that property?
0 votes
Jim Fishinger, Agent, Carlsbad, CA
Mon Apr 1, 2013
Hi Pablo,

The implication is that you have negative equity which would make it very unlikely, based on what you've indicated, that you can refinance. If you want to call me I can confirm the value of your current home and help you determine if there are options available. There are a few questions that need answered to be best of help.

0 votes
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