Can I refinance my home if I have less than 20% equity with my mortgage and home equity loan combined?

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The value of my home has declined but I would like to get a lower interest rate, especially on the home equity loan. Help.

  1. Reply
    April 30, 2011 at 12:30 am

    hmm… not sure if they’ll refi you, but I called my bank and asked for a loan modification and dropped my interest rate a couple points.. I only went out of pocket about $ 300 and saved myself $ 300 a month on my mortgage.. so, call your bank and just ask them if they have any loan modifications or “streamline” refinance options available.

  2. Reply
    April 30, 2011 at 12:35 am

    If you have enough cash to buy one of them down so that you are under the 80% LTV, sure, you can do it.

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