How can I refinance my mortgage when the existing loan in greater than 90% of the value?
It doesn’t seem lower interest rates do the majority of people any good, as mortgages already greater than 90% of the appraised value can’t be refinanced (even if refinancing for the same amount!) How does this help people who’s home value has dropped with the market and are struggling to make payments on their high interest ARM? Would they rather these people foreclose or declare bankruptcy?
So what are my options at refinancing, given that most lenders, including my current have added stringent measures? Also I dont want to pay a huge closing cost.