Is there a better way to Refinance ?

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I’m need advice. I have 30 year fixed mortgage at 7.25%. Because interest rates are low and I want more liquidity for the rocky future I want to refinance. I have a good credit history, good payment history, solid work history, eligible for a VA loan but cannot refinance because my house will not appriase out. I have a normal middle class home in a stable neighborhood in one of the top hardest hit areas in the nation. Now my loan to value ratio is not what the bank wants and I can’t refinance I cannot even drop PMI for the same reason or get a VA loan for the same reason. I can get a HUD with 4k closing. Any advice????

  1. Reply
    infinite crisis 247
    January 31, 2011 at 6:19 am

    1. yahoo answers is not the place to go for the end all be all of financial advice. you need to crack open the yellow pages and make some phone calls. all most people on here can give you is speculation based on the information contained in a short paragraph.

    2. most likely you would not be able to refi because your equity has disappeared. home values are way down, so unless you put down a huge amount originally, chances are that your outstanding balance to appraisal amount is going to be out of whack, making it very very unlikely that anybody will refi you.

    if you can wait this out, you are better off to hold off for a while and ride this out until values start to improve again.

  2. Reply
    January 31, 2011 at 6:26 am

    What you could try is talking with your lender about a modification to your loan. If not your only choice is an FHA loan. But again, that appraisal has to cover your loan balance and all costs.

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