Comments on: What are my chances to refinance if my home to value has droped amost to even money? http://www.refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money Refinance Information and Deals Tue, 22 May 2012 16:12:05 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Nicki W http://www.refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/comment-page-1#comment-12 Nicki W Fri, 26 Sep 2008 21:59:37 +0000 http://refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/#comment-12 It all depends on ratios, appraisals, and income. A great loan officer may be able to steer you through this complex maze although the fact that it is a jumbo loan complicates it further. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at and a Hometown loan officer will contact you . It all depends on ratios, appraisals, and income. A great loan officer may be able to steer you through this complex maze although the fact that it is a jumbo loan complicates it further. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at and a Hometown loan officer will contact you .

]]> By: psi2006 http://www.refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/comment-page-1#comment-11 psi2006 Thu, 25 Sep 2008 08:40:26 +0000 http://refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/#comment-11 You need to get an appraisal. In order to get refinanced the lender will order one anyway. This will let you know if you can refinance at the price you want. You need to get an appraisal. In order to get refinanced the lender will order one anyway. This will let you know if you can
refinance at the price you want.

]]> By: explosurenet http://www.refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/comment-page-1#comment-10 explosurenet Wed, 24 Sep 2008 11:39:31 +0000 http://refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/#comment-10 i am a mortgage broker, you may not be be able to get a better rate on the home but some lending situations are doing as much as 97% of appraised value. contact me if oyu want to see what the options are. i am a mortgage broker, you may not be be able to get a better rate on the home but some lending situations are doing as much as 97% of appraised value. contact me if oyu want to see what the options are.

]]> By: Jake B http://www.refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/comment-page-1#comment-9 Jake B Wed, 24 Sep 2008 06:20:51 +0000 http://refinance--blog.com/renting-real-estate/what-are-my-chances-to-refinance-if-my-home-to-value-has-droped-amost-to-even-money/#comment-9 I was in a similar situation... Check around. Some companies will finance you for up to 90% of the value as long as your debt to income ratio is below 50% or so. Most companies however try to keep this to 80% of the homes current value. The first thing you need to do is drop $300 asap and get it appraised. Some appraisers are shadier than others and will skew the homes value in the direction that you need him too. If you go by the 90% rule you'd need the house to appraise for $470,000 to be able to refinance. I can't see how this would lower your payments much if at all. At 80% you'd need to appraise for $528,000. I think we both agree that's not going to happen. I wound up deciding to take a loss and sell a few thousand below value. It was better for me to get out from under the place and have a $10,000 loan on the side than be stuck losing another 30% in value over the next year. Figure a loss of $120,000 verses a loan of $10,000... Makes sense... My personal advice is to get it appraised and list it $5,000 to $10,000 under that. Cross your fingers and hope that it goes. If you stick with it, it may be 10 years before prices return to their current levels (assuming a 5% annual increase after the expected correction). Best of Luck. I was in a similar situation…

Check around. Some companies will finance you for up to 90% of the value as long as your debt to income ratio is below 50% or so. Most companies however try to keep this to 80% of the homes current value.

The first thing you need to do is drop $300 asap and get it appraised. Some appraisers are shadier than others and will skew the homes value in the direction that you need him too.

If you go by the 90% rule you’d need the house to appraise for $470,000 to be able to refinance. I can’t see how this would lower your payments much if at all.

At 80% you’d need to appraise for $528,000. I think we both agree that’s not going to happen.

I wound up deciding to take a loss and sell a few thousand below value. It was better for me to get out from under the place and have a $10,000 loan on the side than be stuck losing another 30% in value over the next year. Figure a loss of $120,000 verses a loan of $10,000… Makes sense…

My personal advice is to get it appraised and list it $5,000 to $10,000 under that. Cross your fingers and hope that it goes. If you stick with it, it may be 10 years before prices return to their current levels (assuming a 5% annual increase after the expected correction).

Best of Luck.

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