Archive for the ‘fixed’ tag
Refinance 15 Year Fixed
Any way to refinance 2 mortgages in to one if the balance of your loans exceeds the value of your home?
We have 2 loans- (30 years fixed at 7% and 15 year Balloon at 12%). We have lived in the house for almost 4 years and both have excellent credit. We were planning on refinancing by now but the value of our home has dropped below what we now owe. We are ineligible for any government assistance because we haven’t missed/been late on any payments. Anyone have any insight as to get in a better mortgage position?
Only if you can pay the difference between the allowable loan-to-value and what you owe.
Have you experienced a hardship? If so you might qualify for Making Homes Affordable, if it’s still available. Do a search on it. It wasn’t for people who were behind. I don’t deal with it, so I haven’t really paid much attention to it.
3 Reasons to Refinance Your Mortgage with Heather Walker (Benchmark Mortgage)