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refinance

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wong
New Visitor

refinance

hello...is it possible to refinance my mortgage to consolidate all my existing debt? i've only been here in the house for two years and for sure there is no equity yet. thanks for all your help...
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: refinance

If there's no equity, then no. Refi's for over 100% have gone the way of the dinosaurs; I don't think you could even get a 100% refi.
Message 2 of 4
wong
New Visitor

Re: refinance

thanks for your reply...also, would it be a good idea to refinance at this time , my current interest rate for my mortgage is 6.875 and internet searches revealed that with my fico score at 670 i could qualify for at least 6.30%. i am so new at this refinancing so I really need to be educated at this....thanks again.... 
Message 3 of 4
DallasLoanGuy
Super Contributor

Re: refinance

Have the loan officer do a breakeven analysis for you!!

 Basically, you take the closing costs(not prepaids) and divide that by the monthly savings. you will come up with a number like 36 or 48 and that would be the number of months it would take to recoup costs with your savings.

 

with no equity, it will be hard to refinance unless you are willing to come out of pocket for closing costs. the appraisal will be the key. but, since most people arent experiencing  appreciation of value.... you may be wasting your money on an appraisal.

 

 

Retired Lender
Message 4 of 4
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