topic Re: Refinance Question in Mortgage Loans

Refinance Question

Anonymous — Thu, 21 May 2009 02:21:48 GMT

I am planing on refinancing my mortgage. When I bought the house for $257,000.00 ( $7,000 from the sale price was for closing). I am not sure what the value of my home is but local town office quoted my house for $247,500.00. My loan amount is $229,200.00 if I refinance on my loan amount and take money out for closing cost ( 4K to 5K). Will my LTV be more then 90 percent?

Re: Refinance Question

Anonymous — Thu, 21 May 2009 02:33:56 GMT

More than likely yes but without a real estimate on the current value of your home there is no way to tell.

Re: Refinance Question

DallasLoanGuy — Thu, 21 May 2009 05:08:07 GMT

looks tight. unless values are declining there... tax appraisals are usually less than market value in most markets.