Question: Anyone with advice on how to refinance a home loan?

(Posted by: cancerman on 2007-07-23 12:49:02)

Our two year mortgage is going to expire and is going to increase with percentage ratee, which could kills us as we are already house poor. We're also trying to sell our home right now so how would a refinance work with this.

Posted by: Fatty on 2007-07-23, 12:52:35

You cannot refi if your house is currently listed on the MLS. Alot of lenders wont even let you refi within a year of it. I do have some relationships that will let me perform a refi 1 day off the MLS. But if you are looking to refi for spare cash while you are waiting to sell... I wouldnt recommend it. It is going to cost you about 10K of your equity, ride it out and get that thing sold.

Posted by: Meow ♥ It's Me on 2007-07-23, 12:57:20

Fatty is correct! good job fatty...! also just a note----when you do get ready to refi...stay away from the internet sharks! good luck

Posted by: Mortgageman on 2007-07-23, 13:00:31

Fatty is absolutely correct. You are better off selling as quick as you can.