Real estate / finance gurus: Is now the right time to refinance? I just ran my numbers with Country

Reply Subscribe

Thread Tools

Search this Thread

02-20-2009, 02:12 PM

#21

Wind-n-Water

AudiWorld Super User

Join Date: Jul 2006

Posts: 5,641

Likes: 0

Received 0 Likes on 0 Posts

thx for posting this Q. You just reminded me that I need to be thinking about...

if there's anything I can do about my 2 properties back East.

Reply Like

02-20-2009, 03:59 PM

#22

self imposed exile

AudiWorld Super User

Join Date: Jan 2001

Posts: 4,395

Likes: 0

Received 0 Likes on 0 Posts

Not in the business

just your typical land use lawyer

Reply Like

02-21-2009, 12:51 PM

#23

RMcQ

AudiWorld Super User

Join Date: Mar 2000

Posts: 12,477

Likes: 0

Received 2 Likes on 2 Posts

First thing you need to do is find out of the combined balances on both you notes

total more or less the 80% of the current appraisal value. Right now the secondary market for mortgages will not buy any loan with a 2nd behind it so you would need to roll both into one new loan under 80% LTV to get a good re-fi deal. Of course there are FHA and other crappy programs with all kinds of costs but to get the best refi you simply can't be over 80% LTV from what i can gather.