What does it mean when I go to refinance my home, and the mortgage broker tells me that he cant refinance me because I am "upsidedown in my mortgage?"
2006-08-26 09:56:36 · 6 answers · asked by Robster01 3 in Business & Finance ➔ Personal Finance
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2006-08-29 13:27:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It would mean your current mortgage amount is larger that the current market value of your home. This is very rare because banks very very rarely loan over 100% (if that) of the market value on your first mortgage. Have you refinanced before or possibly have a home equity loan (2nd mortgage) on your home? Also look at the area your home is located in, has there been major layoffs or businesses closing? It could be possible that the location of your home has depreciated from the value your orginal mortgage was based on.
2006-08-26 10:07:31 · answer #2 · answered by meona 2 · 0⤊ 0⤋
It means that you actually owe more on the house than it's currently worth. This also happens a lot with cars (they depreciate at a quicker rate than you are paying on the principal).
2006-08-26 10:00:32 · answer #3 · answered by sara_busa 4 · 1⤊ 0⤋
Your home is not worth as much as your loan.
2006-08-26 11:32:13 · answer #4 · answered by blonde_guy67 2 · 0⤊ 0⤋
That means your house have no equity
or your house wothless than when you first purchased
2006-08-26 19:17:20 · answer #5 · answered by Hoa N 6 · 0⤊ 0⤋
It means you owe more on your home than its worth.
2006-08-26 09:59:06 · answer #6 · answered by kihteacher 4 · 2⤊ 0⤋