I bought a housea year ago, i am thinking of refinancing. I don't know much about real estate so i was wondering if someone could help me out. Do you know if i will get money back if i refinance, even though the price of value of my house went down?
2007-02-07 06:38:01 · 5 answers · asked by no picture 2 in Business & Finance ➔ Renting & Real Estate
Depends on a few things. First, did you buy your house for lower than the appraised value? Second, did your house value go down? House values aren't going down everywhere. What do you mean by "get your money back"? Do you mean cashing out equity on the refinance? Do you have a prepayment penalty? All of these questions, as well as many others, factor into the answer. I'd consult a mortgage professional before proceeding with anything.
2007-02-07 06:45:03 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 1⤋
No you dont get the money back. It is the same if you go buy something at the store and three months later it is cheaper you dont get the difference back when it gets cheaper. That is why when I go buy a PS2 game I wait til it is at least 29.99 than buy it for 49.99. That is 20 dollars I could spend for something else.
2007-02-07 06:47:37 · answer #2 · answered by Jason F 2 · 0⤊ 0⤋
Negative, you will refinance the amount owed on the property and not the value of the property.
2007-02-07 06:48:10 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I refinanced mine after a year and got $12,000 cash back.
2007-02-07 06:47:14 · answer #4 · answered by lisacantcook 3 · 0⤊ 0⤋
No, that situation should actually shrink your equity if the value of your house dropped.
2007-02-07 06:43:36 · answer #5 · answered by smoothie 5 · 0⤊ 0⤋