I have two mortgages 80/20 I have a balloon payment on the 20% Would I still have to pay that if I refinanced after just two years
2007-06-01 23:07:33 · 5 answers · asked by mkaustin 1 in Business & Finance ➔ Renting & Real Estate
There are several options here, but you need to ask yourself a few questions.
1. Figure out the actual difference in TOTAL payments. If you refinance now, will the change in payments and total amount paid over the life of the new loan actually benefit you? Rates have changed a lot in the last few months.
2. Do you have a pre-payment penalty on your current mortgages? You could lose substantial monies on PPP if you refi before the PPP period is expired.
3. If you choose to refi both of your current loans, then you can possibly refi into one new loan. However, this will depend on your credit score, payment history, current market value of your home, etc. Market values are changing drastically just lately. You may even find that you currently owe MORE than your home will appraise for at this time. This happens frequently.
*Keep in mind that homes do not ALWAYS appreciate in value by very much in just a couple of years. Appraised values are based on what similar homes in the area (within 1 mile) have sold for in the past 6-12 months. If similar homes in your neighborhood have sold for less than what you initially purchased your home, your home value will probably be less, as well.
2007-06-02 00:11:12 · answer #1 · answered by Mygirlsmom 2 · 0⤊ 0⤋
Not if you secured 100% financing. You need to get a loan officer to start the process and do all the legwork. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
2007-06-02 03:05:36 · answer #2 · answered by stephen l 2 · 0⤊ 1⤋
yes,you should refinace the two into a new mortgage as soon as you can given there are lenders that can get you FHA MONEY .this is a powerful tool you should use.
2007-06-01 23:39:11 · answer #3 · answered by endgame1915 3 · 0⤊ 0⤋
Just roll them both into one new first mortgage if you have the equity to do so.
2007-06-01 23:21:25 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You should definitely refinance. I suggest you visit the below website to compare rates from top refinance lenders:
2007-06-02 05:52:47 · answer #5 · answered by Anonymous · 0⤊ 2⤋