i am in the middle of a refi on my home for a lower interest rate.. what impact, if any will the housing market have on me durring this time??
2007-11-21 04:22:49 · 4 answers · asked by ra ra yeah!! 1 in Business & Finance ➔ Renting & Real Estate
per one of the answers i received i would like to add that i am located in the black hills of northeast wyoming...
2007-11-21 05:07:56 · update #1
The only effect it might have is that the house is not worth the amount of money you borrowed, so you are not able to refinance it.
2007-11-21 05:04:13 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
Depending on your requested LTV ratio, you may discover that your house no longer appraises at the value you need to refinance, and that you might be required to bring cash to the table to bring the amount of the mortgage into line with the value of the house.
You do not mention your locale, but if you are in an area where real estate values have fallen significantly and you are already at a higher LTV, your refinance might not fly.
2007-11-21 12:30:06 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Depends on if your home appraises for the amount you want. If you bought at 200k and want to refi 200k, but the home value dropped to 180k you will have a problem. Now if you only need to refi to the value of the home, you SHOULD be OK.
2007-11-21 14:42:49 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
That's the spin the media is putting on it.
The market is always either:
1. Good for sellers, bad for buyers, or
2. Good for buyers, bad for sellers.
The last few years it was #1.
Now it's #2.
It should be left alone, and the market should be allowed to correct itself. It's not good for houses to continuously escalate in price, otherwise we'll see 2 bedroom homes for $3 million dollars in ten years and nobody will be able to afford them.
2007-11-21 18:30:29 · answer #4 · answered by dork 7 · 0⤊ 0⤋