How do we refinance, no one will take us!
We have excellent credit (820). My husband and I have been working for 10-15 years, with a combined take home of $110,000. Currently we have a first mortgage with $350,000 left and a second with $140,000 left. The current value of our house is somewhere between 400,000 to 450,000, we are upside down. We've lived here for 8 years, never refinanced, and we can easily afford our payments, we just want to take advantage of the cheaper rates. Our payments are 3200 and 350 respectively. by marlen_834_179 from Buffalo, New York. Nov 4th 2011
Who is your lender? My name is Keith Reilly with Wells Fargo Home Mortgage. I'd like to help if I can but need you to call me to give more details of your existing loan. You can call me directly in my office at 201-934-4503. Thanks, Keith ReillyHome Mortgage ConsutantWells Fargo Home Mortgage201-934-4503keith.reilly@wellsfargo.com
John Barbato (blueelephant)
#4 ranked lender in Delaware - 26 contributions
Hello From Buffalo, NY:You may be eligible for a Home Affordable Refinance. If your 1st mortgage is currently owned by either Fannie Mae or Freddie Mac, you can take advantage of current market rates and refinance [your 1st mortgage only] up to 125% of your home's current value. The 2nd mortgage will need to be re-subordinated, meaning you get approval from that note holder to remain in 2nd position behind the new 1st mortgage note. Fannie and Freddie have provided online look-up tools to confirm the ownership. (Not to be confused with your current Servicer) For Fannie Lookup: www.fanniemae.com/loanlookup/. For Freddie Lookup: freddiemac.com/mymortgage/. I'd be happy to do the lookup for you if you like and either way once you have confirmed your mortgage is eligible, I'd be happy to provide an approval and quote. 30 year fixed rates are in the 3's today.All the Best, John BarbatoEmbrace Home Loans800.333.3004 x3130jbarbato@embracehomeloans.com
Chris Corica (chris@myqcfunding.com)
#22 ranked lender in New York - 59 contributions
There are a couple of easy steps to take to determine if you will be eligible for the refinance you are looking for. Feel free to contact me for a no cost, no obligation mortgage consultation. I am located locally in the Town of Tonawanda and would be happy to help. I can be reached at the following;Chris Coricachris@myqcfunding.com716-799-0846
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Tough situation. There is a refinance program on the horizon that will enable you to refinance without an appraisal. The details have not been released yet, but when they are, then lenders will adopt programs to comply. Under this new program, you should be able to refinance the first at the lower rates... Assuming the 2nd is willing to subordinate. Get with a local mortgage broker, not a bank, and ask him if the new HARP program will work for you... WilliamAcres.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
No lender can make any determination for you based off the little information provided here. Generically speaking, it sounds like you may have some possible options under the HARP (Home Affordable Refinance Program). Contact LOCAL LICENSED Loan Officer and let them review your situation. We can help in MN or WI. Visit www.TwinCityHomeLoans.com
There is a new program coming out shortly if no already, that will allow you to refinance regardless of the value of your home or how much upside down you are.If you send me your email I will send you a copy of the program and I would also be glad to help with no fees to our company at all. William F. Maier III NMLS # 66562Chief Operating OfficerFirst Alliance Home Mortgage, L.L.C.908-304-5470 Cell Direct
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