Where can I refinance?
I bought my condo in September in Dorchester (Pope's Hill area). I had a pre-approval with Masshousing for 6.5% in August. When rates started going down, I ask the broker if we could change it. He said Masshousing wouldn't. Looking around, he told me that a lot of places wouldn't finance because they said Dorchester is a declining market. Is there any place I can go to refinance and take advantage of the new rates. I purchased the place for 201K and put down 5%, my current principal is at $190,530. If I can refinance, it will save me nearly $150/month on payments so I'd appreciate any advice you can give. Thanks. by bearycool345 from Dorchester, Massachusetts. Jun 20th 2011
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
It would depend on the equity in your property. If you have sufficeint equity then you might be able to refi. If you are in declining market, then your value might be less than you owe. If you have a FHA or Fannie or Freddie loan, you might be able to take advantage of the 125% refi. Call around local lenders and see what they can tell you. Would need more info that what you posted to give you a detailed reply. Good luck
Jeff Hutchison (jhutchison)
#14 ranked lender in Iowa - 40 contributions
Is the condo complex fha approved? We have fha 5/1 arm rates at 3.25% and 30 year fixed fha rates at 4.25%. Can go to 96.5% of the appraised value. We do not have to take a declining market into consideration on our fha loans.
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