Consumption and Real Estate
Can I refinance my mortgage with no closing costs if I owe more than it is worth?
Question : Can I refinance my mortgage with no closing costs if I owe more than it is worth?
I already have a 30 year fixed (6.38%) but would like to take advantage of the lower rates now. My mortgage is through SunTrust and (unfortunately) I have never been late with payments and am not in any financial distress. The main problem is that because of the current market, I owe more than what it is worth.
Is this possible without bringing any money to the table for closing?
no closing cost refinance
Best answer:
Answer by kissamahbutt
Not a chance. You will always have to pay processing fees when you refinance, and because you are up-side-down in the loan, it will be hard to get approved. You will need to bring money.
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#4 written by Doctor Deth 1 year ago
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#6 written by Gaytheist Buddha 1 year ago
While not the best of interest rates, that is much better than anything from the 1970s through 1990s. It is doubtful you can refinance anything more than 95% LTV (loan to value). Talk to a broker for possible creative financing with a first and second trust deed by try to avoid getting caught in one of those strange exotic loans that caused this financial crisis.
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no you cant the stimulas is only for people in arms or intrest only if you have a fixed rate and never been late but are upside down all you can do is wait until the values go up stop being greedy and just thank god YOU can afford your payments.