Anyone Refinance Recently?

Johnny R's picture

I bought my house in October 2007 and want to refinance, but I'm hitting a road block since I took out an 80%/20% and put no money down which is making it difficult to refinance and still make it worthwhile. Has anyone been in a similar situation and been able to refinance?

jmminarik's picture

Not in your situation, but

Not in your situation, but from what I understand, the current bailout will allow folks to refi up to 105% of their home value assuming the value dropped....i don't think it allows you to take out cash, just refi.

leov's picture

I refinanced last month from

I refinanced last month from 6.125->5, I did put down 20% on the house (purchased in nov 2007). The thing that really surprised me was that the property value of my house went up by 6%. We did feel that we got a good deal on the house and we refinished the floors (pulled up carpet and found beautiful parquet and left the subflooring refinished and exposed throughout the rest of the house), and of course a coat of paint. However, I didn't expect any increase. If you think that your house is worth more now, which, based on my example isn't entirely out of the question, you may be able to refi. I went with The Beneficial (on Aramingo) who had the best rates in town and I find their branch manager Dave a pleasure to work with. I would recommend going in there and checking it out. The appraisal fee is $350 so, that's the most you could loose on it, but it might be worthwhile, it was for us. The great thing about fishtown is that somehow people are still selling houses here and an active market is one where you can get an accurate picture of what your property is actually worth. My parents' friends in Baltimore bought a ridiculously expensive house two years back, and now they want to refinance, but the banks are refusing because there are absolutely no sales in their area, so the bank can't value their house for the purpose of a refinance even if they(my parent's friends) pay them to.

MichelleLynn's picture

you might want to look at

you might want to look at NACA, not sure of all the refi requirements but the rate at the time is 4.75%

they are a great group, they have been helping us modify our crappy loan for the past 7 months!

https://www.naca.com/index_main.jsp

th's picture

MichelleLynn wrote:you might

MichelleLynn wrote:

you might want to look at NACA, not sure of all the refi requirements but the rate at the time is 4.75%

they are a great group, they have been helping us modify our crappy loan for the past 7 months!

https://www.naca.com/index_main.jsp

Wow. I just looked over the NACA site. They look like great people. I wish I knew about them when we refinanced a couple of months ago. We are at about that rate but had to buy points and pay closing costs. Although everyone should know that those costs are completely negotiable. If you are going through a bank or mortgage broker, treat them like a used car salesman. You will be surprised.

I don't have much advice for Johnny R. We had enough equity to make it happen. Our house was appraised for more than we bought it 1 1/2 yrs ago. Not by much (not 6%), but it didn't go down which was pleasant.