Refinancing Home Mortgage
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?
This is about mortgage information questions.
7 Responses to Can I refinance my mortgage with no closing costs if I owe more than it is worth?
kissamahbutt
April 12th, 2010 at 12:13 am
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.
Gaytheist Buddha
April 12th, 2010 at 12:33 am
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.
Taylor B
April 12th, 2010 at 1:24 am
Closing costs can be rolled into the mortgage. We just refinanced and for a 15 year, fixed rate 5 3/8%, with 6,000 in closing costs. There are options will minimal or no closing costs however.
Doctor Deth
April 12th, 2010 at 2:04 am
I doubt you can refinance with no costs ANYTIME
Why would any bank do a mortgage or refi for free? that’s how they make a lot of their money up front to pay the mortgage broker commissions, etc
- if you owe more than the house is worth, it will be very difficult to refi at all
reenzz
April 12th, 2010 at 2:16 am
You will not be able to re-fi if your upside down with your mortgage. You would need to take the difference & closing costs to the table in order to close.
glenn
April 12th, 2010 at 2:35 am
Your best bet is to call your current mortagage company. They are “on the hook” already and may work something out with you. No other company would have any reason to do anything to help you.
dz
April 12th, 2010 at 2:39 am
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.