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Should I refi now, or wait

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FP said:
Not always.

If you are refi'ing a non-recourse loan you could be losing that protection.

Don't listen to ATOT. Go talk to an attorney or financial planner who has your best interest in mind.
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Well if you are worried about defaulting on a house with 20%+ equity in the property, you have other problems.
 
I really wish I could refi.... my 30year is at 6.38% but the area got hit so hard that it wiped out my 20% down and I am now 'upside down.' Best offer was 5.125 and even that takes a good 20 months to 'turn around' and saves me a whooping 4k on the life of the loan.

So much for doing it "right" and getting a 30 year fixed with 20% down.
 
imagoon said:
I really wish I could refi.... my 30year is at 6.38% but the area got hit so hard that it wiped out my 20% down and I am now 'upside down.' Best offer was 5.125 and even that takes a good 20 months to 'turn around' and saves me a whooping 4k on the life of the loan.

So much for doing it "right" and getting a 30 year fixed with 20% down.
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Are you currently in a Fannie Mae or Freddie Mac loan? How upside down are you?
 
yllus said:
What does the lender get out of the deal? Upfront transaction fee?
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Closing costs and fees. The closing cost me about 90% of what the original closing did with the same lender. Even though it was a year later, still had to do another appraisal, full doc, etc.

For the other guy that suggested it was a mod, it was not. The original note was paid off, a new loan originated, new impounds, and a new note/deed of trust.

I actually felt kind of screwed, b/c people who were upside down and such could get a mod through the federal program but i had to pay full closing. Was worth it to drop my rate from 6.375 to 4.875 (this was last march when i locked the rate).
 
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imagoon said:
I really wish I could refi.... my 30year is at 6.38% but the area got hit so hard that it wiped out my 20% down and I am now 'upside down.' Best offer was 5.125 and even that takes a good 20 months to 'turn around' and saves me a whooping 4k on the life of the loan.

So much for doing it "right" and getting a 30 year fixed with 20% down.
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Same boat, I was going to do penfed's loan mod, but they told me I am not eligible since fannie mae took the loan.
I guess it's all moot since I moved and it is now a rental property, but it would be nice to get out of the 6.375...
 
Pantoot said:
Same boat, I was going to do penfed's loan mod, but they told me I am not eligible since fannie mae took the loan.
I guess it's all moot since I moved and it is now a rental property, but it would be nice to get out of the 6.375...
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Fannie Mae is allowing borrowers to refinance (not mod) up to 125 percent LTV if they are a strong borrower. The highest I have seen is 115%.

Fannie Mae owning your loan and being upside down is a good thing.
 
So apparently my loan is through Fannie. At least it says they own the loan at my address. However they say call my servicer so hmm.

Servicer was like: We can get you to 5.5. Might have to try again tomorrow.
 
imagoon said:
So apparently my loan is through Fannie. At least it says they own the loan at my address. However they say call my servicer so hmm.
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But your servicer might not offer the program that lets you go over 100% percent on the loan-to-value. The program is called DU Refi +.

If you think you are possibly under 115% LTV, have some assets to make your loan file strong, and have good credit, look around for a broker that offers the program. It has helped a lot of people.

It is a new loan, not a loan mod with the current servicer.

Edit: PM with any questions, I underwrite mortgages.
 
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