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Refinancing

Hello, I currently own a home in Algonac MI. I have owned it for 11 years. I still owe about $87000 on it. The current value is back up to $74000 after dropping down to a low of 55000. I was wondering about refinancing to a lower rate but also to make some improvements on the house. I was wondering if there were any options??? but please leave a message, I work nights. Thank you by tybacik915 from Algonac, Michigan. Dec 15th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

It all depends on what type of loan you have today. Some streamline refinance programs don't even require an appraisal, and the HARP program usually doesn't either. Contact a local mortgage broker in your area for more individual assistance.

Dec 15th 2014
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

If your loan is either FHA or VA loan, then a streamline refinance would allow you to obtain a new loan, probably with a lower rate without an appraisal. If your loan is a conventional loan, then it may be eligible for a HARP refinance. You should work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 15th 2014
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