refinance or not.. pls help (interest rate, real estate, second mortgage, rate)

[ras574]

I live in codo. Right now my first mortgage interest rate is 6.0%(30 yrs fixed) with BOA and second mortgage interest rate is pretty low with another bank as home equity loan. Right now I cannot afford to put any downpayment for refinancing. My condo value depreciated almost 50K than what I bought 3 yrs back. I am planning to stay here for at least another 2yrs or until my property value strike even.

Is it possible & sensible to do refinance with zero down, even a small amount I can save monthly will be great help at this time. BOA refused to refinance without 20% down and with no room for equity. Any information will help thanks.

[chet everett]

...what matters for a REFI is not "how much downpayment" you can afford but what sort of equity (if any) you have.

If you originally put "nothing down" and your condo has declined in value then refinancing is pretty much I possible UNLESS you have neen making payments for so long that your equity is still above what you owe. (which is all bit impossible as you've only be in the place for three years...)

Having lost approximately $50k in value is important, but only as a it relates to EQUITY...

I have to say that I really donut even the most optimistic real estate prognosticator beleived that real estate will be zooming up over the next two years.

Without more details, like how much you originally financed, how much equity you may have, overall finacial situation it is impossible to recommend your next move...

[VictorBurek]

Need more information.