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Old 02-28-2010, 09:51 AM
 
29 posts, read 139,058 times
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On behalf of my cousin, I am asking a refinancing question concerning his house. He bought a house back in 2008. He's got a $190k mortgage at 6.5%. He wants to refinance to take advantage of lower interest rates. He is currently paying $1500 a month for mortgage on a $200k and would like to lower his bills. Financially, he is still fine, but would like to lower bills so he can put some more money in savings just in case.

Currently, his $200k house seems worth less than his mortgage. He has not gotten a formal appraisal, but looking through Cyberhomes and Zillow, he's getting ballpark figures between $135k to $175k. On realtor.com, other similar houses in the area are priced around $160k to $200k. There are also house in the same area that's close to $1million. He mainly bought the house for the location, so that might be a good factor for him.

What options does he have for refinancing? Are there any current programs that he can take advantage?

He said he contacted his mortgage company (SunTrust) for any options, but he was told that they didn't have any for him. He said he'd be happy if he could knock off the $123/month for PMI, but Suntrust told him that he can only get it re-evaluated in 2 years (2010). Seeing that his house might be worth less than his mortgage, it sounds like he's got to deal with PMI.
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Old 02-28-2010, 10:47 AM
 
Location: OK
2,805 posts, read 7,184,645 times
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The only way to get a reliable value is to have an appraisal done.
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Old 02-28-2010, 03:05 PM
 
Location: WA
5,594 posts, read 23,735,709 times
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If the loan has been purchased by Fannie it may be a candidate for a HARP refinance. See Government-Mortgages.com - HARP Mortgage Program - Government-Mortgages.com
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Old 02-28-2010, 03:42 PM
 
29 posts, read 139,058 times
Reputation: 21
Quote:
Originally Posted by cdelena View Post
If the loan has been purchased by Fannie it may be a candidate for a HARP refinance. See Government-Mortgages.com - HARP Mortgage Program - Government-Mortgages.com
Thanks! That link lead me to the following website:
Making Home Affordable - Home

It looks like he may qualify.
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