refinancing when under water

Dear Dr. Don, I have an existing 5/1 adjustable-rate mortgage, and my house is underwater. My loan adjusted three years ago. Although my rate is low now, I want to refinance to a fixed rate, but I.

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Refinance Underwater Mortgage | Refinance Second Mortgage – Having a second mortgage or home equity line can make refinancing an underwater mortgage nearly impossible, but one of these five strategies might bail out your refinance. The mortgage market is awash in programs to help underwater home owners refinance, but if you have a second mortgage or a home.

process of refinancing a home What to Expect with the Mortgage Refinance Process – dummies – A mortgage refinance means using a new loan with a lower rate to pay off a higher rate existing loan. If a refinance of your mortgage seems like the right decision for you, it is important to know the steps of the process.

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The main way to refinance your mortgage if you’re underwater is through a government program called the Home Affordable Refinance Program, or HARP. Most lenders offer this program through Fannie.

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H.A.R.P. Program | Refinancing Underwater Home Loans – If you are underwater on your home loan, and your loan is owned by Fannie Mae or Freddie Mac, HARP financing may be available to you. Applying is easy; HARP refinancing is a loan you apply for with a qualified HARP program mortgage broker or banker, not with Fannie/Freddie directly.

Refinancing an Underwater Mortgage | GOBankingRates – If you do have an underwater mortgage, however, and refinancing your home before foreclosure is on the agenda, you’ll need to pay down your mortgage below its value. By taking this route you can very likely refinance with your lender.

3 Ways to Refinance an Underwater Mortgage – wikiHow – How to Refinance an Underwater Mortgage. A mortgage is defined as being underwater when the amount that is owed on the home loan exceeds the value of the property. Many people have found themselves in an underwater mortgage over the last 3.

A Consumer’s Guide to Mortgage Refinancings – Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.

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