Mortgage Down Payment
Ask Kate about mortgage down payment: Hi Kate, If I refinance with another mortgage company do I have to pay another deposit? We paid $147k for our house and only owe $119k.
An agent at our credit union suggested we put down another $7,000. Is this another mortgage down payment that's required or just a way to reduce the interest?
Under the President's refinance rules can we get a break for refinancing to a lower interest rate?
Kate Answers: Mortgage Down Payment
Generally a mortgage down payment is associated with buying a house. During a refinance, it is called a principal reduction or paying down the mortgage.
Being required to pay down your loan amount is not triggered by switching to a different bank unless of course this company does not have sufficient loan programs to match the needs of its borrowers.
So I'd certainly ask your credit union if they have alternate programs such as FHA home loans
Don't rule out FHA because of ill founded rumors. Check out FHA loan requirement - Yes! No! Maybe! Wait! Of Course!
In come cases though, if you have targeted a specific mortgage rate, the only way you may qualify is to reduce your principal.
Making Home Affordable
Because many details factor into loan approval, you'll need to check with your credit union to see if you qualify for any of the Making Home Affordable programs.
Ask about HAMP (Home Affordable Modification Program) or HARP (Home Affordable Refinance Program). But don't stop there. As already mentioned, inquire into FHA.
Fresh Outlook On Refinance
I have also included my refinance articles at the bottom of this page. You'll find my original twist on refinance in articles such as How To Calculate The Break Even Point In Your Mortgage Refi
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A collection of Ask Kate Refinancing Questions and Answers II.
A collection of Ask Kate Refinancing Questions and Answers I.
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