Mortgage Refinance And Rates
by E from Chicago, Illinois USA
Ask Kate: Mortgage Refinance And Rates My husband and I need mortgage refinance for interest rates that are lower than the 7.75% conventional mortgage we have now. We also hope to lower our PMI (private mortgage insurance).
We bought the condo at $250,000 and didn't put any money down. My credit wasn't too good so this is why the interest rate is so high.
The balance of our mortgage is about $247,000. The reason we want to refinance is because our monthly payment is over $2500.00.
Our appraisal came back at $245,000 so we were not able to move forward with the refinance. What should we do now?
Kate Answers: Mortgage Refinance And Rates
Hi E, In order to complete a successful mortgage refinance with rates to help lower your monthly payment, you need a game plan.
I would recommend these steps.
1) Focus on improving your credit. Here are some tips to fixing bad credit
. This is a long range goal so start now.
2) An appraised value lower than the current balance of your mortgage presents challenges. Here are 7 tips for the highest property appraisals
. See if some of them might help you.
3) Lastly, this is not the time to try and tough it out on your own. Prevent foreclosure with my 9 Simple Steps To Save Your Home
. Ask for help.
I hope you'll come back to my website again in the future. Of course, this mortgage refinance and rates information is free.
So remember to bookmark Get-Your-Best-Mortgage-Rate.com
to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice. You can also invite friends to comment on this page or create a page of their own by asking another question.
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