Mortgage Refinance And Rates

by E
(Chicago, Illinois, USA)

My husband and I need a mortgage refinance for 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?


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.

Best Wishes,





Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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Mortgage Refinance And Rates

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Suggestion For Loan Modification
by: Anonymous

Wow. A rock and a hard place... good advice that you gave. I was wondering about loan modification and the requirements to qualify. I am not sure but I thought that if at least 38% of a person's gross income is used for a mortgage then a loan modification might be a viable option.

Clearly a modification that does not simply extend the life of the loan, but one that actually lowers the monthly payment.

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