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.
P.S. Go to my Best Mortgage Rate Blog
, an entertaining source of mortgage information. Subscribe now to the RSS feed.
How To Build, Strengthen and Recover YOUR Credit
Can I handle a Mortgage Loan Modification myself? The answer is yes, but...
Quick Facts - How To Contact Major Credit Reporting Agencies.
Improve Credit Rating - Ask Kate how much you save with improved credit.
Have you seen yours yet? Six ways to fix your credit score!
This year, Wilson discovered protecting his identity involves credit report monitoring.
Ten step plan to getting your credit in shape - Fixing Bad Credit.
Saving your home - 8 Strategies To Stop Mortgage Foreclosure.
Credit Rating Q and A - Questions & answers with credit repair information.
Return from Mortgage Refinance And Rates to Get Your Best Mortgage Rate