Mortgage Refinancing Advice

by Gill F from Texas

Regarding Mortgage Refinancing Advice: Help! I need refinancing advice! Is there any way I can refinance my mortgage if my property is valued at less than I owe my present mortgage company?

I currently pay 7.25% interest rate in Texas. My mortgage company refused to refinance my loan to a lower rate. The property was valued at $3000 less than the balance of my current loan.

Although I currently have a mortgage with a reputable nationwide loan company, can I and should I shop around?

My credit is not great, I purchased the property in 2006 and it is the first I have purchased in the US. Since I'm pretty new at home ownership, I could really do with some refinancing advice. Please help! Gill

Kate Answers: Mortgage Refinancing Advice

Dear Gill, Congratulations on becoming a homeowner. Now you want to stay a homeowner.

For this reason, please take action if you need to refinance because you cannot afford your monthly payment.

In cases like this, I suggest a couple of steps. You will probably think of more as you start to take action.

1- Call your loan servicer and ask for help. This may or may not be the same company that originated your mortgage. If you are not sure who your actual lender is, go to Locate Your Lender To Stop Foreclosure for help.

2- Homeowners having trouble affording their mortgage payment are being helped by Hope Now, a mortgage industry alliance assisting homeowners in distress.

3- FHASecure is a program that might help in the situation of a low appraisal preventing mortgage relief, as you describe.

4- Now is a great time to go to Eight Strategies To Stop Mortgage Foreclosure because the more you know, the better chance you have of saving your home.

Best Wishes,

Ask Kate how to get the best mortgage rates
Ask Kate

Finding Help You Need for Refinancing

Refinancing Advice - Your opportunity to get down to earth refinance nuts and bolts from a mortgage insider.

Having trouble refinancing your mortgage due to fallen property values? Go to Special Edition Making Home Affordable Options.

USDA Rural Home Loan Refinance with no appraisal, no credit report, and no debt-to-income calculations.

Announcing Kate's Mortgage Information Planner - To save money, get your ducks in a row first.

Are you a homeowner trying to decide if Mortgage Refi is worth the cost?

How To Compare Mortgages - Yes it is enough to make anyone want to toss up their hands.

New! Ask Kate's secret to reducing mortgage refinancing costs. Home buyers should read this too!

Real Estate Investor Loans - Three options for investors.

Surprise, it's a barn! Is a Certificate Of Occupancy necessary for your home mortgage refinance?

Refinance With Cash Out - Where is my loan approval?

Save money using My Special Refinance Formula.

Fresh Refinance Ideas - Reasons why and why not to refinance.

Discover my Secrets To Refinancing based on Robin's story

Low Mortgage Payments For Home Owners - Learn how to ask questions and qualify your lender.

Don't be distracted by refinancing lingo. 10 best kept secrets to Low Mortgage Payments.

A collection of Ask Kate Refinancing Questions and Answers II.

A collection of Ask Kate Refinancing Questions and Answers I.

PS What if you could turn YOUR dreams into reality? Now you can. This is MY story of dreams coming true.

Return from Mortgage Refinancing Advice to Get Your Best Mortgage Rate

Click here to add a comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

Recent Articles

  1. Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

    Aug 11, 16 10:49 AM

    Kate's mortgage rate report for the week ending August 11, 2016: Rates Bouncing Like a Ping Pong Ball
    Mortgage interest rates have been bouncing like a ping pong ball: After last Friday's strong job report began pushing up mortgage rates, the market is now hinting at a reversal, with the 30-year hover…

    Read more

  2. Ask Kate how to avoid unauthorized mortgage rate extension fees

    Aug 11, 16 10:18 AM

    Ask Kate how to avoid unauthorized mortgage rate extension fees
    Ask Kate how to avoid unauthorized mortgage rate extension fees:

    After locking in her rate, the bank sent a Texan homeowner, Laura, notification of several thousand in fees that she must pay in order…

    Read more