Advice on refinance for more than 100 percent LTV - The Bills.com Blog

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Advice on refinance for more than 100 percent LTV

Question: Hi, I want to refinance my home when the ARM expires in March 2008. Our loan is 299,000 and the market value is around 275,000. Will I still be able to do refinance? If not, what are my choices.

Answer: Since your mortgage balance is more than the value of your home, you may have trouble obtaining a refinance loan, as most lenders are not willing to extend loansthat exceed 100% of the value of the property.

However, if you are facing a significant increase in your interest rates, you should certainly contact lenders to find out what refinance options are available to you based on your current financial situation.

The only way to determine whether or not you will qualify for a refinance loan is to apply for a loan with several different lenders and/or brokers.

Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:
https://www.bills.com/mortage/refinance/

Not only will these mortgage professionals be able to tell you whether or not your currently qualify, but if you do not qualify, they can tell you what aspects of your financial situation are causing you problems, and make suggestions about how to improve your chances to qualify for a loan.

If you would like to read more about mortgage refinance loans, I encourage you to visit the Bills.com Home Refinance Resources page at http://www.bills.com/home-refinance/

If you enter your contact information in the Bills.com Savings Center at the top of the page, we can have

several pre-screened mortgage brokers contact you to discuss the loan options available to you. You should also visit the Bills.com Credit Solutions page at http://www.bills.com/credit/ to learn more about credit, credit reporting, and ways to improve your credit score which should help you qualify for better loan terms.

I wish you the best of luck in finding a lender willing to work with you. I hope that the information I have provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

Submit questions/comments about this post:

Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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