Can you refinance for a lower interest rate if you don’t have any equity in your home?
Grandparents are old fashioned and don’t let anyone in their financial business. We finally found out that they have refinanced and refinance and filed chapter 13 but didn’t finish (can’t get all the details on that either) but now the mortgage is to high and they want to refinance again with no equity in the home. What option do the have now?
With no equity and a BK filing in their history there is little chance they will be able to refinance to a lower rate. Anything is possible depending on what rate they have now- but that is my best guess. If they never actually started the BK, they might stand a better chance if their scores are good as there are loans out there that allow for more than 100% financing.
Should be able to with good credit and as long as their current mtg is out of a prepay penalty period. With the bankruptcy I doubt they have good enough credit to qualify for a good rate though. Just ask a mtg broker to do a pre- qualify. Most will do that for free.
Unless you have a % rate at 13 or 14 percent there’s almost no chance unless they sale the house to you and you have a better credit score and if you do need help and you live in California call my office at 562-371-9140
They should be able to refinance as long as they don’t owe more than the house is worth and they can qualify. I can offer you the equity builder loan. If you’re interested please contact me.
Brandith:
877-731-4604 ext 2234
Yes, you can do it though you might have a couple thousand in closing costs to bring to the table. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.