I hope to stay in my home until I retire in about ten years. Can I refinance, even if the value of homes in our neighborhood is dropping?

Posted by  on Apr 19, 2009

Certainly. Despite the challenges in the real estate market you see on the evening news, many homeowners will find this a great time to refinance their home loans. And government programs allow those with Fannie Mae or Freddie Mac loans to refinance even if they are slightly underwater. You'll get the best mortgage deals if you:

  • already have more than 20% equity in your home,
  • own no other real estate,
  • intend to remain in your home for five years or longer, and
  • are in good standing with your existing home loan.


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