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Ask Shop Rate: Gwen - Unknown State

Posted by  on Apr 16, 2009
 
I refinanced at a higher rate 6 months ago with...taking out some $ to pay off my cc debt, and repair my credit, with refinancing in mind for 6 months, which is now. Now in order to refinance with them I need to come up with 12,000 -15,000 since the market has gone down and my house may not be worth the same amount as it was 6 months ago. Does this sound right to you?? Please help me. I’m assuming that you refinanced your 1st mortgage and didn’t take out a 2nd mortgage. It does sound possible that your home has gone down in value over the last 6 months. Various parts of the country are experiencing a drop in home values. You may want to look at either an FHA loan which will allow you to mortgage a larger percentage of your homes value, or going to another bank other then Chase to see if they don’t require the $12,000 outlay.


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