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Refinancing Into A Lower Rate
Mortgage Library: Ask a Mortgage Related Question: Answers: Refinancing Into A Lower Rate
When we bought our house over 2 years ago, we financed 100% of our home. The interest rate on the loan is 7.375 and we owe approximately 203,000. The house will probably appraise for between 210,000 and 215,000. We would like to
refinance into a lower rate. What are our options?
The lender can use the full appraised value of your home. Fannie Mae and Freddy Mac will allow you to do up to 95% of your homes appraised value.
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