Can I refinance my house again?
by Mortgage Rates on Tuesday, November 2nd, 2010 | 3 Comments
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yes you can do a streamline with out an appraisal and get the lower rates now
I am a mortgage banker in TN
There are significant costs every time you refinance your loan, as you found. You may be able to do an FHA streamline refi with lower costs. If you can get your lender to do a loan modification, there are few costs to you. The loan remains unchanged, except for the interest rate. Part of the programs coming out of Washington are to be programs encouraging banks to modify loans, so check it out.
Unfortunate as your situation is, YOU got yourselves into it. It isn’t the bank’s fault that your home value has declined, or that you overextended yourselves in buying the house, and particularly in getting an ARM and your additional costs in re-fi. It does seem unfair to bail out the banks who made money off you twice.
You can do an FHA streamlined refinance. This option allows to you to refi without the normal required documents and is very simple and easy to do.