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My wife and i own a townhouse. we been there for 5yrs. NEver expected to stay longer than two, but here we are. still own the townhouse and now on an adj rate.

as of now are paymewnt did go down bec of the 6mo LIBOR, but with how bad house values dropped, were going to be here for a whil, so we want to refinance to a 30yr fix.

Perfect credit
good income
lower Debt to income ratio’s

Isses are:
never late on a payment
underside on value.- in the past three years weve lost 35K in value.
We bought on an 80/20 and would need to refi and about 110-120%
or refi the 1st and be able to subordinate the 2nd at the 110 -120%

in a nutshell we want to refi so we dont get screwed in the future.

2 Thoughts on Are there any mortgage products out there to help me?
  1. Reply
    February 15, 2014 at 7:50 pm

    Refi & combine your 1st & 2nd into a 30yr fixed.

    That adj rate will hurt you more if things go south vs a fixed rate mort. And you could refi to
    a 15 year fixed later if you have the means to do so.

  2. Reply
    Simpson G
    February 15, 2014 at 8:40 pm

    You’ll never be able to refi at over what the property is worth. You can attempt to take out an unsecured loan to make up the difference, but expect an interest rate that’s through the roof.

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