Refinance Advice Needed!

We bought our house at the height of the market and did a piggy back loan. We now have 2 mortgages at a high interest rate.

We are able to easily afford our mortgage but it's killing is at how much interest we are paying.

So why aren't we refinancing? Easy. Our house isn't appraising. We would have to shell out a ton of money.

Are there ANY programs out there that we could qualify for?

Re: Refinance Advice Needed!

is your loan through fannie mae or freddie mac? if so, you can call your bank and see if the refinance program through obama is still going on..you do not have to show income, appraisal, they will ask you some questions and lower your rate over the phone..you have to fill out paperwork too, and it can take some time to close ( it took a few months for us bc it was very busy when we did it)..the only out of pocket expense was the bank fee (about 350-400 i forgot) and the closing costs were rolled into it..our payment was lowered about 300 dollars with the lower interest rate that they gave us ..we were only in the house a year so they could only lower it so much, but if we were in more we could have bought a point to lower it even more

Re: Refinance Advice Needed!

can anything be done if you purchased less than a year ago?

Re: Refinance Advice Needed!

Call the bank you have your mortgage with. They might have programs where you can refinance for more than the appraised price.