Hello Hendrick - Ontario Canada, you can refinance and get an equivalent 20% from your equity and use it for downpayment. I would guess this will be a rental property. There are ways to do it. Send me a quick email at victor_catalan@centum.ca and we can take a look at your case and see if you have enough equity to pull.

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Ok, i would like to take advantage of the new low interest rates. i am currently in a 30 yr fixed at 5.75% and was quoted yesterday a 30 yr fixed @ 4.375% which would save me about $275 per mth in payments. payoff for the first mortgage is $230,000 and we have a 2nd at around $55,000. i dont want to touch the 2nd, just do a rate/term refi on the 1st. problem is that a few months ago i was looking at building barn and tried to increase my 2nd. the apprasial (drive-by) came back at $238,000. so, it seems that i am $47,000 underwater on my home (all in). can i refi? what are my options? if i spend the $400 or so on an appraisal and it comes back to low for the company to refi, do i have other options? i don't want to throw good money away unless i have a good chance at saving some down the line

if you are more than 5% underwater, you have no chance of being able to refi - and you pretty much need 20% equity AFTER the refi anymore to get any bank interested and I don't think you would be allowed to refi your 1st MTG at all with a 2nd already on the house you are not going to be approved for any more home related debt at all for many,many years you basically have no options right now - check back in about 10 yrs when you might be at even I'm hoping to reach that point in 6-7 yrs

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Hello, i make $60k/year. have about $30k left in student loans. its currently fixed pmt of $400/month to pay off in 10 years. but im trying to save to buy a home and want to be able to qualify for a loan. i was wondering if restructuring my student loan (e.g. extending to a 20year term) in order to decrease my minimum payment would help me to qualify for a mortgage. is this a wise choice? otherwise, i think i could make more than double pmts for my student loans to pay off in like 3.5 years, but then i wouldnt be putting any money away for a down payment. so im kinda stuck: save for a downpayment, lower student loan payments, and qualify for a loan in the next year or payoff my student loans quicker, but have less downpayment, and not be able to qualify for several years ??? no credit card debt. excellent credit score (750+). no late payments, good credit history. any input is appreciated :) thanks!!!

Pay of the loans quickly then start saving. Extending student loans to 20 years in just flushing money down toilet.

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Originally purchased manufactured home in 2000 in california. non-predatory lending, put 5% down for 120,000 home (3bd/2ba). we refinanced for lower (fixed) rate in '08, w/ payoff of 3 credit cards & some cash out. current loan balance is $170,000... but other manufactured homes are short-selling for $75k or less... and some are selling reo at $14,000!!!! at this rate -- we know we won't see recovery for 30+ years (we won't live that long). we do not qualify for short sale (we tried), bank will not lower rate (which isn't really the problem). we technically can afford our monthly payment -- however, our home is on a land-leased program, where we pay in addition to the mortgage..... $650 per month!!! since we are approaching our 10 year mark living here --- the land lease is jumping up to $924!!!! we have 5 kids (ages 14 - 4) and we feel like we are throwing good money at bad. we know the 7-year rule about credit damage... but frankly - that is easier to swallow than 30+ years... and leaving a burden for our children. by foreclosing and choosing to rent -- we can save money for our kids college education... rather than throw underwater-mortgage money plus land lease rent away each month for something will will never own. refinance was 82/18, so it is fha technically. bank will recoup from fha, but can/will fha/hud seek deficiency judgment since government programs are not bound by calif law (ie, non-recourse)??? thanks so much!! fha does not do refi's? then, why are my loan docs on hud forms, and why do i have mip (mortgage ins premium) taken each month? i think i find my answer: http://www.foreclosureoptionsnetwor k.com/index.php/news-blog if a homeowner refinances the property with a new loan this then becomes a recourse loan. often with a refinance there is an equity withdrawal sometimes called a "cash out" refinance. a recourse loan means that the bank or lender now has recourse from the homeowner. in the state of california the bank or lender typically foreclosure by deed of trust or non-judicial foreclosure. therefore the 'recourse' isn't typically pursued with a non-judicial foreclosure for a lender in first position, even with a 'recourse' loan.

Your loan is full recourse by CA law. It was made so when you refinanced. You cannot take the money and just pocket it. You will still owe it after you foreclose.