anybody refi there house, recently?

[RACER X]

rates are really low right now?

[derf]

been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing

[101lifts2]

Originally Posted by derf

been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing

I was in the same boat...until I short sold the condo. But...you are really not that upside down. 30% isn't all too bad.

[derf]

Originally Posted by 101lifts2

I was in the same boat...until I short sold the condo. But...you are really not that upside down. 30% isn't all too bad.

it was on the market for 18 months, now I have a tennant in there. At one point I was ready to walk away from the loan and just call it a day.

Originally Posted by Gas Man

per wifey..

she has rates of 3.5% for 15 yr mortgages.

wait? what? she does loans? tell her to give me a call

[101lifts2]

Originally Posted by derf

it was on the market for 18 months, now I have a tennant in there. At one point I was ready to walk away from the loan and just call it a day...

Well....I wouldn't have walked away with only 30k in the red.

[derf]

Originally Posted by 101lifts2

Well....I wouldn't have walked away with only 30k in the red.

at the time I had moved out of the house and couldnt afford 2 house payments, I didnt really have a choice, then a tennant came along

[Rangerscott]

I thought refinancing hurts your credit?

[wildchild]

I know a few who have tried but the bank said not enough value in their houses to cover the loan.

[derf]

Originally Posted by Rangerscott

I thought refinancing hurts your credit?

it shouldnt, but a home equity line should, because with a home equity you are borrowing against the value of your home, with a refinance you are just looking at better rates on the same deal you already had.

[fasternyou929]

Originally Posted by Rangerscott

I thought refinancing hurts your credit?

It's scary how little many adults know about credit/finances.

Refinancing will not hurt your credit; it simply replaces your old mortgage with a new one, written with better terms (unless you're really being taken to the cleaners ).

The only argument to support it "hurting your credit" (and it's a stupid one because the effect would be negligable) would be your credit report would show a recent inquiry.