Question by chill g: Refinancing mortgage in today’s market?
Is it possible to refinance in today’s market? I want to refinance our mortgage which is an ARM to a 30- yr fixed. But some people say it’s not possible since market’s bad. And the value of the house went down.
Answer by FRANK Mortgage Broker
You need to get the house appraised, in order to find out. However, you need to have you mortgage broker order the appraisal, rather then to order it yourself. The broker needs to use primary source info for the loan. Therefore, broker can not use appraisal that you furnish. That appraisal would have to be re-assigned, and that costs money. Thus, you are best getting the appraisal through the broker.
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