Question by Mark B: Can I refinance my mortgage with no closing costs if I owe more than it is worth?
I already have a 30 year fixed (6.38%) but would like to take advantage of the lower rates now. My mortgage is through SunTrust and (unfortunately) I have never been late with payments and am not in any financial distress. The main problem is that because of the current market, I owe more than what it is worth.
Is this possible without bringing any money to the table for closing?
Answer by kissamahbutt
Not a chance. You will always have to pay processing fees when you refinance, and because you are up-side-down in the loan, it will be hard to get approved. You will need to bring money.
What do you think? Answer below!