Question by Joseph: How to refinance a mortgage?
My daughter is having difficulty paying her mortgage and wants to refinance. If she has an appraised value of $ 300,000 and a mortgage balance of $ 284,000 can she refinance from her 25 year 9% mortgage to a lower rate without big problems??
Answer by cainvest1
Depends on her credit and how the comps come in. A 9% loan indicates her credit likely wasn’t great to start as that rate has not been floated for a while.
Have her talk with a lender to see if she qualifies for a refi or a loan renegotiation as laid out by the Obama administration.
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