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Wondering what's happening with home affordability? See "The income needed to buy a home in the top 50 metro areas" covering the third quarter of 2023.

Wondering what's happening with home affordability? See "The income needed to buy a home in the top 50 metro areas" covering the third quarter of 2023.

Can I refinance my second mortgage?

Q: My first mortgage is $256K, and my second lien is $74K. I'm not sure what the house goes for now, but I want to refi my second mortgage into a lower interest rate and payment.

A: You may be able to refinance your second mortgage. Given home price declines, your best bet might be to contact the existing holder of the second mortgage. If they aren't a mortgage lender, and if you have at least some equity, you might be able to refinance with a new lender. However, that may prove difficult in today's lending climate, so you'll need to shop the market very thoroughly to see if you can find an interested lender.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?
NOV 28, 2023
A:

This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....

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Q: What does the term ‘conforming’ mean?
SEP 21, 2023
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Simply put, a "conforming" mortgage "conforms" to a set of standards so that the loan can be eligible to be sold to Fannie Mae or Freddie Mac.

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Q: Can you recommend a company specializing in mortgage modifications?
AUG 29, 2023
A:

No, we're not in a position to do that, but you should be careful when reviewing offers that haven't come from your mortgage servicer.

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