Yes, it is possible to refinance. To refinance with a conventional lender depends on the amount of equity you have in your home, how many payments behind and your debt to income ratio. * Caution – Typically, most refinance options will not give you a lower interest rate.
If you have more than 30% equity in your home you may be able to refinance with a “hard money” lender. They typically don’t care about your credit or how far behind you are, but they charge twice as much as conventional lenders. – Usually not the best option.
FHA Secure may be an option that will lower your monthly payment.
Contact us for more information on refinancing.
