Trying to refinance while waiting for home to sell is tough
We also want to know if getting a new mortgage through the refinance process will negatively affect our new mortgage rate when we buy. Our house is listed at $389,000 but is worth $450,000, and our current interest rate is 6 percent. What should we do?
A. Unfortunately, since your home is listed for sale, you will probably be unable to refinance. Lenders don't want to refinance a property that is listed for sale because they expect the property to be producing income for anywhere from two to Read more [...]