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Refinancing a mortgage...help!

Although we just closed on our new apartment, we are still trying to sell the old one, but as it's November, we may not be successful until the spring or even summer.

Our mortgage rate on the old place is quite high. Is it worth trying to refinance at this point?

Will a bank even take us on knowing it may be only for a few months? At least we have a great low rate on the new apartment.

Thanks for any advice.

by Anonymousreply 1111/28/2012

If your soon to be "ex" apartment is on the market, they are not going to refinance it. The amount of money in fees a mortgage lender will charge you probably will not make this worthwhile anyway. Calculate the money you are throwing away on the old place and think about dropping the price. Contrary to the conventional wisdom, homes do sell this time of year as there tends to be fewer competing listings. Good Luck!

by Anonymousreply 111/26/2012

Go to a reputable mortgage broker for advise. It takes time to re-coup the expense of refinancing, so it probably makes no sense at all to refinance.

by Anonymousreply 211/26/2012

Our old apartment has been on the market for about 2 months. Hurricane Sandy caused 2 weeks of showings and open houses to be canceled.

We would drop the price of the apartment severely but our realtor says our coop board may not approve a buyer because it would bring down the average price going for the building.

Could that be true??

THanks again for any advice!

by Anonymousreply 311/27/2012

My heart goes out.

by Anonymousreply 411/27/2012

living beyond your means?

by Anonymousreply 511/27/2012

This will not end well.

by Anonymousreply 611/27/2012

White people problem.

by Anonymousreply 711/27/2012

R1 here Fortunately I don't live in an area that has coop boards--what a load of shit those are! My understanding of the real estate law is the coop board can pretty much do whatever the Hell they want. Maybe you can threaten them with undesirable tenants, or is that against the rules too? Thank God I just have to deal with the landscaping police in my HOA!

by Anonymousreply 811/27/2012

Unless they are relocating and have to be in a new city within a specific timeframe, I never understood how someone can buy a new home when they haven't sold the first and they end up carrying two mortgages. Why did you do that OP?

Yes, r3, if you lowball your price, you bring the value down of the entire building. The board will not approve your new buyer if they don't like the price you've set. That is one of the reasons co-ops can be a nightmare to sell.

by Anonymousreply 911/27/2012

Refinancing might not be worth it for a short time.

Why not just rent it month-to-month to save you some money?

by Anonymousreply 1011/28/2012

Forget about it.

1. Unless your existing loan is at an astronomically high rate, you'll not recover the refi costs for at least a couple of years; and

2. especially if you think you'll sell by Spring, mortgage lenders are so backed up (with all the refinancing going on) you probably wouldn't settle on the new rate before April at best.

Not worth the headache.

by Anonymousreply 1111/28/2012
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