How to Refinance Your 100% Mortgage
- 1). Consult your current mortgage servicer to see if they have any programs available to refinance or renegotiate your current mortgage. Some will allow you to do a streamline refinance without an appraisal, which is beneficial to borrowers with 0 percent equity in their home. Others will simply allow you to renegotiate your rate without refinancing - which is even better, because the borrower can avoid paying closing costs.
- 2). Research the Home Affordable Mortgage option made available by the Obama administration. This type of mortgage gives the borrower access to refinancing options that are not traditionally available. A borrower can qualify if his mortgage is up to 112 percent of the value of the home.
- 3). Consider doing a refinance and putting extra money towards your mortgage. By making a down payment of as little as 3.5 percent, you can qualify for a FHA refinance. Additionally, if you have a USDA or VA loan, you may qualify for a refinance with 0 percent equity, depending upon your situation. Consult a mortgage lender to discuss these options further.
