Refinancing

Terry, my wife and I have a mortgage at 8% and we’ve tried to refinance. We were wondering if you help us out with this situation. Thank you Terry

Terry Says:  If you have good credit, are current on your payments, and have at least 20 percent equity in your home (that means your mortgage is only 80 percent of the current market value) you should have no problem refinancing.  If you are “underwater” — owing more than the home is worth, there may be federal programs for you, depending on your current mortgage, and specific situation. And if one of you is a veteran, there are great deals.

Here are two Chicago area mortgage brokers whom I trust to help you out:

Leslie Struthers who is with GuaranteeRate.com    Leslie@guaranteedrate.com

Daniel Chookaszian who is with Perl Mortgage: dchookaszian@perlmortgage.com