Have You Re-Fi’d Your Bubble Condo Purchase?

The Seattle Times has a first hand account of Condo owner snags HARP deal:

In 2006, when I bought my Eastlake condo, any standing place that had walls was considered a good investment. I jumped in, buying the place that I had been renting. It was small and a bit outdated, but if felt good to own.

Six years and one Great Recession later, the value of my little 434-square-foot home in Seattle seemed like the equivalent of a newer model Hyundai.

A few attempts at refinancing out of my old 5.8 percent 30-year fixed interest rate mortgage and into an attractive 3 or 4 percent rate ended in disappointment; I didn’t qualify because I didn’t have equity.

We’d be curious to here from other folks. Any luck re-fi’ing your bubble condo purchases? Or did you walk away?

About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.

  • http://twitter.com/mortgageporter Rhonda Porter

    the biggest mistake the person who wrote the article made with regards to her HARP 2 refi was going to her bank (Chase) and trusting them as they dragged their feet.   Homeowners do NOT have to go through their mortgage servicer (who they make their mortgage payments to)… often times, mortgage servicers and banks do not have licensed mortgage originators employed – opting for inexperienced “mortgage tellers”.  If someone has been told they’re not approved for HARP 2 – they need to get a second opinion.  Loans w/pmi and lpmi are a bit tougher… 

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