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 It was small and a bit outdated, but if felt good to own.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?