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 It was small and a bit outdated, but if felt good to own.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'm the publisher of Urbnlivn and a real estate agent. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.
Get in touch to:
• Understand the market
• See homes for sale
• Sell your home

Contact Matt matt@urbnlivn.com / 206-618-1600

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  • 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… 

  •  dfds