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Can I refinance my house if it has dropped in value and I have no equity?

By The Curious Bag Asked Oct 28 2009 12:05PM
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First Answer

by Official Know-It-All on Oct 28, 2009 at 12:05 pm Permalink

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No. Banks will not refinance a home loan if it is not secured by the value of the home plus at least 10 percent equity (20 percent is better). If you have cash on hand, you may be able to refinance if you pay down your current mortgage first.

Source:

Bankrate.com; Can you refi when you're upside down?; Holden Lewis
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