I want a 30 year fixed rate.
Related Entries
- If You Refinance Your Home Into Fha Loan And Have 20% Equity Do You Still Need Monthly Mortgage Insurance?
FHA always requires PMI even at 80% LTV, but its not a bad price to pay to get interest rates in the... - I Have A Home Equity Loan I Want To Ditch. Can I Use An Fha Loan To Refinance Both My Mortgages?
Depending on what the appraisal comes back at, I might be really close to owing as much as it's wort... - Just Wondering, Can One Have A Home Equity Loan, And Still Refinance Their 1st Mortgage? Thank You?
We made some bad decisions and need to pay of some debt, a home equity loan would help and lower the... - Can I Borrow $50000? Have Some Home Equity And A Business But Unable To Get Traditional Loan. Looking For?
money for business expansion. Contact me a buylife_1@yahoo.com if serious. This could be as an inves... - I Have A $43,000 Home Equity Loan At 6% Interest With 4 Yrs Left, Should I Re-finance? ?
Very likely, no. First, the up-front costs of refinancing can be significant. Sure, they may wrap i... - My House Had Got Forclosed And I Had An Equity Loan On It . I No Longer Have The House So Do I Still Have..?
to pay the loan and if i dont what will happen to me?... - Can I Still Get A Equity Loan On My House If I Have Poor Credit Rating?
probably not, now that subprime loans have dried up.... - I’ve Been Buying My Home Since Oct 04, Can I Still Get A Home Equity Loan Or Anything Like That?
How can I get money out of my home?... - I’ve Been Buying My Home Since Oct 04, Can I Still Get A Home Equity Loan Or Anything Like That?
How can I get money out of my home?... - Is It Better To Have A Equity Loan Or A Refinance Home Loan?
HELOC will drop your credit vs a refinance. Some banks look at like a huge credit card balance. ... - Can I Refinance A Home Equity Loan If I’ve Only Had It A Couple Of Months?
Problem, we recently had our home up for sale, but have since changed our mind. We applied for a sm... - Is It Better To Refinance Or Get A Home Equity Loan? We Have Owned Our Home For 2 Years.?
Due to family health issues my husband and I have missed a bit of work over the past 9 months. Beca... - I Have A 15yr Fixed Home Equity Loan In The Amount Of 50,000. I Also Have A Car Note For 27,000. ?
Both accounts are at 6.99%. I have recently acquired 20,000 to put towards one of these accounts. ... - What If I Don”t Pay My Equity Loan Payment?can They Take My House?i Still Have A Mortgage With Another Lender.?
If we can no longer pay the equity bill and our house payment I will have to choose the house paymen... - What Is The Difference Between An Equity Loan And A 2nd Mortgage? Do They Both Have Closing Costs?
A second mortgage is similar to your first mortgage in that it is tied to the value of your home, ha...
October 27th, 2009 at 9:02 am
maybe if house appraises for more than loan balances and you qualify for the new loan – you’ll probably have to pay to feinance – 1% loan orig fee, maybe points
October 27th, 2009 at 9:02 am
If you have no equity, yes.
If you have negative equity, no.
You can still do a 100% refi if you qualify.
Now the question;
Why?
If you are in an ARM that is adjusting then you could get a lower rate, but keep in mind you will have to pay PMI unless you qualify for VA funding. Speak with a broker that can run side-by-side loan scenarios and can help you determine if it makes sense and what program would be best for your situation.
October 27th, 2009 at 9:02 am
Yes you can refi your first lien to a 30 year fixed, but you will have to have written permission from the second lien holder that they will “subordinate” their position. That means when your current first lien is paid off, your second instead of going into first position would agree to go back to second position. In your 80/20 situation that first was probably fixed for 2 or 3 year period and the second could have been a 180 balloon or even a 30 year fixed ( to lower the pmt. on that higher interest second.). If that’s the case and your equity position has not outpaced your loan balances, I would try that route until such a time as you get enough equity to do another refinance and avoid private mortgage insurance. It will be difficult to better your position by combining both, in this market, at one hundred per cent.