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91% LTV refi options

Are there any lenders that will offer a refi for a home that is at 91% LTV?
I dont qualify for HARP, have a 1st and 2nd and my home is appraised for less than what I owe. Would like to refi the 2 mortgages for a lower rate. I paye 5.25on 1st and about 6.25 on 2nd.
  • February 22 2012 - Wood Ridge
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Answers (8)

What is the balance of the first mortgage and the balance of the 2nd mortgage, then list the appraised value. 
  • February 22 2012
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the bank calculated the 91% LTV
I was told I fall right in the middle and dont qualify for a traditional refi or for the new govt refi

  • February 22 2012
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How are you calculating a 91% LTV? You stated you owe more than the appraised value. 
  • February 22 2012
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Call Joe. Click on his name and contact him through his link. I definately think there is some good savings even though a FHA mortgage will have MI.
  • February 22 2012
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If the second was taken out after the fact, then your only option is a FHA loan at that LTV (based on the guidelines Rich just pointed out).  The good news with that is the rates are low and usually a lender credit is available to offset a lot of the closing costs.  The bad news is that the mortgage insurance associated with the loan is costly.  Still think there is some savings to be had though.
  • February 22 2012
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the 2nd loan was taken out after we purchased home and was used for debt consolidation and home repairs....

are there any suggestions on who to call to ask about this because we are also looking for no closing costs because if I had the money for closing costs then I wouldnt be looking to refi
  • February 22 2012
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If the second was used to purchase the property, you can consolidate both first and second mortgage but you will have PMI.
If the second was not used to purchase and you havent draw on it for a while then you might be able to consolidate both with an FHA mortgage.

Regardless, even with the PMI or MI (for an FHA loan) you will probably save $ on your monthly payment with a refinance.

call Doug and see what would be best:
http://www.zillow.com/profile/90-Day-Rate-Lock/

  • February 22 2012
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Is your loan to value for the 2 mortgages 91% or is it over 100%.  If it is 91% and you took the second mortgage out when you bought the home, then you have no problems as it relates to value.  Happy to look things over for you.  Contact me through my profile.
  • February 22 2012
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