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Any daylight in a possible refi?

Is it possible to do a refi that will consolidate my 1st mortgage and HELOC?
Property is in SF, CA
Balance on 1st: 479K
Balance on HELOC: 81K
THe HELOC was opened after the 1st mortgage and has not been accessed since 2010?
Appraisal (for refi) in July of 2010: 715K
LTV = 22%

TIA
  • December 03 2012 - US
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Answers (2)

Best Answer

Hello and Thank you for posting your questions.

Let me see if I understand your scenario:

You have 2 mortgages and owe a total of $560,000.00
You opened a heloc as a second mortgage after the first mortgage was in place.  You have not accessed or used the second mortgage since 2010.
The appraisal or the value of your home in July was 715K in 2010?  That would make your equity position or available equity at 22% at that time.

Most conforming loan programs would not allow you to refinance your loan if the current were true.  

What is the current value of your home?

I know and have a portfolio program which would not count this as a "Cash Out Refinance" which will allow you to go to 80% of your homes Value.

I hope this helps...

Chris Perez - Real Estate Finance - San Francisco, CA 
  • December 03 2012
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If you can manage a 15 year payment, FHA loan would be a great fit to combine.   30 year is also an option but would require a hefty mortgage insurance payment for 5 years.

Freddie Mac financing would allow up to 75% Loan to Value on combination.  Appraisal in 2010 doesn't mean much at this point, current market value would dictate if this option might work for you.
  • December 03 2012
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