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From what you are presenting, it appears you nderstand how LLPAs work. How I would have done it differently is this...$180,000 Loan Payoff (including interest due at closing)$182,000 + $3,640 (1.5% LLPA and .05 origination points)$185,640 + $2000 (closing costs rolled into loan))For a new home loan amount of $187,640.Please email me if you hae any further quetions.
If you have a HELOC that brings your CLTV over 95% there will be a 1.5% LLPA. This is additional discount cost to the factors for credit, miscellaneous, rate, and adverse market delivery.The problem you may run accross is that this is a large amount of money and unless much of it is covered by you and/or an increase in rate your second mortgage lender will likely not want to subordinate. Of course, even if all of it is covered by you and an increase in rate your second mortgage lender still may choose not to subordinate. If you add in prepaids you are asking them to let you borrow $6-7k in equity they currently lay claim to with their 2nd lien.
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