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.... 4.5% with a non agency seller carry? Rolling in cost will get the Loan to values out of whack.Who paid for the closing cost 60 days ago?"A couple of people will be really happy" How about the current lender that has not received even two payments? How about the originator that will have the claw back in fees received. FYI Property values in CA have generally dropped about 10% since October so finding a willing lender will be very hard. The current subordinated second does not have to replace himself and might just want out of the deal, leaving you to find another willing second, 8% will be sweet compared to what you will be offered.
So many reasons to tell you how fruitless this is. You can make anything make sense on paper, but then reality hits you are dealing with many other agents that have their own interest at heart.
Based on the information provided, 80% of $510,000 is $408.000. Thus, your second mortgage is $51,000Let's assume (yeah, I know what happens when you assume, but hear me out) ... Let's assume 4.5% on the interest rate on the new loan, and $3500 in closing costs (that's lender fees, title/attorney fees, and government "hands in your pocket" fees), and you roll the closing costs into the new loan. Your "old" mortgage is down to $406,800 already, so that means your new balance will be $410,300 (+/-).On a 30 year fixed at 4.5%, you will save $399/mo (+/-) (WOW!), and you will save $136,200 in interest (an even BIGGER WOW!) over the life of the loan.I don't know the length of term on the 2nd mortgage, but let's say it's amortized over 30 years with a ballon due in 15. (But that doesn't really matter unless it's due in less than 7 years. Read on.) That means you're currently paying $374/mo. If you take the money you save on the new mortgage ($399) and add it to the payments on the 2nd mortgage ($374), you will now be paying $773/mo, and you will pay the loan off in just over 7 years.I think a couple of people are going to be really, really happy. So, my only question is: What are you waiting for?
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For Sale: $1,449,000
For Sale: $2,300,000
For Sale: $3,495,000