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Answers (3)
- Harry Newell, "Harry Newell"
- Contributions:50
Don't be too anxious to get rid of the 2nd mortgage. You may put your self in a better position for rates and fees if you subordinate that lien.
The two main concerns are; the current value of your home and the original purpose of the 2nd mortgage
The two main concerns are; the current value of your home and the original purpose of the 2nd mortgage
- Liberty Mortgage
- Contributions:470
This refinance is only dependent on the current value of your home and you of course being able to qualify.
Assuming your home is worth around $170K then you can easily refi going conventional without worrying about whether or not your 2nd mortgage was taken out post the purchase of your home. If your 2nd mortgage was taken out after you bought your home, then you can still refi up to an 85% Loan to value (home can be worth around $160K).
I would suggest you call a lender from zillow and give them your specific scenario- There are programs such as the DU Refi Plus and the Freddie Refi Relief, but the obstacle you will encounter will be the subordination of the 2nd mortgage.
Assuming your home is worth around $170K then you can easily refi going conventional without worrying about whether or not your 2nd mortgage was taken out post the purchase of your home. If your 2nd mortgage was taken out after you bought your home, then you can still refi up to an 85% Loan to value (home can be worth around $160K).
I would suggest you call a lender from zillow and give them your specific scenario- There are programs such as the DU Refi Plus and the Freddie Refi Relief, but the obstacle you will encounter will be the subordination of the 2nd mortgage.
- Timothy Compton, "tacompton"
- Contributions:119
This refinance is something that can be done depending on the value of the home. Was the second taken out to purchase the home? If not, it will be considered a cash out refinance and you will be limited to 85% LTV. If you have any questions, please feel free to contact me. I am happy to help.
I want to refinance first/second mortgage of 124,000/10,000, respectively. Credit Score 680.
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