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Is it possible I could do refiannce?

I am in Bay area.
My property value is around $500K as to the market. My 1st loan balance is around $450K from ING and 2nd home equity loan around 32K from BOA. ING will not give me rate adjustment while my current rate is 4.5%. Is it possible I could do refinance for my property ? If necessary I can pay off some amount of principal.

All advices are appreciated.
  • October 22 2012 - US
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Answers (2)

Best Answer

You would probably want to be at 80% loan-to-value so as not to incur mortgage insurance. This would mean you would do one loan to 400k and bring in 82k. The other idea is the second may be able to be subordinated. If so, you would need to bring in a minimum of 50k (first at 80% to 400k, subordinate the second). Is this possible? I hope this helps. Let me know if you have any other questions. Thanks and good luck!

Paul
  • October 22 2012
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Do you have an idea if your first is owned by Fannie Mae or Freddie Mac?  If not, check here:  https://www.knowyouroptions.com/loanlookup
There may be a chance you can qualify for HARP 2 with your current loan to value and subordinate your 2nd. 
  • October 22 2012
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