Profile picture for user62550495

Looking for a creative solution to refinance 1st or 2nd or a combination with the given scenario.

1st Mortgage              400k at 5.875%
Escrows                    27k
2nd Fixed Equity        119k at 6.25%
3rd Line of credit         114k at Prime + .5
                                 ---------------------------
Total comes to            660k
                                 ----------------------------

Aprx House Value        700k to 730k (Zillow Zestimate is 744k)

Fico Score                  685

Revolving Debt            80k
Car Payment              $600/Month

Full time Employee    14 years
Salary  (Gross)          160k/year

Other Income(Spouse) 30k/year

Questions:
Should I refi just the first which mandates me to pay the escrows?
Should I pay of 1st and 2nd which makes it a jumbo loan which may limit my ltv to 80%?
Should I combine all three?

I tried with TD Bank few months back, they told me that with 685 Fico score its hard to do a 30 year fixed.
Now I learned from Tru Mark Credit Union that with 685 Fico I can do a 10 year Arm which I am happy to pursue.

Please, Please suggest me a solution and direction so I can save atleast $1000 to $1500/month and also Bring the interest down.

Thanks,
Indu



  • April 26 2013 - Exton
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

Was the second closed on the day you purchased the home and can you bring cash to closing from bank/brokerage/401k account?
  • May 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Would be happy to look into a couple of options for you.  My office is in Chester Springs.  Please contact me through my profile so we can discuss further.
  • April 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.