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Refi 1st 417k, eline 34.6k and need a rate 4.5% why so hard? high fico and good job

  • May 05 2009 - Bernal Heights
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Answers (4)

Refi the first, you can get 4.5%, might have to pay a little in points, depends.  You didn't provide much info.  Resubordiate your 2nd or contact your 2nd lender provider and see if they'll refi their own 2nd.
  • May 05 2009
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It is hard because it is not available unless you want to pay points. What is hurting you is the fact that with Closing costs that would bring your loan amount above 417. That constitutes a Jumbo Loan or High Limit. A good job just doesn't cut it anymore. Stop driving yourself nuts looking for programs that don't exist. Instead spend time finding one that makes sense and is reasonable.

  • May 05 2009
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Profile picture for sdov
You would have to subordinate the 2nd to keep your loan amount at 417,000. Then you would be able to get 4.5%, however you will still be paying points. Rates are not quite there yet without paying points.
  • May 05 2009
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Because:
A) Refinancing both will put you in the Conforming Jumbo category
B) In order to get 4.5% you will have to pay points.
C) Paying off an equity line is seen as a cash out refi and subject to pricing adjustments.
D) You didn't mention what LTV you are at.

It's not personal. If you need to refi, search for the best rate and service you can get and don't get hung up on an artificial number that you may never get.
  • May 05 2009
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