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Answers (7)
- James Peters, "JamesRPetersSr"
- Contributions:98
Look if you are willing to bring cash to the table to get you down to 95% and have a 700 score or better I can do a no PMI loan and save you a ton of money monthly.
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
Assuming you can qualify for the PMI, you shouldn't have a problem on this and it sounds like it would be VERY beneficial for you. FHA might be the way to go here. I'd look at a 95% scenario using conventional and I'd compare that to an FHA 15 Year fixed at 97.1% and see which one looks better. Feel free to click on me for further analysis.
- shapiroamg
- Contributions:3058
Confirmed- your loan is not a cash out. it is a rate/term.
only issue would be what the appraised value is.
If you are going forward, better hop on it as rates are very good right now.
only issue would be what the appraised value is.
If you are going forward, better hop on it as rates are very good right now.
- shapiroamg
- Contributions:3058
Im double checking with an underwriter right now to make sure this would be a rate/term. If so 95% of value should be fine.
- rsteps
- Contributions:2
Hi Clay-
Yes the second is a fixed rate used to buy the house, was not refi'd..only first was refi'd.
Yes the second is a fixed rate used to buy the house, was not refi'd..only first was refi'd.
- Clay Branch, "Georgia Loans"
- Contributions:7837
rsteps, is the 2nd mortgage a fixed rate loan used to buy the property?
- David Hoggatt, "Roseville_Broker"
- Contributions:471
Based on the information given, it is possible to consolidate the two mortgages into one and reduce the rate of interest you are paying. However, you need to take a couple things into consideration:
1) You will have to pay any associated closing costs out of pocket on top of the buying down your principal balance.
2) The new code of conduct for ordering appraisals forces you to pay for an appraisal through an appraisal management company that works with your lender. The AMC will then randomly place the order with a local appraiser. This new practice normally produces poor quality appraisals that will often not provide the value you are hoping for. If the home appraises for less, you may not be able to complete your refinance and be out the money that you spent on the appraisal.
3) High loan to value loans can have very strict underwriting guidelines.
Before you choose your lender and start the process you should do some research on the cost associated with the loan, what homes are selling for in your neighborhood (foreclosures and short sales included), and the underwriting guidelines for the type of loan you are applying for.
The last thing you want to do is spend a lot of time and money with no outcome.
Good Luck!
1) You will have to pay any associated closing costs out of pocket on top of the buying down your principal balance.
2) The new code of conduct for ordering appraisals forces you to pay for an appraisal through an appraisal management company that works with your lender. The AMC will then randomly place the order with a local appraiser. This new practice normally produces poor quality appraisals that will often not provide the value you are hoping for. If the home appraises for less, you may not be able to complete your refinance and be out the money that you spent on the appraisal.
3) High loan to value loans can have very strict underwriting guidelines.
Before you choose your lender and start the process you should do some research on the cost associated with the loan, what homes are selling for in your neighborhood (foreclosures and short sales included), and the underwriting guidelines for the type of loan you are applying for.
The last thing you want to do is spend a lot of time and money with no outcome.
Good Luck!
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