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Profile picture for Hollybear13

Refi our 2nd or wait for the new Jumbo Loan

Here is our situation.

We purchased our home for $600,000 last May with a Bridge loan.  So our first is $415,000 @ 5.75%, we have a second $92,000 at 9.375%.  We have invested about $40,000 into the remodel.  We would like to roll the $40,000 which is in low rate credit cards into the loan.  Should we refi the 2nd or wait until the new Jumbo loan limit takes effect and roll the 1st and 2nd into one Jumbo loan?  Does anyone know when that would be.  Our home value is around $625-635,000.

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March 05 2008 - US
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Hi Hollybear,

 

The loan limit increase should come into effect soon. We have to check the value of your property and if you have the equity I can start putting some numbers together for you. Give me a call at your earliest convenience on: 1 (310) 623-5613 or cell: 1 (818) 415-5633. Thanks, Ed

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March 05 2008

The loan limits are expected to be oout on Friday.  However not everybody will end up with higher loan limits. 

 

The biggest question is what will your home appraise for?

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March 05 2008

A fixed rate second should be around 8% with apx $2000 in closing costs.   Move forward now - You can always roll refi them together if it makes sense down the road.

 

Is your 5.75% fixed?  And if so for how long?

 

Thanx, D

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March 05 2008
Profile picture for CORONA NICK

Why refi??? Paydown your second aggressively and chill with your 1st... hopefully its a 30yr fix.

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March 05 2008
Profile picture for Hollybear13

We live in Washington State.  My husband and I have excellent credit scores 830+  We would like to roll everything into a 1st on a 30 year fixed.  We plan on staying here a long time.

 

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March 05 2008
Profile picture for Hollybear13

Yes, our 30 year is 5.75% 30 year fixed.

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March 05 2008
 
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