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Answers (4)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
The lender is correct about the townhome. If the loan is over 75% there is a pricing adjustment (cost of .75% of loan amount).
I think you had posted in another thread. Subordination behind a 5/1 ARM is very unlikely to happen. If you were in second position, you are adding a layer of risk to go behind an adjustable. You would have much better chance requesting subordination behind a 15 year fixed (same low rate ar 5/1 ARM) if you can afford that payment, otherwise a 30 year fixed.
I think you had posted in another thread. Subordination behind a 5/1 ARM is very unlikely to happen. If you were in second position, you are adding a layer of risk to go behind an adjustable. You would have much better chance requesting subordination behind a 15 year fixed (same low rate ar 5/1 ARM) if you can afford that payment, otherwise a 30 year fixed.
- Edward Bemis, "Ed Bemis"
- Contributions:14
I don't know balance on the 2nd but the balance on the first puts you at 83.8% LTV if the 2nd puts you over 90% and you are in a declining market I doubt you will get this done.
- Chris Jones, "Christopher Jones"
- Contributions:135
Citi's subordinations are awful. They take forever.
But yes, I think it will be possible and that your wait is likely nearly over. You should be able to get pretty close to what you want.
But yes, I think it will be possible and that your wait is likely nearly over. You should be able to get pretty close to what you want.
Refinance Help - I'm so close yet seems so far away
1st morgage principal balance 218,000
credit score 800
I want to do a 5/1 ARM and get into low 4s rate wise
I have been approved for Fannie Mae Refi +
Waiting on CITI to subordinate 2nd mortgage and it's already been since end of May
So many hurdles, any advice and will this be possible?
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