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Answers (5)
- homeafford
- Contributions:25
I'm in the same spot. Waiting for the subordination of my 2nd.... Citi is SO SLOW! does anyone know why it takes so long to complete?
- Lindsey M. Bishop
- Contributions:379
Well what about a FHA refi?
If you refinance into a FHA loan you can go up to 97% loan to value to combine your first mortgage and second mortgage together into one loan as long as you have not opened or borrowed against your 2nd mortgage in the last 12 months. That means if you appraised at $260,000 your maximum loan amount would be $252,200.
How much do you owe on the 2nd mortgage? When did you open it or use it last?
FHA offers a 5/1 ARM and 3/1 ARM also - I think the 3/1 rates were at 3.75% today with a small buy down I haven't seen 5/1 rates today though.
If you refinance into a FHA loan you can go up to 97% loan to value to combine your first mortgage and second mortgage together into one loan as long as you have not opened or borrowed against your 2nd mortgage in the last 12 months. That means if you appraised at $260,000 your maximum loan amount would be $252,200.
How much do you owe on the 2nd mortgage? When did you open it or use it last?
FHA offers a 5/1 ARM and 3/1 ARM also - I think the 3/1 rates were at 3.75% today with a small buy down I haven't seen 5/1 rates today though.
- tiger3599
- Contributions:50
Yes, unable to roll 2nd into first mortgage
Appraisal for townhome came in at 260,000
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?
Appraisal for townhome came in at 260,000
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?
- Lindsey M. Bishop
- Contributions:379
How much do you owe on your first mortgage? What did your appraisal come in at?
You are most likely subordinating because you do not have enough equity to refinance your second mortgage into a new loan. You may not have any other options but for Citi to approve the subordination in order to refinance your first mortgage.
You are most likely subordinating because you do not have enough equity to refinance your second mortgage into a new loan. You may not have any other options but for Citi to approve the subordination in order to refinance your first mortgage.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
The new first lender is unlikely to have any interest in creating a concurrent second, unless you have a very strong equity position....and if that was the case, you wouldn't need the subordination in the first place.
Another option is to refinance the new first with the lender who already has the second (opposite of your plan). This can help speed up the process when they can communicate within their own corporate network.
Another option is to refinance the new first with the lender who already has the second (opposite of your plan). This can help speed up the process when they can communicate within their own corporate network.
Refinance - Subordination
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