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Refinance with 85% LTV

Primary home in Berkeley appraised for $900k

Want to refinance for $760k (85%)

First mortgage: 700k @ 3.25%

2nd mortgage: 70k @ 5.95%

FICO: 800

Is this doable or do I need to either wait for the home to appreciate a bit more or pony up the $ to bring the LTV to 80%?

  • May 29 2013 - San Francisco
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Answers (9)

There are lenders and investors that will probably do 85% LTV on a Jumbo with no PMI.  The problem likely will be trying to locate one. 

  • May 29 2013
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Profile picture for Brian GFL Capital
more than likely going to need MI to make this work since you are over 80%. it may be worth it to pay the extra every month in mortgage insurance than it is to liquidate your assets for the extra 5% down.
  • May 29 2013
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Profile picture for CA Direct Lending
If you refinance now, you'll pay one way or another.  If you wait and rates continue to increase, you'll pay then, too. 

There are a couple lenders who can help you above 80%, but whether there's mortgage insurance or not, you'll pay for it with a higher rate than what's available today at 80%. 

If the rate savings for you at 80% is substantial enough to warrant paying down your principle balance, then I recommend that cost as the most beneficial to you. 
  • May 29 2013
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We have an 85% CLTV option up to 1 million and a 90% CLTV option up to 750k! Contact me through my profile for more info. I am located in Oakland.
  • May 29 2013
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Profile picture for user05192387
Thanks for the replies.

Any idea what MI would cost (approx) on something like this? As Brian suggests, this might be good for me to consider rather than liquidate assets for the remaining 5%.
  • May 29 2013
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Ivan, I'm assuming these options will include MI?
  • May 29 2013
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No MI for our option. It's a second @ 5.25%
  • May 29 2013
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I apologize...I didn't see your current scenario 
  • May 29 2013
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There would be a number of ways to do this. I think, long term, the best way would be an 80% Jumbo 1st and a 2nd to make up the difference. 

The 2nds we have only allow the combined liens to go up to $750,000 so you would be short $10,000 of the full 85%, but almost gets there.

If not that route there are also 85% Jumbo loans out there. Some with MI, some without. And you'll have some MI options as well if you go that route.

I wouldn't bring the cash to the table if you don't have to. Keep your assets working for you.

It sounds like you already have an appraisal done. Is the lender you had the appraisal done through not able to do what you want?

Sincerely,
Greg
  • May 29 2013
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