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Answers (7)
Best Answer
- Clay Branch, "Georgia Loans"
- Contributions:7838
After a couple more cups of starbucks, I realized you can do this without kicking in $25K at closing. Depending on the amount of the new escrow you can probably do this for about $4K at closing.
- mymortgagebrokerjoe
- Contributions:129
will suntrust subordinate to a new first mortgage? why give away any money if you dont have to. just refi your first if you can and improve cash flow. i realize that second mortgage payment may be painful, but with what u are saving on first mortgage payments, you can pay down second mortgage at a much faster rate. if u give away money to pay down your second (at closing), you may never see it again. cash is king.
- Clay Branch, "Georgia Loans"
- Contributions:7838
After thinking about it a little more, you can refinance it into a 15 Year and still pay your self back in about 20 payments. Send me an email if you can put $25K into the transaction.
- Clay Branch, "Georgia Loans"
- Contributions:7838
You should save aprx $1600/month in cash flow so you can replace the funds needed at closing in about 15 months.
- Clay Branch, "Georgia Loans"
- Contributions:7838
Up until a few months ago you could have combined into 1 loan by bringing about $3500 to closing. You can still combine into 1 loan with a loan amount of 271,050 and bringing aprx $25K to closing, assuming you are in Hillsborough County and you income/credit qualify.
- Susan CacciatoreMiller
- Contributions:2
I'm sorry I wasn't clear. We want to come to closing with only 10% (or less) for our costs. We have been quoted 20% which would put us over 20 K and we don't want to do that. Our first mortage was taken out in 2003 (30 yrs) and our second was 2006 (10yrs). Thanks!
- Clay Branch, "Georgia Loans"
- Contributions:7838
A 90/10 would be a 90% First mortgage and a 10% 2nd Mortgage, is that what you are asking for? If the 2nd mortgage is a fixed rate mortgage and you took the loan out over 12 months ago, or a Heloc with no draws in the last 12 months then you can go up to 97.75% of the appraised value and combine them, as long as the loan amount is within loan limits.
Where do I find lenders that offer a 90/10 loan for our refinancing?
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