Will there be an exception to refinancing a second mortgage if was done along with the first??

The seconds that homeowners purchased after the financing must be subordinated.  But if the homeowner used the second to purchase or refi his home shouldn't he be allowed to refi both into one??

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March 18 2009 - Cliffside Park
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what is the best way to ask for an exception for refinancing a mortgage?
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November 10 2010
If the 2nd was used as a "purchase money" loan,  it would be treated as a rate/term refinance by Bank of America as opposed to a "cash out" refinance with higher points.  You must have enough equity in your home to meet maximum loan to appraised value quidelines which are currently 85% to 90% depending on whether your negihborhood is considered a declining market. Best regards, Sandra
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March 28 2009
New guides are out, if going conventional on your refi you are out of luck as it now no longer matters when/why you have the second. All are considered a cashout refi, and you are locked out of going above 80% LTV by lack of mortgage insurance coverage. If going FHA, and the second was a purchase, I THINK it can still be treated as a rate term refi up to 97.5% LTV.
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March 28 2009
I'm not 100% clear on your question. If you are looking to refinance, you can combine a 1st and 2nd mortgage into one new first mortgage. As with any transaction, it needs to meet current guidelines. If you can prove the 2nd mortgage was used to purchase your home, then the transaction will be considered a Rate/Term refinance. If you obtained the 2nd mortgage after purchase your home, the new refinance will be considered a Cash Out refinance and is subject to meeting those guidelines.
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March 25 2009

The lender doing the refinance will make that decision.  It's not a "rule" or "law".  If that lender sees refinancing your 1st and 2nd, they will do it regardless of what your use for the loans was.

In some cases, there are rules that exclude combining a cash-out heloc with a first mortgage, but this is a FNMA or lender-specific guideline.  You can find portfolio lenders that will do this loan.

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March 18 2009
 
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Will there be an exception to refinancing a second mortgage if was done along with the first??
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November 10 2010 | 5 answers
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