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does anyone refinance 100%...i have excellent credit

 i want to combine the first and second loans. the two total ~100% maybe a little less of the value of my home...do i have any options? 1st loan 6% 30yr fixed...the 2nd is the killer 30yr due in 15 at 9% (this one is for 35,000) i am anxious to do something about that 2nd...any ideas? my husband and i have VERY stable work and EXCELLENT credit.
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July 14 2009 - Vancouver
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Answers (2)

Excellent advice above.  On the money!
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July 14 2009
Assuming these are puchase loans and Vancouver is still a declining market you are looking at a 90% loan to value to combine these on conventional conforming loan products.  This means you will need to pay down 10% of your value ($17k) to close aside from loan costs/prepaids.

Your more likely alternative would be to streamline your first mortgage if you have a Fannie Mae/Freddie Mac loan and resubordinate your second.  This is going to also cost a bit and I am not sure it would be worthwhile where rates are right now.  It is still likely to cost .6.2k in closing costs to reduce your rate roughly ~1%.

I would suggest a Zillow request to refinance your existing first mortgage after you have found out if it is a Fannie Mae or Freddie Mac mortgage with notes about the second mortgage and who owns your loan.  You can use the links below for that.

http://loanlookup.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
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July 14 2009
 
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