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i got LTV=85 with two mortgages which I got the second loan after I bought my property.

I like to refinance and:
1- Is my refinancing considered cash out refi? I don't need any cash out at this refinancing.
2- Can I waive the escrows?
Thank you.
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September 03 2011 - Seattle
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Answers (2)

The cash you are taking out via the new first loan is to pay off the HELOC.  The fact that you won't get any cash at closing doesn't matter.

Most lenders go to 80% LTV and some will go to 85%.  The higher the LTV the more it costs.

You pay for the appraisal upfront.  The lender picks the appraiser.

Escrows can only be waived to 80% LTV.
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September 04 2011
If your LTV was 85% when you bought the home or added the HELOC a few years ago, you may be in trouble.
Just talk to a lender and give them all of the information that they need (personal, financial that we don't want to see) to make a real decision.
the lender will want to do an appraisal ($$) and charge a fee for the refinance, just as they did for the HELOC.
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September 04 2011
 
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