Bryce Johnson's Q&A

it means your margin and current index are lower than the note rate.

Most funding conditions are dealt directly with the funder and not the underwriter.

Yes you can, but it depends on a few things. Your biggest hurdle will be combined loan to value between both loans. If your combined loan to value is 95% or less, you should be able to keep it in place assuming your current 2nd lender will re-subordinate the new 1st.If you combined loan to value is greater than 95% you will need to see if your current 1st loan is held by Fannie or Freddie (www.makinghomeaffordable.gov). If it is, then there is no CLTV limit.

So far we have one answer say APR is the only important thing to look at and other person saying don't look at the APR. APR is generally a good indicator of what the total cost of the loan is. The Annual Percentage Rate (APR) is a yearly rate of interest that includes fees and costs paid to acquire the mortgage.Your mortgage professional should consult with you and go over the good faith estimate and explain in detail what all the fees are. Sometimes a higher APR may be beneficial, depending on your short and long term financial plan. Maybe buying down the rate is better for your short term plan because it allows you to save more on a monthly basis. This would raise your APR, but in this case, may be your best bet. So basically, it just depends on you. The bottom line is, work closely with your lender and make sure your fully understand the each loan program and how it works in your best interest.

There is no waiting period. As a matter of fact, I would suggest sooner rather than later because you may still be able to use the same appraisal you had for your refinance. Most appraisals are good for 90 days. Your best bet would be a credit union like Watermark or BECU. Most banks and brokers cannot offer HELOC's up to 90% these days.

There may be a chance your loan criteria doesn't meet current lending guidelines. What is your loan scenario?

Need more information...Are you looking for a 30 yr or a 15yr fixed?Are you looking for an 3 or 5 yr ARM?What is your credit score?

Yes, but you need to check to is if your loan is owned by Fannie or Freddie. Go to www.makinghomeaffordable.gov to check. If it is, you may qualify.

I am a local loan officer in Washington. Please feel free to contact me for more specific information. We have very competitive high balance rates. bjohnson@cascadialending.com

With the "Obama plan" you cannot combine your 1st and 2nd loans together. You have to subordinate your current 2nd. I'm not sure why they said they don't do loans over $416K because the conforming loan limit is $417K. Either way, you can refinance the 1st into a lower rate and then possibly talk to them about restructuring your 2nd. You could even convert your 2nd into a HELOC which would give you a lower rate and payment.Is your loan owned by Fannie or Freddie?