Clay Branch's Q&A

What state will the property be in? 

cdm, get a quote from Vance

Agree with Bob plus you will probably have fewer loan conditions then if you had a 640 fico score.

http://www.emigrant.com/mortgage.shtml

Very well said, Mr Hutchins, that's a thumb.  

This has nothing to do with whether a lender charges an origination fee or not. You are mixing apples and oranges. Your nephew is charging a .250 point - .375% more in rate to get paid by the lender and plenty of lenders on Zillow quote that way. In fact if the loan amount is big enough a complete no closing cost loan can be quoted with .375 - .500 higher rate.  

If your loan to value is 80% - 85%, then the par rate with LPMI is about 4.75% and if 85.01 - 90%, then about 5% with LPMI. The P & I payment on a 20 Year Fixed with LPMI will be close to your current 30 Yr P & I payment. Put in a quote request.   

Are you a borrower or lender? If you are a borrower then it will cost you nothing, directly. If your inquiry is at the top of the value scale, then it may cost the lender up to $100 and almost always passed onto you in the fees.  

Sorry, my response was directed to masterpasqua, not Pat.

Pat, it would help to know the answer to Sherri's question because if you took the line of credit out after your bought the home, it would be considered a cash out refinance to pay it off, even though you probably wont be getting any more cash at closing. The loan to value limits are lower for cash out loans than a rate and term refinance. Let us know how much you owe on both loans and what you expect the appraised value to be, plus whether or not the line of credit was a piggyback loan when you purchased.