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trueenergy · Joined: 05 Dec 2007 Posts: 1 1.44 Dollars($)

I have a client who has a fico of 790 that is looking to refinance their 2nd. Appraised value of home is $1.2M.
1st mtg is $462K and 2nd mtg is $120K. Looking to get $300K-$400K for 2nd

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi trueenergy,

Welcome to this forum.

Your client has good fico score. So he should be approved for the second mortgage. This community has more than 500 registered lenders. You can contact them. Some will surely help you to get the mortgage.

Thanks,
Larry

Guest

With 790 fico score, it should not be a problem for him to get a second mortgage.

shane · Posted: Thu Dec 06, 2007 12:59 pm Post subject:

2nd mortgage rates are usually higher than 1st mortgage rates, it would be wise to compare what they could obtain on a 1st mortgage refinance vs. the blended rate on a 1st/2nd mortgage combo.

rick · Posted: Thu Dec 06, 2007 8:29 pm Post subject:

I agree with Shane. Without knowing what the rate is on the existing 1st, you might be better off with a new Jumbo. Critical factor as you know is whether you can go full doc. At $350K, you're still below 70% LTV. Have you looked at Chase for the 2nd? Need full doc but a variety of programs that might work for you. Good luck.

evolovik26 · Posted: Fri Dec 07, 2007 4:48 pm Post subject:

Yeah depends on the program type documentation type and few other things also not alot of lenders like to give out cashout over 150k on seconds. In any case most big conforming lenders will be able to accommodate you. Whats the problem?

Posted: Tue Dec 11, 2007 2:02 pm Post subject:

Great points! What is the rate on the first? That is very impotant before looking into a 2nd.

jameshogg · Posted: Tue Dec 11, 2007 11:42 pm Post subject: RE: second loan refinance

Hi Trueenergy,

Welcome to forums.

You have a good score indeed. With such a score, it isn't that tough to do a refinance on the second mortgage. But whether you'll be able to get $300-4400K is something that I can't predict. You need to talk to lenders for that.

But there's one thing that Shane mentioned. You can even try for a first mortgage refinance and then it will be perhaps easier for you to manage the two loans. But why do you want a refinance of the second? Is it to pull out some extra cash?

Thanks

candid_kris · Joined: 21 Dec 2007 Posts: 6 2.57 Dollars($)

Compare will be the keyword...compare how you can have 2nd mortgage and think about the outcome...

jenkin7 · Posted: Mon Dec 24, 2007 4:55 am Post subject:

Hello Candid,

Welcome to the forums.

Yes, even I think one should compare the different loan programs as well as the rates offered to him in order to avail the best program.

I think you are new to this forum. Hope you will make many friends here and enjoy visiting the forums.

Merry Christmas Smile

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

That shouldn't be any problem at all. Your client may want to look at combining the first and second mortgage since rates are pretty low right now.

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Im looking for a lender who can do a 2nd for CA