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Is it possible to get two loans totaling less than 80% of home value

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myothermails Joined: 13 Jan 2011 Posts: 1 1.32 Dollars($)	Posted: Thu Jan 13, 2011 3:24 pm    Post subject: Is it possible to get two loans totaling less than 80% of ho Like 0 Dislike 0 I have a mortgage of 527k at 5.25% for 30 years in California (home value is 715k). This is more than 20% ownership. I am regularly paying down extra principal. Is it possible for me to get 2 loans as follows: - 417k for 30years at 4.5% - 110k for 5/1 years ARM at 3.5%. I intend to pay this down in 5 years with extra principal payment. If this is possible, would I have to pay mortgage insurance on the second loan? Also, is it better/easier to get these from same lender or different lenders? Thanks
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Thu Jan 13, 2011 4:52 pm    Post subject: California Like 0 Dislike 0 I can not answer your question because I have no idea what second mortgages are available in California. Send an email to "shane@thebesthomeloans.com" He is in California and will be able to answer your question. He is the the most knowledgable mortgage loan officer I have ever met. If anyone else answers your question here, you can speak with them also. Good luck. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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