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Joe Theisman
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0.10 Dollars($)
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 Posted: Fri Jun 29, 2007 4:23 pm Post subject: refinance problem |
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I want to refinance but have a 2nd. One guy told that with a cash out refinance I cannot refinance both the 1st & 2nd.
What sort of options do I possibly have to refinance.....
first one is $187,000
second is $9000
TU - 690
EX - 678
EQ - 683
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 miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Fri Jun 29, 2007 4:36 pm Post subject: |
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Hi Joe,
What is this property's current value?
Conforming loans can be up to 90% combined loan to value (cltv) for a cash out refinance. And if the second one was not taken at the time of purchase it will be considered a cash out refinance.
Other thing is that to keep the second one the second holder would have to agree to subordination to first. Normally lenders agree to it but can depend on lender you are dealing with on whether he will accept.
Miller |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.64 Dollars($)
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| Posted: Fri Jun 29, 2007 4:51 pm Post subject: |
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Hi Joe,
Welcome to Mortgagefit discussion board.
If the mortgage was not used in the purchase of this property then it will be considered as cash out refinance.
But some can consider it as rate-term refinance even when the second loan is taken after the purchase. It can be so if there were no draws out of this 2nd in the last twelve months.
And if draws were made then those cannot be more than 2% of this new 1st loan amount or should have been for making house improvements.
Thanks
Blue
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Dimmett
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0.10 Dollars($)
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| Posted: Fri Jun 29, 2007 6:25 pm Post subject: |
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It depends on the second note holder if he will agree to subordination.
Normally it would take 2-3 weeks for the processing required in relation to subordination if they do agree to it.
You may also be asked to pay a fee of around $75-200 for it. |
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jameshogg
Joined: 20 Dec 2005
Posts: 1526
Location: nevada
213.50 Dollars($)
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| Posted: Mon Jul 02, 2007 5:30 am Post subject: |
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Hi Joe,
If you wish to refinance and still have a second loan then you can do so by refinancing your first loan itself. And, if it's a cash-out refinance that you wish to go for, well then, it's quite possible that you can do it involving your first and second loans.
In case you wish to know about How to refinance, you may refer to the section on this topic.
Thanks,
James. |
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Mary
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0.10 Dollars($)
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| Posted: Sat Jul 21, 2007 6:38 pm Post subject: refinance problems |
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| Do to stupidity and ignorance we have aquired 3 mortgages on one property with the main one being an arm that has adjusted. With low credit scores we are not able to refinance. Any suggestions on how to get out of this mess? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Sat Jul 21, 2007 7:06 pm Post subject: |
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Hi Mary,
Can you provide some details about the balance left on each of the 3 mortgages and the equity position (if any) of your house?
You are in difficult position but still there are lenders who would be willing to refinance even with your low scores if you have some equity in the house. And if you didn't had any lates on the mortgages then you can find some interest lenders.
But how much is your credit score right now? Is it very low?
Miller |
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