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Posted: Thu Oct 08, 2009 10:05 am Post subject: Refinancing 2 loans to 1?

I have two mortgage loans from when I bought my home. I have the two loans because I didn't put down 20%. The higher amount loan is at low interest rate and the lower amount is at high interest rate. I would like to refinance combining the 2 into one low rate. Is this possible? When I called Chase bank they referred me to their partner Quicken loans. Are they reputable? What is the standard fee required to refinance? What is LPMI exactly?

jveenstra · Posted: Thu Oct 08, 2009 2:33 pm Post subject: LPMI

LPMI is Lender Paid Mortgage Insurance. It is a form of Private Mortagge Insurance when one gets a mortgage with less than 20% down payment. Instead of having a monthly PMI paymant, the rate is raised to "cover" the PMI payment. Because of the higher rate, you are paying for PMI in your higher monthly interest payment rather than a separta monthly PMI payment.

Youi may speak with Quicken Loans as well as anyone else. Best to always compare at least two or more. They are probably as good as the person you end up speaking with. He either started yesterday and knows very little or he has been in the business a while an treats you properly or simply charges you wahtever the market will bear.

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Refinancing 2 loans to 1?