Posted on: 22nd Sep, 2010 10:28 pm
Is the monthly payment on a second trust included in the "back end" portion of qualifying debt to income ratio or the "front end"?
I am considering refinancing and would like to do a first trust of about 72% LTV and a second trust of 18% LTV in order to consolidate existing debt.
Hoping to make the following work:
Monthly Gross: $6330.00
New PITI: $1505.78 (23.8%) (3.25% on 270,000)
New Second: $ 536.81 ( 8.5%) (6.5% on $72,000)
Thanks
I am considering refinancing and would like to do a first trust of about 72% LTV and a second trust of 18% LTV in order to consolidate existing debt.
Hoping to make the following work:
Monthly Gross: $6330.00
New PITI: $1505.78 (23.8%) (3.25% on 270,000)
New Second: $ 536.81 ( 8.5%) (6.5% on $72,000)
Thanks
hi guest,
if you have equity in your property, then you will be able to refinance the mortgage. however, the refinance amount should be 80% of your present property value. you cannot get a mortgage more than that amount. if you go for a loan more than the 80% of the property value, you need to pay private mortgage insurance.
thanks
if you have equity in your property, then you will be able to refinance the mortgage. however, the refinance amount should be 80% of your present property value. you cannot get a mortgage more than that amount. if you go for a loan more than the 80% of the property value, you need to pay private mortgage insurance.
thanks