Posted on: 14th Aug, 2010 02:28 pm
about 4 years ago we bought a house with no money down and an 80% primary and 20% secondary mortgage, now with 2 different lenders. so far with our normal payments the we have a total of 185k left on a 200k home (93% ltv). my question is can would we be able to refinance the primary mortgage, which the ltv would be 75%, even though we still have the secondary mortgage?
Welcome nealklitsch,
You will be able to refinance your primary mortgage if you've equity in your property. In my opinion, if you've equity in your property, then it would be better to refinance both the loan into one. If you do so, you would be liable for paying a single mortgage payment every month.
You will be able to refinance your primary mortgage if you've equity in your property. In my opinion, if you've equity in your property, then it would be better to refinance both the loan into one. If you do so, you would be liable for paying a single mortgage payment every month.
When you say equity in the home, do you mean any equity.
Ex. first mortgage = 190k
HE = 105k
Total = 295k
Value = 300k
Would the back refi this is a balloon were comin due on the first mortgage? What if it were an investment property?
Ex. first mortgage = 190k
HE = 105k
Total = 295k
Value = 300k
Would the back refi this is a balloon were comin due on the first mortgage? What if it were an investment property?
Hi Emerson!
Welcome to forums!
Home equity is the monetary value of a home minus the value of any encumbrances, such as liens or mortgages. If the present value of your home is more than the balance amount on both of the loans, then it means that you've equity in your property. Thus, you would be able to refinance the loan.
Sussane
Welcome to forums!
Home equity is the monetary value of a home minus the value of any encumbrances, such as liens or mortgages. If the present value of your home is more than the balance amount on both of the loans, then it means that you've equity in your property. Thus, you would be able to refinance the loan.
Sussane