I have a home worth 270k, currently have a first mortgage of 200k and a second of 10k. Looking to refinance from a 6.5% rate on the first, and a 8.75% on the second. My current credit is 784 and I have an income of around 60k a year. Is it possible to refinance both mortgages at a lower rate?
Owens Cross Roads,AL | Dec 5th 2011
by jones._...
Answer
by mdimarzo
by TommyPe...
by ealvarez
by Chasity
I would definitely contact a mortgage broker in your area. If your property appraises for $270,000 your equity situation allows you the benefit of combining both mortgages for a much cheaper interest rate. Whether you took the second mortgage out when you acquired the property or after may change the scenario (considered a cash out refinance or simply a rate/term refinance) but either way you should see some definite savings in your monthly housing expense. A mortgage broker can also council you on a term reduction if possible. Dec 5th 2011
by jonathan
by ballen
Jones your ratios will be well within guidelines and have enough room to cover your costs I would be happy to started with your loan application if what you say is true you will be looking at 4.125% with a credit of up to $520.00 towards closing. I can be reached at ballen@accessnational.com to receive your initial worksheet Dec 5th 2011
by william
by CaPortf...
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