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Combination loan with 1st and 2nd in CA

I bought my home back in 2014 and afterwards took out an equity line of credit for some upgrades. I want to combine the 1st and 2nd together into a jumbo loan. What are my options? by gregoryaa279 from Rancho Santa Margarita, California. Mar 1st 2016 Reply


Todd Windes (twindes)
#225 ranked lender in California - 6 contributions

Hi there,It will depend on your equity position. It will be considered a cash out refinance. How much do you owe on the first and second individually? Thanks, Todd Windes LLG

Mar 1st 2016
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Cindy MacDonell (Cindy Wright)
#113 ranked lender in California - 21 contributions

Hello,Yes as stated below it will be considered Cash Out and will depend on your Loan To Value (LTV). We have Jumbo loans up to 85% LTV. Also, depending on the county and your loan balances, you could fit into High Balance tier. Feel Free to contact me, Cindy MacDonell CMG Financial at 707-781-8185

Mar 1st 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

As long as you dont owe more on the 2 loans than the home is worth and you have a decent credit score we should be able to get you qualified if the income supports the loan you are requesting. Justin Murray / JMurrary@WintrustMortgage.com

Mar 1st 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

It's possible, but we need more info to advise you properly.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 1st 2016
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Vadim Bogdanov (UtmostPro)
#1257 ranked lender in California - 9 contributions

What is your property value ? I can do that up to 90% LTV on a good FICO. Thank You Vadim

Mar 1st 2016
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Michele Clark (mclark67)
#1234 ranked lender in California - 1 contribution

Hi Greg. I would need to know the balance of both loans and see what your home current value is. There are a few options for you depending on your loan to value and credit score Any chance you are a veteran? Please give me a call and we can go over the options. Michele Clark949-338-8814

Mar 1st 2016
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R. Jocelyn Anderson (labrokergirl)
#1247 ranked lender in California - 38 contributions

Hi Gregory,As stated within the thread, it will be considered as a cash out refinance. Approach your chosen lender with the balances of both loans and your fico score. For a FREE CONSULTATION call me at 424.256.6510. -Jocelyn

Mar 2nd 2016
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Jesse Stroup (jessestroup)
#196 ranked lender in California - 591 contributions

I'm a mortgage lender in the BayArea Oakland, CA I can help you with a refinance loan to combine the two mortgage loans. 510-704-3445

Mar 3rd 2016
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