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How can I refi first and second mortgage with score of 800

I have a first mortgage of $212 and a second mortgage (Heloc) for $120 with an upcoming balloon payment. Total of $332 for both loans. It is a condo and LTV is about 92%. Credit score of 800. I need to find a lender that will either refinance the second alone or willing to refi both.......any ideas? Condo is not FHA approved. by aperea342 from Miami, Florida. Mar 31st 2016 Reply


RANDA MISHLAWI (mishlawir)
#193 ranked lender in California - 10 contributions

Is your second of $ 120000 , a purchase second? Did you get it simultaneously with the first when you bought the house?That would make a difference as to whether this new loan is going to be considered a cash out loan or a rate and term.you can contact me at mishlawir@aol.com if you have other questionsRanda

Mar 31st 2016
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

Randa makes a very valid point. If the 2nd mortgage used to purchase the condo, it would make it easier. We need to know the answer to this questions to help guide you better.

Mar 31st 2016
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The second was not used to purchase the condo.

Mar 31st 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more info needed to answer your question.. First I would look closely at your HELOC.. it's unlikely you have a balloon payment.. Most HELOC's have a 10 year draw period , and then convert to a 20 year amortized loan.. so, the payment would go up since you would now be paying both principal and interest and having a 20 year schedule to pay it off.. 2nd... if the HELOC was opened within 90 days of purchasing the home, it's possible it would be considered "Purchased Money" and you would be able to refinance it.. Otherwise, lending rules will only go to 80% loan to value, so you would need to bring about $44,000 plus closing costs to the table in order to refinance.. It's unlikely you will find a lender willing to refi the HELOC with a 92% CLTV.. 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

Apr 1st 2016
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William: This was a 10 year interest only HELOC. It has a balloon payment and the loan does NOT convert to a 20 year amortized loan. After the 10 year the balloon payment is due. I have already rec'd notice from the lender.

Apr 1st 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If the HELOC does have a balloon, then you might want to go back to that lender and ask if they would extend the terms out.. In view of your position, it's in their best interest to allow you to extend vs. the alternative, which is to foreclose.. 2nd position liens have a greater risk of loss than the first.. and if the market continues to improve, its possible that within the next 2 to 5 years, you might have sufficient equity to refinance. I would try going to them first.. if not, then you might have to consider selling... 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

Apr 1st 2016
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Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 565 contributions

As a company we are licensed in FL and have condo programs available. If you still have not been able to find an answer to your question, I can put you in contact with a mortgage loan originator licensed in FL.

Apr 4th 2016
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