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My credit score is 800 -my huband and I have been employed with the same companies for 7 yrs & 16 years. My LTV ratio is 90%. My loan is a 10yr IO fixed orig in 2004. I owe $326,000K on my first @ 6%, and $77K on my 2nd. I need to reduce my mo payment. What are my options. The orig loan was for $459K.

by mikeyjandkaren from Glendale, Arizona. Dec 19th 2009 Reply


Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 142 contributions

Unfortunately your balance owed puts you into Jumbo territory if you combine the first and second into just a new first. Jumbo rates will not offer any benefit over your current 6.0 rate. You could receive a small benefit in reduced payment by re-financing the first and re-subordinating your current second. The P&I payment would be approximately $1782 with the closing costs paid by rolling into the new loan amount. (APR 5.13%). This is based on the assumption that your appraisal will support a value a value of $459,000.

Dec 20th 2009
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Gerald Sajor (Gerald Sajor)
#15 ranked lender in Arizona - 5 contributions

Thank you for your question.You can consolidate both your 1st and 2nd mortgages into one new 30 year fixed loan in a rate/term refinance depending if your 2nd mortgage was a purchase money second or you have not drawn out cash in the last 12 months (if it's a heloc). Since your LTV is 90%, then you will have mortgage insurance. However, you may still see a savings on your monthly payment on the new loan with mortgage insurance vs. the two current mortgages. Your other option is to just refinance your 1st mortgage into a 30 year fixed since the interest rates are still low and subordinate your 2nd mortgage, which your 2nd mortgage lender will have to agree/approve to.Please let us know if you have any further questions or would like to get pre-approved.Thank you,CustomerSupport@GSCapitalLending.com(480) 699-8813

Dec 19th 2009
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Greg Weimer (Greg Weimer)
#16 ranked lender in Arizona - 4 contributions

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Dec 21st 2009
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Greg Weimer (Greg Weimer)
#16 ranked lender in Arizona - 4 contributions

My brother Gene Weimer is the President of Desert Equity lending. Please contact him for help. He will give you the best deal and be completely candid about your options. His phone number is 602-509-3000 his company website is www.desertequity.net. If you don't have luck getting in contact please call me at 602-509-5377. Thanks and we look forward to discussing this opportunity.

Dec 21st 2009
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Good morning my dear brothers and sisters in Christ, I am Mr Woodson Heather, a reputable, legitimate and accredited money lender. I loan money to Christians and trust worthy people in need of financial assistance at 3% interest rate. Do you have a bad credit or are in need of money to pay bills? Let me take this medium to inform you that I assist beneficiary reliable as I'll be glad to offer you a loan from a minimum of $5000 and above.Please write with the below information. After the reply, you will be sent a loan application form to fill. (There are no credit check, 100% Guaranteed!) I hope you will allow me to be of service to you. Sincerely. Contact us via email: (woodsonloanagency@yahoo.com) with the Applicant Information below:Full Name;Country:Amount Needed;Monthly Income:

May 9th 2010
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