Forgotten Your Password?

Need to Register?

Question Icon

Refinance 110 LTV?

I have a 1st mortgage at 255k, 2nd at 50k and a personal loan of 90k. My house appraised at 370 last year, is there a product out there that I can lump all this together? I'd probably do a 15 or 10 year by s.m.v.1986580 from Rochester, Michigan. 29 days ago Reply


Gus Dahlgren (gdahlg_811_422)
#34 ranked lender in Michigan - 47 contributions

Using the numbers you listed you have a total of $395,000 and the house appraised for $370,000. You can't combine all 3 loans. You could possible refinance and combine the 1st and 2nd if it made sense. Please call me to discuss in grater detail. 517-489-2440Thanks Gus D. Union Home Mortgagewww.gustheloanguy.com

29 days ago
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,727 contributions

Nope... no such thing.. In fact, most loan products have a "Combined Loan to Value" limit.. so if all 3 loans are secured by the property, there wont be any loan products available to you until you pay down the balance, or the property goes up in value.. That being said, if the 3rd loan is a personal loan and not secured by the property, then it's possible to combine the first and 2nd, but that would put you at about 83% LTV, and for your type of transaction (combining 2 loans is considered a "cash out"), then you would need to bring in enough funds to bring your loan to value at or below 75% (about $30K including closing costs).. Another option is to just refinance the 1st and have the 2nd subordinate. This is also possible assuming the 3rd is not attached.. Whether or not it makes sense, that can only be determined by analyzing the complete loan profile.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

29 days ago
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,411 contributions

Based on the information provided, I know of no known loan products to assist you. Standard loans only allow a cash our refinance (combining the first and second is called cash out) is only allowed up to 85% of today's value of the home.

29 days ago
0
0
Subscribe to our news feed.