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Whats best in when applying for a Refi, paying credit cards down or reducing mortgage amount?

10 year interest only loan due next month Home is valued at 520,000 388K 1st mortgage 47K 2nd mortgage 726 FICO 8 Score High Credit Card balances by kjbd355 from Hillsborough, New Jersey. Aug 31st 2017 Reply


Paul Sheridan (paul@njlendingsource.com)
#1 ranked lender in New Jersey - 16 contributions

If you want to go conventional you are capped at 80% of the value of the home on a cashout refi(paying off any but the 1st). FHA allows up to 85%. And if the second is a Credit line that hasnt been drawn on in the last 12mos then you can go to 96.5%. See our website for current FHA and Conventional rates here : http://www.njlendingsource.com/todays-rates/ or just give me a call anytime @ 732-359-6002

Aug 31st 2017
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Paul Sheridan (paul@njlendingsource.com)
#1 ranked lender in New Jersey - 16 contributions

With the amount of equity in the home you will probably have to go FHA to consolidate everything. Check out our FHA rates here http://www.njlendingsource.com/todays-rates/or give me a call anytime to run some payment scenarios for you. 732-359-6002

Aug 31st 2017
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Paying off High Interest Credit Cards. You will save more interest. Jim Mazzola Metuchen Savings Bank New Jersey 732-947-9638 jmazzola@metuchensavings.bank

Sep 1st 2017
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Pay off Credit Cards. You will save on Intersts Payments. Contact me: Jim Mazzola Metuchen Savings Bank 732-947-9638 jmazzola@metuchensavings.bank

Sep 1st 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,003 contributions

More info needed.. in order to advise you, we would need to look at your complete loan profile to advise you properly.. Regardless, you will need to pay your mortgage down to 80% loan to value in order to refinance using conventional.. This would eliminate the need for monthly mortgage insurance.. However, if that's not an option, then FHA will allow you to go 85% possibly more depending on how the 2nd was used.. The best advice I can give you is to contact a mortgage banker/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 a Banker/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 banker/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 big box banks. I'm a preferred Lender with California and Arizona 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

Sep 1st 2017
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