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whats the best refinance program for a second mortgage?

mortgage is fha and the loan is nearly 10 years old. by e.spiegel75343364 from Boston, Massachusetts. Jan 21st 2015 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

More info is needed. Are you talking about taking out a second mortgage or this would be your second mortgage? If you are talking about refinancing your existing mortgage you should definitely look into a conventional loan if possible. Regardless you should sit with a local mortgage pro to go over all your options.

Jan 21st 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

More info needed to properly answer your question... 2nd mortgage as in one property but secured by a first and 2nd loan?, or you own 2 properties, and your inquiring about your 2nd property? If your talking about refinancing a 2nd mortgage on a property that is secured by a first mortgage as well, then the best route would be to refinance them both into a new first mortgage.. the rate would be lower than the combined rate you would have to pay for a separate first and 2nd mortgage. If your talking about a 2nd property with a first mortgage, then you can refinance the as well but the occupancy will need to be disclosed.. Owner occupied, 2nd home, or investment.. regardless, if it's currently FHA, you can refinance using FHA's streamline refi.. it's a hassle free refinance product where for most lenders, you do not need to an appraisal, and you don't need to provide tax returns, pay stubs, or any form of proof of monthly income.. There are even companies that offer the FHA streamline without running your credit or put any weight on their lending decision based on your past credit, only the payment history of the subject property.. If you have high scores and greater than 20% equity, then you can refinance using conventional but this refi would require appraisal and income supporting documentation, but the benefit would be you would not have to pay monthly mortgage insurance.. with FHA, everyone pays MI regardless of the loan to value.. As you can see, there are many unanswered questions, so it's best 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 .........................GO PAT'S!!!..............................

Jan 21st 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

William addressed this well.

Jan 21st 2015
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