Is it possible for me to refinance my 2nd mortgage and head off my 1st alone?
I ask this because most lender said I have to refinance my 1st in command to pay off my 2nd, but if I do that because of my low credit ranking my interest will go way up and it will double what I am paying very soon. Is there a solution?
Answers:
Depends. If the refi is a cash out then you own to refinance both 1st and 2nd....if the refi is a rate & term refi only afterwards you can do the 2nd w/out doing the first. The reason the lender/broker will try and get you to do both is because they can charge more within fees......
I refinanced my second mortgage and didn't touch my first. So, it is possible. They did want me to refinance the in one piece thing but I said no as they couldn't match the great rate I have on my first. So it is possible, but you have to be firm.
Try going to a credit union. They usually hold very competitive rates and usually give better service to small loans.
Depending on how much equity you own in the home I would reccomend looking into an FHA home loan. You can use it to refinance your first and second, and because it's a Federaly Funded loan it's not credit score driven. You can't hold had any mortgage lates within the ending 12 months, it will allow you to barrow up to 95 percent of the value of your property, and FHA home loans are a 6.5 percent fixed loan for 30 years with no prepayment cost.
If your credit score is low, the intention you need to payoff your first is because you don't qualify for a second. A 2nd mortgage is riskier for a lender than a first, since a 2nd mortgage is the second person to carry paid in the event of forclosure. So, lenders require better credit for a 2nd mortgage.
Lender's are unfolding you that you need to refinance both into one mortgage because you will not qualify for a second by itself. My advice is to look at what your goal are. Not what the loan is. Are you trying to save money? Are you trying to consolidate debt? Give those goals credence over interest rates. After adjectives, how good is a low rate if you're still coming up short every month in your overall budget? If you're basically trying to lower the amount of interest you need to pay support, then get a copy of your credit report and see what you can do to better your credit evaluation. Source(s): 10 years in mortgage lending.
Sure man ...
For more information and good rates call me at 480.751.4125 or write to me at kishaloy_bhowmick(a)yahoo.com .I am a loan officer and i can surely provide you a awfully good deal.
regard,
kish
Related Questions:
How do you attain your mortgage company to negotiate?
We are in Chapter 11 Bankruptcy and do pay that every month, but am 4 months trailing on mortage. I just want a reduced payment, possibly over 40 years, not 30 and at a lower rate, but my mortgage company (Countrywide) will nottalk to us....
Answers:
Depends. If the refi is a cash out then you own to refinance both 1st and 2nd....if the refi is a rate & term refi only afterwards you can do the 2nd w/out doing the first. The reason the lender/broker will try and get you to do both is because they can charge more within fees......
I refinanced my second mortgage and didn't touch my first. So, it is possible. They did want me to refinance the in one piece thing but I said no as they couldn't match the great rate I have on my first. So it is possible, but you have to be firm.
Try going to a credit union. They usually hold very competitive rates and usually give better service to small loans.
Depending on how much equity you own in the home I would reccomend looking into an FHA home loan. You can use it to refinance your first and second, and because it's a Federaly Funded loan it's not credit score driven. You can't hold had any mortgage lates within the ending 12 months, it will allow you to barrow up to 95 percent of the value of your property, and FHA home loans are a 6.5 percent fixed loan for 30 years with no prepayment cost.
If your credit score is low, the intention you need to payoff your first is because you don't qualify for a second. A 2nd mortgage is riskier for a lender than a first, since a 2nd mortgage is the second person to carry paid in the event of forclosure. So, lenders require better credit for a 2nd mortgage.
Lender's are unfolding you that you need to refinance both into one mortgage because you will not qualify for a second by itself. My advice is to look at what your goal are. Not what the loan is. Are you trying to save money? Are you trying to consolidate debt? Give those goals credence over interest rates. After adjectives, how good is a low rate if you're still coming up short every month in your overall budget? If you're basically trying to lower the amount of interest you need to pay support, then get a copy of your credit report and see what you can do to better your credit evaluation. Source(s): 10 years in mortgage lending.
Sure man ...
For more information and good rates call me at 480.751.4125 or write to me at kishaloy_bhowmick(a)yahoo.com .I am a loan officer and i can surely provide you a awfully good deal.
regard,
kish
Related Questions:
How do you attain your mortgage company to negotiate?
We are in Chapter 11 Bankruptcy and do pay that every month, but am 4 months trailing on mortage. I just want a reduced payment, possibly over 40 years, not 30 and at a lower rate, but my mortgage company (Countrywide) will nottalk to us....