Cash Out Refi Question..

If you refi your first, you'll be over 80% LTV & need PMI which you don't qualify for on a Conventional program with a 678 score. You'd have to go FHA which isn't the end of the world. Their rates are in the mid 4's currently. I don't do HELOCs but know you'll be capped at 85% LTV & your rate with surely be in the 9's. If interested in discussing a first mtg. refi, give me a call.

Most of the time, it comes down to cost, total payments, and interest accumulation. Generally it is much more cost effective to redo first mortgages than obtain a second. Second generally have a rate from 8%-15%, and many lenders dont originate seconds anymore. If you were to blend a 1st and 2nd mortgage rate together, you would notice that your actual rate on both mortgages is 6-7% or higher, depending on the 2nd int. rate. Also, keep in mind that Conventional loans are in the 4.5% range and the same for FHA loans. If a second was trully your goal, your local bank might be your best option. What state is your property?

Dear Chris,I don't see an issue with doing the refi. You seem to meet all the underwriting guidelines. We would have to complete an appraisal of course. Other than that I can probably lock in your rate somewhere between 4% - 4.25%, depending on the mortgage terms. We can also close this loan in 25 days! Let me know when you want to get started! Joe SanchezVA Loan Specialistjsanchez@westtownsb.com646-736-0392I am in the process of doing some modifications on this website. Just email me if you have a problem getting back in.

I know that we do not originate seconds or HELOCs at our bank! Your best option is to lock into a new 30 year fixed term or shorter term for a better rate. Since the rates are so low now and would probably be the last time you refinance the mortgage. If you really need the cash, consider taking the cash-out on a new mortgage on one loan. Maybe your local bank would do a HELOC? You can email me for more info @ rconstantine@myhsoa.com. My name is Rich. Hope this helps. RC