I got divorced about a year ago and I need to refi my house
I want to change the rate becasue it is high and I think i can get better.The loan 80/20: owe 229k on the first owe 99k on second My house is worth about 310k right now. I have about 30k in cash but I am not sure what my options are. Any ideas? I would really appreciate any insight!! by ukegb86u628 from Gladeville, Tennessee. Jan 17th 2018
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions
Yes it would be best for you to refinance & remove your ex from existing loan & also have a quit claim of any interest that he may have in property.It may be difficult to refinance into one loan it will be solely dependent on what the comes back at. What are the rates on your current loans. I am located in Murfreesboro & would be happy to give you a call tomorrow to discuss further.Thanks
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
You apparently owe more than the house is worth, so you'll probably need to use some of that $30k in cash to bring the loan amount down to an acceptable level. Most cash out (paying off a 1st and 2nd loan) is limited to 85% of the appraised value. I suggest contacting a local mortgage broker in your area directly for more information.
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