My credit score is 800 -my huband and I have been employed with the same companies for 7 yrs & 16 years. My LTV ratio is 90%. My loan is a 10yr IO fixed orig in 2004. I owe $326,000K on my first @ 6%, and $77K on my 2nd. I need to reduce my mo payment. What are my options. The orig loan was for $459K.

Unfortunately your balance owed puts you into Jumbo territory if you combine the first and second into just a new first. Jumbo rates will not offer any benefit over your current 6.0 rate. You could receive a small benefit in reduced payment by re-financing the first and re-subordinating your current second. The P&I payment would be approximately $1782 with the closing costs paid by rolling into the new loan amount. (APR 5.13%). This is based on the assumption that your appraisal will support a value a value of $459,000.

Thank you for your question.You can consolidate both your 1st and 2nd mortgages into one new 30 year fixed loan in a rate/term refinance depending if your 2nd mortgage was a purchase money second or you have not drawn out cash in the last 12 months (if it's a heloc). Since your LTV is 90%, then you will have mortgage insurance. However, you may still see a savings on your monthly payment on the new loan with mortgage insurance vs. the two current mortgages. Your other option is to just refinance your 1st mortgage into a 30 year fixed since the interest rates are still low and subordinate your 2nd mortgage, which your 2nd mortgage lender will have to agree/approve to.Please let us know if you have any further questions or would like to get pre-approved.Thank you,CustomerSupport@GSCapitalLending.com(480) 699-8813

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My brother Gene Weimer is the President of Desert Equity lending. Please contact him for help. He will give you the best deal and be completely candid about your options. His phone number is 602-509-3000 his company website is www.desertequity.net. If you don't have luck getting in contact please call me at 602-509-5377. Thanks and we look forward to discussing this opportunity.

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