Refinance a 100% LTV loan.

Sadly, in today's market, unless you are HARP eligible, I know of no one that will do a 100% refinance unless you are a veteran with VA eligibility. HARP 3? right now it is still just a pipe dream, but don't expect anything before next year. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Because Santa Barbara's FHA loan limits are at $729K, you can refinance the first using FHA. The 2nd will have to agree to subordinate, but there is a product for you. FHA will charge 1.25% mortgage insurance, and an upfront fee of 1.75%, but it will still offer you some relief.. And give you an overall lower payment then you're paying now.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

i HAVE very good referral for you in california... please call 602-330-1598 or email at yourloanpartnerforlife@live.com linda

Hi Andrew,As far as I can understand, you have equity in your home. As there is equity and you have a good credit score, you will be able to get a refinance on your property. However, while you refinance your mortgage, you will be liable for paying closing costs and down payment. Unless you have the money for the same, you shouldn't go for refinance. You should contact your present lender and apply for a refinance or you can even contact other lenders for the loan. As far as HARP 3.0 is concerned, you can check out the given pages for the same:http://www.bankrate.com/financing/mortgages/myrefi-harp-3-0-goes-viral/http://themortgagereports.com/8910/harp-3-harp-2-for-alt-a-sub-prime-jumbo-non-conforming-mortgage

Following up on William's suggestion and lbennett's endorsement, I agree that the FHA option is your best and only option as long as the home appraises where you expect. And, with the lower payment, you may be able to get the HELOC paid off before rates start to increase - or just pocket the savings. I would be happy to refer you to one of our loan officers in your area to look into this option. pdumouchel@primelending.com Good luck!