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Refinance

I have a home worth 270k, currently have a first mortgage of 200k and a second of 10k. Looking to refinance from a 6.5% rate on the first, and a 8.75% on the second. My current credit is 784 and I have an income of around 60k a year. Is it possible to refinance both mortgages at a lower rate? by jones._887_639 from Owens Cross Roads, Alabama. Dec 5th 2011 Reply


Michael DiMarzo (mdimarzo)
#6 ranked lender in Maryland - 21 contributions

Absolutely! Give me a call and I will put something together to let you know exactly what your rate and payments would work out to be. 877-791-4968Thanks

Dec 5th 2011
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Tommy Peoples (TommyPeoples)
#8 ranked lender in Alabama - 19 contributions

Absolutely!!! You have a great opportunity to take advantage of today's low rates. Please give me a call at 877-634-2390. Tommy Peoples, Branch Manager, Southwest Funding, Daphne, AL 36526

Dec 5th 2011
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Elden Alvarez (ealvarez)
#34 ranked lender in Georgia - 16 contributions

Yes we can have both loans consolidated into one with a much lower rate and great monthly savings. I am available at anytime to further discuss your options.Elden AlvarezMortgage Banker 678.226.7840Office678.267.0277Cell678.226.7941Fax

Dec 5th 2011
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

I would definitely contact a mortgage broker in your area. If your property appraises for $270,000 your equity situation allows you the benefit of combining both mortgages for a much cheaper interest rate. Whether you took the second mortgage out when you acquired the property or after may change the scenario (considered a cash out refinance or simply a rate/term refinance) but either way you should see some definite savings in your monthly housing expense. A mortgage broker can also council you on a term reduction if possible.

Dec 5th 2011
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Jonathan Cherry (jonathan)
#14 ranked lender in Tennessee - 10 contributions

I can help you with that, have some great comparison calculators on my website. Give me a call 615-594-8156, and visit my site at www.mymortgagenashville.comThanks Jonathan Cherry

Dec 5th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions

Jones your ratios will be well within guidelines and have enough room to cover your costs I would be happy to started with your loan application if what you say is true you will be looking at 4.125% with a credit of up to $520.00 towards closing. I can be reached at ballen@accessnational.com to receive your initial worksheet

Dec 5th 2011
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Absolutely. And with no mortgage insurance, and even better, you might want to look at a 15 year Fixed rate mortgage. Your payment will be real close to what your paying now but half the time. WilliamAcres.com

Dec 5th 2011
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Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions

Your are in excellent shape. Including both loans your LTV is about 77%. With your FICO score you should be able to get a rate between 3.75% to 4.00%. ... Good luck. ... Happy funding, Rudi

Dec 10th 2011
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