Refi

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I would like to refinance both my 1st and 2nd mortgage totaling 433,000. I am Carroll County MD so could I go conventional since it is below the Jumbo threshold. Median Credit Score 655, about a 96.5% ltv, would like to finance 30 years to lower payments and apply monthly saving to paying off high interest cards. What options exist? Would PMI have to be paid. I really don\'t have a ton of cash to bring to closing

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Answer #1

Good afternoon and thank you for your inquiry. From a guideline perspective, you would appear to have an opportunity to refinance your current mortgage without possibly needing to pay PMI. However, there are several different items we would need to be clear on. First and foremost, we would need to determine who the owner of your current mortgage is? Not who you make your payments to but who is actually the servicer of your loan. It would need to be either FannieMae or FreddieMac. From there, we would also need to know whether or not you are currently paying PMI. If you are not paying PMI now the you would not have to upon refinancing. I would certainly love to check into this for you. There is not a charge. All I would need is your Name as it appears on the current Note, Address and last 4 digits of your SS number. If you would like to move forward, I can be reached at any one of the numbers below.

Again, thank you for your inquiry. I am ready when you are!

Michael C. Parsons
Chairman/Mortgage Banker
Apex Home Loans, Inc.
Cell 301-440-3864
Direct 240-268-3053
Email mparsons@apexhomeloans.com

Answered By: Michael Parsons Level Rating

14points

Answer #2

I would agree with what Michael indicated. I think it’s also important to note that under the aforementioned guidelines, you may not be able to include the payoff of your existing 2nd loan within the refi. If the intent is to do that, you may want to look into FHA financing. However, FHA imposes mortgage insurance so when you factor that in, FHA may not be a worthwhile choice. Ultimately, you may discover that the best choice is to refinance your existing first loan and re-subordinate your 2nd loan. Feel free to call any of us for additional info.

Thanks for your question!

Stu Hall
BB&T Mortgage
nmls #137009
301.526.8612
sahall@bbandt.com

Answered By: Stuart Hall Level Rating

10points

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