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elman1005 | I want to refinance a 1st mortgage and a 2nd which is a equityline that is with a another bank. need help? |
Can i pay them both off with a refinance from home is we have enough equity in home. I am told i need to pay a .5 point fee to convert an equity line to a cashout loan since this loan is not a second when the home was purchased? |
 |
 
dzwreck
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Most lenders will have a slight add-on to the interest rate for combining the two mortgages together and refinancing them into one. You will hardly even notice this difference in your rate. The half point fee can be directly passed to the borrower from the lender instead of taking a slightly higher interest rate (approximately 1/8th of a percent or .125%). As long as your credit is good yes you should have no problem refinancing these two loans together. If you have a good amount of equity in your home, you may even be able to avoid this rate bump or .5 point charge. See the links below for more information on a cash out refinance. |
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stephen l
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Be careful here; it sounds feasible. It's likely the bank you purchased the home through may be telling you this to compensate themselves as they will be losing that loan. You need a 2nd opinion. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck. |
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WeLoan.Us
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definitely shop different lenders to get different opinions |
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ron d
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That's new to me..... if it a lien again the house, it should be stated as a 2 nd mortgage. |
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michiganted
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What you are referring to is that if the second mortgage (equity line) was not taken out when the home was purchased, most conforming lenders will treat this as a "cash out" refinance. If the second mortgage was taken out when the home was purchased, then it is considered a "rate and term" refinance.
In general the rates might be slightly higher on a cash out refinance - but it depends on the lender and how much of the home's value is involved in the transaction. That is, while every conforming lender is likely to treat it as a "cash out" refinance, not every one will necessarily charge a rate that is higher due to the "cash out" nature of the transaction, depending on how much of the home's value is involved.
Find a good mortgage broker with access to many different lenders and tell them to go to work! |
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Nick
 |
Try this
http://www.topamericanmortgage.blogspot.com
Its good |
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Julian G
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In some instances, if a loan was not used to purchase a home, then refinancing would be considered a Cash Out Refinance. Cash out refinances are usually have a higher interest rate then just refinancing a loan that was used to buy the home, this would be a rate and term refinance. You have to know that mortgage rates and fees are based on risk. The riskier the loan, the higher the rates and/or fees. |
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