Closed on a home recently thru a major bank. Got a rate around 6.5 or so. Closed less than a month ago. Three credit scores came in at 788, 805 and 822. Median, obviously, was 805. First mortgate of $196k and second of $35k. Should I have received a higher discount on my rate? Went with a no-doc loan, didn't have to show anything. Second loan rate is over 8% and was done to avoid PMI. House was appraised on a drive-by appraisal at $25k more than what I paid. If I messed up, can I re-fi my second at a lower rate with my higher score? Also....crazy thought here...since the house appraised so high, can I get a home equity loan at a rate lower than my original second loan and utilize that cash to pay off the second?? Follow my train of thought? Any help is appreciated.
2006-06-12
17:15:49
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7 answers
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SuperCredit
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