we just bought a house last september of 2006 and its a 80/20 loan. meaning 100% loan. is there a way i can combine it into one loan? the loan amount is 820,000 if so, hows the interest rate and closing cost? thanks!
2007-03-19 08:54:55 · 5 answers · asked by Jun P 1 in Business & Finance ➔ Renting & Real Estate
You could refinance and turn it into one loan. I can help point you in the right direction. Shoot me an email msmith@premierloangroup.com and I'll show you what you need to do.
Marty
2007-03-19 08:59:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Whether or not you would qualify to refinance your 2 loans into one will depend on a couple of things; how much the home has appreciated in value and your credit scores. Since you have only been in the property for 6 months unless the values in your area have risen considerably yo may not have enough equity to justify refinancing. Oh, don't get me wrong, there are people who will do it but the costs, rate, and fees may not make it worth it. Be certain you evaluate everything very, very carefully.
Jumbo rates for a 30 year fixed rate today re running around 6.125% at par (no rate buy down). You can get down to 5.75 on a 5/1 ARM and a 7/1 ARM for 5.875%.
Let me know if I can help you compare offers to help you make certain you are comparing apples to apples.
2007-03-19 09:12:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you can refinance and have one loan. depending on what your credit score is you will have get the best rate. but the thing is your loan is 80/20 so that you wouldn't have to pay PMI. but it can be done. shot me email if you would like more information. I'm a loan officer and my be able to help you depending on what state you live in.
2007-03-19 09:29:27 · answer #3 · answered by cmruffin1 2 · 0⤊ 0⤋
Depends...how's your credit look? Any judgements, collections, mortgage lates? What's happened to your property value between then and now? If you qualify for a conforming rate, those are in the high 5s and low 6s, but you'll have to pay MI. Closing costs will depend on who you go through. Title fees are pretty standard across the board, but origination fees will depend on the broker, as will the underwriting fee on the bank. Those are the three major fees that go into any closing cost calcultation. After that, you have to look at appraisal fees, processing fees, and little dink and dunk fees like flood certification and recording fees.
2007-03-19 09:01:50 · answer #4 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
I'm confident that you might find every financial answer at: loandirectory.info-
RE Combo loan/ one bill?
we just bought a house last september of 2006 and its a 80/20 loan. meaning 100% loan. is there a way i can combine it into one loan? the loan amount is 820,000 if so, hows the interest rate and closing cost? thanks!
2014-09-03 10:44:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋