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Refinance 2 mortgages into 1

1,225 Views | 4 Replies | Last: 3 yr ago by 62strat
ForeverAg
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AG
Few years back my gf took out an 80/10/10 mortgage to buy a new home. Principal amount is at 4.25 while the 10% is at 5.5. Would it make sense for us to refinance at today's rates and if so what are yall seeing?
dubi
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AG
ForeverAg said:

Few years back my gf took out an 80/10/10 mortgage to buy a new home. Principal amount is at 4.25 while the 10% is at 5.5. Would it make sense for us to refinance at today's rates and if so what are yall seeing?
What is the value of the home and your outstanding balance between the 2 mortgages.

Details help!
ForeverAg
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AG
191K remaining balance with a value around 300k
SteveBott
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AG
If both mortgages were taken out at purchase you are good to go. If the second was taken later it needs 12 months seasoning. I'd be happy to quote a new mortgage. Contact info in my profile. 17 years in mortgage.
Rice and Fries
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ForeverAg said:

Few years back my gf took out an 80/10/10 mortgage to buy a new home. Principal amount is at 4.25 while the 10% is at 5.5. Would it make sense for us to refinance at today's rates and if so what are yall seeing?
Just refi'd with this structure...

3.375% on the first lien (30YR note)

6% on the second lien (15/30 ballon structure)

This was taking us from a 4.70% rate to a blended 3.84% note rate. Well worth it for me since I plan to pay down the second lien in two years time and then maybe refi the 30YR again into a 15YR or just hold (depends on rates). Either way, I'd be ok with first at 3.375%.
62strat
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AG
I refi'd my 80/10/10 about 4 years ago. It saved a few hundred bucks a month, because that 10% loan was like 7.5% and 80% was 4.25. brought them both under one loan at 3.75%.


I just refi'd that one last week to a 2.7%, saving another $130 a month.
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