Posted by Eva on September 12, 2002 at 23:55:45:
They are re-financing what I currently owe, which is what it appraised at. I bought it in April this year for 135k and values have shot up like crazy since then. Houses like mine are now selling for 150k+, but I do not want any cash. I just want a better loan. Thanks for your query.
Can someone look at this re-fi deal - Posted by Eva
Posted by Eva on September 10, 2002 at 23:03:13:
Hello,
I have the opportunity to refi my personal residence (Calif).
I am being offered either:
100% loan 135k (fmv 150k) at 6.99%, no pmi, 30 years
or 80/20, 1st @ 6.25%, 30 years and the 2nd @7.00% at 35 years
I currently have a 1st of 108k @8.375% and a 2nd @ 14% interest only.
There will be a prepayment penalty on the 2nd only of $1800 and the closing costs are $1100.
Any comments would be appreciated
Re: Can someone look at this re-fi deal - Posted by Todd-ID
Posted by Todd-ID on September 12, 2002 at 23:02:45:
Hi Eva.
If the lowest payment is the main criteria, option 2 with the 20% 2nd is the way to go from my calculations. Option # 1 would put your payment at $889/mo P.I., option 2 would be at $664/mo on the first and $172 on the second for a total of $836/mo. This is assuming the $135k appraisal.
Todd
Re: Can someone look at this re-fi deal - Posted by James Harris
Posted by James Harris on September 11, 2002 at 12:18:17:
There is a concern about the value. If a lender is telling you they will loan 100% ltv, i.e. loaning $135,000 on a property worth $150,000. This throws up several red flags. Next, when you refi property with a second mortgage already on it. Why in the name of God would you want to even entertain the thought of refinancing and getting another second? Why not just go to your current lender and ask if he will refi your current loan, paying off your second.
Re: Can someone look at this re-fi deal - Posted by michaela-ATL
Posted by michaela-ATL on September 11, 2002 at 03:20:14:
what jumps out at me are the values, that you list.
if the value is 150k, are they only giving you a loan of 90%?or did the house get appraised at 135k, but you think the appraisal is wrong and should be 150K?
just wondering
michaela
Re: Can someone look at this re-fi deal - Posted by Eva
Posted by Eva on September 12, 2002 at 23:53:16:
That’s exactly what I’ve decided after talking to the lender again today. I can’t believe my good fortune. The only reason I’m able to do this is because the 1st sent me a letter telling me they are waiving all pre-payment penalties!! I am very happy about this. Thanks so much for your reply.
Re: Can someone look at this re-fi deal - Posted by Eva
Posted by Eva on September 12, 2002 at 23:51:08:
I don’t understand your point but as far as your question about the 2nd. Because, the new 2nd is fully amoritized and the interest rate is going to be 7%. Currently the 2nd is interest only and it’s 14%.