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Share ideas on refinancing 2nd loan Home Equity Line of Credit? |
Existing mortgage: 80-20. No equity. 1 year since purchase. 2nd loan home equity line of credit has variable APR. Please share ideas to refinance 2nd loan and also consolidate other loan. It's a bad time to refinance or consolidate with interest rates going up like they are. If you are having trouble making your payments, go to the lenders and tell them - tell them whatever they want to know, answer all their questions truthfully, and ask them to assist you in doing something to make those payments manageable. You have nothing to lose (because if you are having trouble making payments they'll already be aware of that) and everything to gain (banks and mortgage companies don't want to "own" a bunch of foreclosed homes, believe me. It's no easier for them to sell them than any other seller). I wish you the best of luck rates going up and no equity. avoid it like the plague CALL A CREDIT UNION. THEY CAN DO MORE FOR YOU THAT A BANK. MORE LIBERAL LENDING AND DONT LIKE TO BE LESS THAN FIRST MORTGAGE, SO THEY ARE MORE LIKELY TO REFINANCE AND WRAP THEM BOTH UP. Contact a mortgage broker in your neck of the woods. There are some new(er) loan fixed second loan programs to replace HELOCs. Regards Satar Naghshineh satarnag@amirifinancial.com www.amirifinancial.com California Licensed Real Estate Broker and Investor There are many loans out there can do 100% loans with out MI. Depends on your interest rates as well. Fixed second can be better than your equity line. Have you had an appraisal done to know that you have no equity? If you are on an interest only there many better programs for you that may lower your payments even. Let me know if you want some options. Mortgage Broker serving Minnesota, Wisconsin, Florida and Colorado. |
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