Reply to Anyone refinance recently with an 80/10/10?

Forum Index » Real Estate

Reply to "Anyone refinance recently with an 80/10/10?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Subrogate.  [/quote]

Please explain your unhelpful comment.[/quote]

My iPhone autocorrected.  My second loan would be subrogated, not surrogated.[/quote]

The common term used is to subordinate the 2nd lien where you keep the same terms of the 2nd lien and do a rate and term refinance for the 80% part.  The 2nd lien has to agree to the new terms of the 1st lien and your property has to appraise accordingly.  If the terms on the current 2nd lien are crazy high, you could combine the two (as long as the 2nd lien was only used to buy the property and not take add'l cash out), but you'd have to pay MI (either monthly or upfront). You have to compare the 2 options to see which would save you more.[/quote]

Thank you.  What are the reasons the 2nd lienholder may not agree?  Currently, my first and second mortgage are held by tge same bank and they would not like to change that?  Could they refuse for that reason?[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics