You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “Looking for low fixed rate?”.
-
Archives
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
-
Resources
-
Meta
RANDOLPH
try checking around
directlendingplanet.com would be my choice
if it can be done they will find a way to get it done for you! my understanding is they dont charge yield spread so they give you the lowest rate they have!
MARY
you cant combine the two w/out changing the rate on the first one.
i would look into trying to refinance the 2ND mortgage ONLY…..current rates are around 6.25%….and your refi would be a REFI CASH OUT….not a rate/term…which means higher rates.
BERNIE
Lorraine,
You seem to have a very good rate on your first. So, the viability of re-financing and/or consolidating the 2 loans, if at all, would have to do with the size and the rate of the 2nd mortgage. These factors and the expenses of getting a new loan would have a lot to do whether you should stay with what you have or refinance.
If it was to your benefit to refinance, your local banks or mortgage brokers/bankers would be able to help you.
I don’t have all the info about your situation, but the fixed rate on your first is hard to near impossible to beat.
EFRAIN
The loan rate on the first loan is what was available then. What was available now is much higher. I do business with over eighty lenders and I don’t even have a rate sheet with 5% on it for a fifteen year fixed. If I did, it would be about four and a half points retail. You’re never going to recover 4 points of upfront cost on a fifteen year fixed rate loan, and there is always a tradeoff between the rate offered and the cost to get it. Between 4 points and regular closing costs, you’d be looking at over $10,000 cost to get such a loan done.
(Yes, some lenders will pretend such costs don’t exist, but that doesn’t change the fact that they do!)
There is no loan available today for which it’s actually going to help you to abandon that 5% fifteen year fixed first mortgage.
That said, low cost fixed rate HELs for people with a 75% loan to value and excellent credit are around 9.125, (assuming your second is $25k or less) a very different situation from only a couple months ago. Alternatively, you can have prime plus about 1% on a variable rate HELOC. If you’ve got something better than these, sit tight.
I’m sure you’ll find lots of bozos who want you to call so they can sell you something with a great payment. But that’s a very different thing from a better interest rate, and nobody can get you a loan that doesn’t currently exist.
ANDRES
Lorraine,
Please Please do not refinance your first mortgage.
The rate and terms you have are just too good.
You can refinance your HELOC into a fixed rate second and then put as much extra toward it as you can to pay it off quicker.
The cost of refi’ing into a new first is completely not worth it.
As far as the lowest rates on that 2nd -will depend entirely on your credit score, the appraised loan to value and your debt to income.
Not an answer you can get without talking to a mortgage person.
if you need more info…….we’re always available livechat by clicking below.
Good Luck
Open Book Advisors™