Q: What happens if we have a 1st mortgage and a 2nd mortgage that combined are 85% of appraised value? Do you think Wells Fargo will subordinate the 2nd mortgage?
A: We cannot speak directly for Wells Fargo, but since you have a pretty solid equity position they should certainly consider it. Many mortgage lenders will only re-subordinate their second lien if they also hold the first, and if Wells is also your first mortgage holder you should have less trouble. If you do have two lenders, you may need to consider refinancing your first to Wells.
- What is a rate and term refinance?
Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense.
- Are ten-year fixed-rate mortgages (FRM) available anywhere?
Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.
- Can I get copies of checks from a past refinance?
It's not going to be easy, that's for sure.
- Can I refinance an underwater ‘kiddie condo’?
If the home is underwater, HARP is really your only option.
- Will shopping around for a refinance affect my credit?
Credit bureaus usually treat multiple applications to different lenders as a single entry in your credit file.