AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question We have a ARM with Chase. There is a 3 yr refi- restriction that expires in Oct.
Should we try to get them to refi us with a fixed rate loan then or go to another lender ? There is a 2nd mortgage with Citibank also . We are pretty much maxed on loan to value with the 1st and 2nd.
Answer Hello,
I would talk with another lender to see if you can put both loans into on lower fixed mortgage first. You'll need to talk with someone who can do FHA loans, since they will refinance you at 97-75% loan to value. If your can't get the value you need to do both loans, then you need to have the company you are talking with to check and see if your loan is owned by Fannie Mae or Freddie Mac. If it is owned by either one of those organizations, then you can refinance the first mortgage only into a lower rate mortgage. But, be warned, you will have to get Citi to subordinated to the new bank, which means they have to agree to stay in second lean position.
