It sounds as if you plan to keep your existing home and buy another? If so, I'd recommend you contact your lender and find out if you qualify for a new home with the payments as is then do the 2nd mortage refi after you close your new property.
Alternately, you could refinance your first and second mortgages into a single new first mortgage and be able to finance a lot more and a lot more easily as an owner-occupant than as an "investor."
Bottom line: talk with a mortgage person you trust. If you don't have one, call me 334-834-1500 and I'll be glad to recommend 2 or 3.
Good luck. Thanks--we appreciate you!... more
I recommend you look up what it means to have "chosen" something. You are missing the point and if you want to be technical the customer makes a decision to choose a loan with a pen and paper when the loan is being processed and they arent obligated to anything before that moment. Your comment "After they have chosen" is grammatically wrong and kind of obnoxious because you are not even practicing in Montgomery so before you try to criticize someone make sure what your saying isn't incorrect. Plus your recommendation is weak and not informative, I feel bad for Gulf Shores right now. Wait, , , no I dont. Go pick up Webster's before you decide to be cool next time. Great job Hampton, your customer's will know exactly what to expect and are not being blindly told the same thing every one who has seen a Lendingtree.com commercial has heard.... more
While having equity in your home is important, it's not the determining factor like the "Credit Score." In order to get attractive rates on your refi you really need to have a great credit score. Lenders are tightening their strings day by day.!... more