Financing in Boston>Question Details

Jason, Other/Just Looking in Boston, MA

Looking for options to refinance.

Asked by Jason, Boston, MA Tue Jul 16, 2013

I am looking to refinance a condo in the Boston area. Currently have 2 mortgages and owe 625K. First mortgage is for 320K @ 5%, 30 yrs. fixed. Second mortgage is a 15 yr with 305k @ 9%. Condo is appraised around the same 625K. Credit is excellent. Looking for what options if any are available.

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In my experience I have had clients in similar situations have more than one option to refi. If you would like a referral I would love to get you to a lender I work with you can email me or go to our website.
1 vote Thank Flag Link Sun Sep 1, 2013
Jason, please reach out to me at 857-453-5908. Thank you . -bc
0 votes Thank Flag Link Sat Nov 23, 2013
I would love to help you with your options. I would do a full evacuation of and give you advice and a couple of scenarios based on what your long term goals are. You can reach me at 800-497-5235 or email rtranchell@totalmortgage.com

Thank you,
Bob Tranchell
0 votes Thank Flag Link Wed Jul 17, 2013
Call Sammy Illiopolis at Guaranteed Rate. He is fabulous 6 17-532-3965. He can do anything
0 votes Thank Flag Link Wed Jul 17, 2013
I agree that you would have to pay down to 90 or 85% of the value. That is only option. When was last appraisal done?
0 votes Thank Flag Link Tue Jul 16, 2013
Jason you might be stuck. Got to see if your mortgage is eligible for either Freddie Mac or Fannie Mae loans. I strongly suggest you meet with a Loan Officer and see what your options (if any) are.

It's very possible that you'll need to bring money into the refinance just to be able to get it done or make it worth your time. If it wasn't for the 2nd lien's rate being so high, I would say it might not even be worth refinancing, considering where rates are today.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jul 16, 2013
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