apply online: mdangelo.brandmortgage.com
50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
Rate and Term refinance allows you a higher LTV vs Cash out. Therefore, you may be able to refinance to 80% of the value of the property without having to pay PMI.
500k times 80% is $400,000. If your balance is $383k (payoff is balance plus 1 payment) and you don't escrow, with closing costs included in the loan of about 2% may allow you to put roughly $10k of the second into the first mortgage. If your house is worth more (go to zillow.com and check out sales in your area for 2012) then you might be able to do more. Maybe then, you can pay off the $20k easier (although I wouldn't recommend that due to possible dip in house values for 2013).
It is very likely that you will have to keep the 2nd mortgage account open and have that lender agree to a subordination.
My contact info is listed below.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
Kathy Vitali/Fairfield Mortgage. They are easy on the appraisal which will be critical in your case.
Brian Berman 678-564-1522
Buckhead Home Realty