Asked by Mike Mills, Newbury Park, CA • Wed Sep 3, 2008
I have been to 4-5 brokers in search of a refi for my existing 5/1 ARM I.O. Any suggestions on where to go?
Brokers say I don't qualify because of my "income to debt ratio". I wanted to combine them into one loan ($550k and a little out for home improv). Still, no one will touch it! My primary residence in California is appraised at $850k and Rental ~$450k. Credit is excellent at 760-790
The facts are as follows....
1st Mortgage = $500k (I.O.) fixed payment for 5 years,
2nd Mortgage = $32k (Home Equity)
INCOME $85k/yr salary, $ 25k/yr rental income
$ 2150/mo = Mortgage 1st
$ 150/mo = Equity 2nd
$ 790/mo = Prop Tax
$106/mo = HOA
$108/mo = Insurance
$ 0/mo = Rental Mortgage
$ 100/mo = Rental Prop Tax
$ 100/mo = Rental Insuarnce
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