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Originally Posted by miezzi  So should we refiance? I have a mortgage already @5.75. Very little credit card debt. Would it really make a difference in our payments. Also, is it recommended that people roll their home equity loan (consolidate?) into the refiancing? Just wondering! And thanks for offering to help many people here! |
I work for wells fargo and do loans nationwide. I am offering a discounted rate as i reduce commission for that.
Yes it is a great time to consolidate first and second and roll into one. This is the lowest rate ever. Cost to refinance is about $2700.
Key issues now are you have to be at 80% loan to value or you will have pmi or you will have to subordinate second and that is a nightmare with lenders being busy like we are
Also full doc - have to have 2 years federal returns, 2 years w2's and most recent paystub and most recent bank stmts, also if you are self employed and own more than 25% of business we need 2 years corporate or partnership returns or scorp returns and k-1's.
Also the best rates are on loan amounts below 417,000 if loan is between 417,001 and your county limit for conforming loan limits then rate is appx 5.125 unless cashout.
Any time you are paying off a second it is cashout on loans below 417k and sometimes add ons apply
If fico is low there are now add ons as well so best if fico above 700