by TyJoi on June 22nd, 2007

TyJoi

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We want to refinance, for fixed rate. House appraised @ 180,000 & 68, 000 is left on old mortg. Why is the co. only offering a mortg of 85,000 & will the closing cost come out of that? Plan to put the cash back on the new loan as well as do home improv.

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  • by Randy on August 16th, 2007

    Randy

    Does the mortgage company realize that you will be paying off the 68k with the new funds.
    It looks like the 85k is being looked at as a second mortgage (86k + 85k = 85% of 180k).
    What is the rate on the old note and the expected rate on the new note.
    Depending on the rates, a second or wrap-around note amy be advisable

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You're reading We want to refinance, for fixed rate. House appraised @ 180,000 & 68, 000 is left on old mortg. Why is the co. only offering a mortg of 85,000 & will the closing cost come out of that? Plan to put the cash back on the new loan as well as do home improv.

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