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The Combined First Mortgage and Piggyback HELOC Program is a residential loan program through american savings bank (ASB) with a residential first mortgage up to 70% loan-to-value (LTV) for loan amounts over $1,500,000 and up to $2,000,000 (the maximum LTV is 80% for loan amounts up to $1,000,000 and 75% up to $1,500,000).
This often helps a homeowner’s finances by consolidating the two mortgages into one and lowering the overall mortgage payment. FHA makes this possible with low equity requirements for refinancing. Homeowners have two refinance options when consolidating the first mortgage and the second mortgage through an FHA-insured loan.
Some borrowers want to refinance in order to raise cash. The suggested reading is Debt Consolidation With a Cash-Out Refinance, Their question is whether the cost of obtaining cash by refinancing their first mortgage is lower than the cost of taking out a new second mortgage. Cash-Out Refi of FRM Versus FRM Second Mortgage.
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Whether you're looking to buy, refinance, or use the equity in your home to do more of what you want, we've got you covered. Our local Mortgage Champions.
Refinancing is all about discovering new opportunities to achieve your goals faster.. 1st and 2nd Mortgage Combination; Various Mortgage Insurance Options.
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There is no HARP-like refinance program for 2nd mortgages, and your total loan compared to the value of the home is probably way too high for any bank to approve the second mortgage refinance. You’ll need to subordinate the 2nd mortgage under the new HARP refinance. Subordinating is basically getting a document from the current 2nd mortgage.
Reverse mortgage insurance provides powerful benefits to homeowners seeking a secure reverse mortgage solution. By collecting the insurance FHA guarantees unique features for the life of your loan you won’t find in any private non-FHA programs. Learn More!
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Refinance First And Second Mortgage Together – Visit our site and try out our refinance calculator and you will see how much you could lower your monthly payments on your mortgage loan.