CinTinOC asked:
My husband and I live in California and have a 5/5 ARM with a balance of about $480K. We are convinced this is our forever home, so are toying with the idea of refinancing into a FRM. I have been rate shopping for conforming FRMs and concurrent ELOCs. Does anyone know if it is possible to refinance into a conforming loan, with an ELOC for the remaining balance using two different lenders (assuming we can find a lender willing to subordinate the 2nd) If so, how could we go about doing this? With all the bailouts going on, I sure wish the govt. would increase conforming limits again, especially here in the OC where the median home price STILL exceeds conforming limits despite the severe downturn.
Alex
My husband and I live in California and have a 5/5 ARM with a balance of about $480K. We are convinced this is our forever home, so are toying with the idea of refinancing into a FRM. I have been rate shopping for conforming FRMs and concurrent ELOCs. Does anyone know if it is possible to refinance into a conforming loan, with an ELOC for the remaining balance using two different lenders (assuming we can find a lender willing to subordinate the 2nd) If so, how could we go about doing this? With all the bailouts going on, I sure wish the govt. would increase conforming limits again, especially here in the OC where the median home price STILL exceeds conforming limits despite the severe downturn.
Alex
Arthur
just do it with a first and second deed of trust going below the jumbo on the first so you do not pay jumbo rates then get a second loan and since it is a refinance then they must close at one time
Comment by golferwhoworks — May 4, 2010 @ 12:06 am