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Refinancing an 80/20 Loan
Mortgage Library: Ask a Mortgage Related Question: Answers: Refinancing an 80/20 Loan
My husband bought our current home with a friend of his and they took out an 80/20 loan to avoid paying mortgage insurance. When my husband and I got married
we bought out his friend's half of the loan and refinanced to get his name off and my name on the loan. We needed to come up with the closing costs and the
equity the his friend made in the home (about $20,000), so we added onto the already existing 20% loan. Now we have our 80% fixed mortgage at about 220,000 and
the 20% at about 70,000. We want to refinance both loans into one 30 yr. fixed rate mortgage to lower our monthly payment, but we do not know if this is
possible or if it would help. Is this a viable option?
T., per your question on the Mortgage X website there are two primary variables that determine if it makes sense to refinance your existing mortgage at this time. These variables are as follows:
Secondary questions will pertain to your income, credit scores, payment history, etc. But till you analyze the above two items it really doesn't make sense
to look at your personal credit worthiness.
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