Quote:
Originally Posted by turbotalon1g
^Baller.
I'm in the same boat I owe 197k and my place is appraised at 171k, so they won't let me refinance to a lower rate, I have 2 loans on my place one for 160k and the other for 38k, big is at 7% & small is at 10%, both are ARM loans.
Kinda why my financial goals are to pay that small loan asap so I can refinance since I don't see any other way.
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That ARM rate is high for this market. You must be on a prime + X plan. To refinance the first, you would need to get the place with the second to agree to keeping the second position. If they are both at the same institution, I am not sure if they would consider refinancing the first in a situation like this. You might want to contact your bank, let them know your plans and get the opinion. If the loans are at the same place, I wouldn't be suprised if they told you they wouldn't jsut refi the first. If that is the case, you would be better off paying extra on the second instead.