Wf Home Mortgage
I want to refinance just my first Mortgage?
I have a 5 / 1 Interest only loans. Resetting 09/2011. I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It is currently $ 608K) I want to keep my second which is ($ 152k ARM) Because of declining home values, I has little to no equity in our home. However, I just want to refinance the first (Which would be plus or minus about 80% of my current home value). I have both loans through Wells Fargo. WF says they can not do anything unless I have 10% equity. So I'm looking around for ideas. I have: good credit. No car payments. No student card. No credit card debt. Any thoughts or other ideas. I'm happy to keep my second as it is. Just want to get the $ 608K set at a low rate. Thanks
You can not just do one. When you refinance you have to pay all liens, which would be the second mortgage as well. I'm surprised WF would do it with only 10% equity. I have very good credit, and they would not give me a deal like this, I must have 20%. If you want to refinance the loan will have to be too 760k, regardless of the bank. WF requires me to assess a 20% equity, but maybe it's a CA thing.