blondie37 Posted June 9, 2006 Report Share Posted June 9, 2006 I have a mortgage with First Franklin. I am looking to refinance. On their website they talk about rapid refinance. What exactly is that? Is it for people who already have a mortgage with them. I am considering possibly to refi with them if it makes the process simpler. Link to comment Share on other sites More sharing options...
firstsource Posted June 9, 2006 Report Share Posted June 9, 2006 It is a VERY simple process. You can use a loan officer/mortgage broker or do it your self. If you do it yourself directly. If you go that route take the time to contact a broker to get their pricing on the deal-many times brokers can be/are cheaper in rate than the actual lender. Charles Link to comment Share on other sites More sharing options...
blondie37 Posted June 10, 2006 Author Report Share Posted June 10, 2006 Ok, sounds good. One other thing when we purchased it was an 80/20. Would it be possible to just refinance the 20 and take out some equity?Thanks for the help! Link to comment Share on other sites More sharing options...
firstsource Posted June 11, 2006 Report Share Posted June 11, 2006 I would have to look at their program again, but my instinct is no. Lenders that offer 80/20 mortgages only offer "cheap" 2nds to be competitive and keep the business. I know that a 2nd at 12-14% sounds expensive, but they are incredibly risky.There are a few lenders that have "stand alone" second program. This is a mortgage that is not connected to a first that closes at the same time. One wholesale lender has 2nds that start as low as a 539 FICO score for a 90% CLTV loan, so that may be an option. Most brokers don't like to do these as they are just as hard to do as a 1st mortgage, but not very profitable. Charles Link to comment Share on other sites More sharing options...
jimdiamond Posted June 21, 2006 Report Share Posted June 21, 2006 How long ago did you purchase/refi into that 80/20? Reason I ask is how much equity is in the home? if it were to appraise today, what would it come in at? I take it you have been in the home for a while now and want to take out some equity. you can refi into one loan @ 80% if there is that much equity left. no PMI, Lower rate, and pay off some debt even. cashflow is key. Link to comment Share on other sites More sharing options...
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