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Rapid Refinance?


blondie37
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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.

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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

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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

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  • 2 weeks later...

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.

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