I hold loan of 520K(1st 466K &2nd 54K) New jumbo restrictions is 500K. Can I one and only refy 1st loan.?
Both the Loans are near same bank
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Right immediately the conventional loan limit is $417,000. Anything over that amount is considered Jumbo, and Jumbo rates are superior than conventional rates.
However, sometime around April 1st Fannie Mae and Freddie Mac will be raising the conventional loan boundaries up to somewhere around $700,000, which means you can refinance your two loans into a untried first mortgage at a conventional interest rate, assuming that you qualify with your credit mark, loan-to-value, debt ratio, etc.
Answers: In command to do that, you must request a "Subordination." To subordinate a junior lien (2nd mortgage), you must have concurrence from the lender on the junior lien.
You may also want to do some more investigating. With the new loan constraint change going into affect right presently, shouldn't you be able to borrower the full 520k?
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