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"I can refinance my current mortgage and equity line on a 30-year fixed?
I took the 80% / 20% loan to get into my first home. 5 years fixed ARM (4.5%) and credit line for 20% to 10% (adjustable). I never missed a payment in any of these loans during the 3 years. I would like to convert this loan into a loan to eliminate the equity line. initial loan of 200k, which is currently 190 thousand for the loan. "I can do this without putting down cash (20%)? I have no 20-40k to put on this loan refinancing as my wife and I are each full-time employees graduate students full time. What options are there?
What do you do first is find out what your home is currently worth. Visit http://www.zillow.com to get a rough idea. If you have not missed payments and has verifiable income adequate to support the loan you want to find a HUD FHA APPROVED lender in your area. With an FHA loan can combine the two loans of up to 97.75% of the value of your home. In conclusion, I have nothing against mortgage brokers. Just do not use them for FHA loans. If they can do at all, they have a maximum of 3 months to make. A direct FHA lender, you can ensure and close your loan in 7 days. Good luck. Do not be afraid to ask your loan officer tons of questions. We pay very well to answer them.
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