misteryu
57 Posts |
 Posted - 07/16/2008 : 10:22:00 PM
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State: ILLINOIS
FULL DOCUMENTATION
Purchase Price: $1.18million
Down Payment: $420,000
Loan Amount: $700,000
LTV: 59%
FICO: 781
My client wants to get a first and second mortgage, but considering that a 15 year conforming is currently around 5.875% with Wachovia & Homecomings, and a 15 year JUMBO is at a 5.875% too, then there would be no reason to get a 1st/2nd, given that:
1st Mortgage: $417,000 @ 5.875%
2nd Mortgage: $283,000 @ 9%
The blended rate would be about 7.138%. And on top of it the second mortgage would be an adjustable. This is friend's parents, so I'm taking the extra step to make sure I put them in the best possible situation. Guys, what do you think? |
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