09-30-2012 06:31 AM
I should have been more specific. Unfortunately, the home was purchased during the "bubble", so the ltv is too high to qualify for traditional financing. The only financing available is a refi through the current lender, which is in process. They are unable to include the second, even under the program, because of the ltv. And, although there is a tax deduction for mortgage interest, the savings from switching to 5% fixed are higher.
09-30-2012 06:40 AM
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