Hello,
I have been trying to refinance my mortgage without much success over the last several months. Here is my issue.
I live in high cost area in NYC. Combined Loan balances on both mortgages is $670k. This sum falls within new conventional mortgage guidelines for high cost areas. There are two issues. First, the appraisal came in at $635k, so combined LTV is presently in excess of 100%. Second issue has to do with the fact that my first mortgage is still being held at Chase and was not sold to Fannie Mae. I am trying to refi in order to take advantage of lower interest rates (current rate on 1st Mortgage 6.625% - it’s a jumbo mortgage)
My mortgage broker is telling me that I could have refinanced to lower interest rate under DUI Plus or Refi Plus programs if my mortgage was held by Fannie Mae. However, the issue is that my loan is till being held by Chase.
I am trying to figure out whether there are ways to have my loan moved to Fannie Mae. When I called the bank, I was told that it’s a business decision and it is really up to the bank to decide whether the loan should be moved to Fannie Mae.
Any input is greatly appreciated.
Thanks,
Art
