Posted on: 05th Nov, 2010 06:23 am
I owe $147,558 on the primary and $11,253 on the second (SBA Loan). My appraisal district has my value at $174,440. I would like to think it is worth more, but not sure. Last refi was Jan 2006. The loan amount then was $157,420 and the appraised value was $172,500 (although they did not actually have an appraiser come out - it was all done over the phone). My current loan is a 30 yr fixed at 6.5% and the purpose of the loan is to lower the rate and posssibly change the term to 15 or 20 years. My wife and I both have decent credit - she is about 720 and I am about 670 and we make about $230,000 combined gross.
hi gregcox
welcome to mortgage fit,
i think you could be easily able to refinance the loan and thus pay -off the second (sba loan) as you have good credit score.basically you wish to accumulate $ 11,253 and it is not necessary that you have to go for mortgage loan only........if you are not able to get the refinance then you may even try for any fresh line of credit for the business purpose....and that amount can be utilized to pay-off the second.i am just putting forth some of the options,it is not necessary that you should go ahead with it.
feel free to ask any further query if you have...........
dipa
welcome to mortgage fit,
i think you could be easily able to refinance the loan and thus pay -off the second (sba loan) as you have good credit score.basically you wish to accumulate $ 11,253 and it is not necessary that you have to go for mortgage loan only........if you are not able to get the refinance then you may even try for any fresh line of credit for the business purpose....and that amount can be utilized to pay-off the second.i am just putting forth some of the options,it is not necessary that you should go ahead with it.
feel free to ask any further query if you have...........
dipa