now i am 6 months into my home purchase.i have an 80/20 loan.i bought at appraised value.is there a lending co. that will refi at appraised value into one loan?

sc2dave,

Yes. There are many lenders who will use the appraised value at or after the six month mark. As long as you are not getting an cash out, your rate (depending on score and debt) should stay fairly low. I hope this helps.

what are some reputable companys ? i am also wanting to have a line of credit,so that i can put down a d.p. on some apts. how can i go about to do this?

do you have a prepayment penalty?
have you received comps in your area to cover the 2nd?
100% one loan is much higher interest rate than a blended 80/20 and if you were this agressive than you should of went with a 100% option arm if your credit would allow it.

i do have a pre-payment penalty. comps? my 80 loan is around 7.65, my 20 is 10.56 i believe.

If you have a pre-payment penalty than you will take a penalty from the current lending company for getting out of there loan early. Do you know how long your penalty if for?

comps? comparables = homes in your area that are similar to yours and you can get an estimate or average of how much your home would be worth today.

if i remember well, the ppp ends after 2 years. the appraised value,according to zillow.com is around 596973.The low-high estimate is like 550,000-635,000. everything on this property is new, so does this mean it would be higher than 596,xxx?driveway is new, all walls,plumbing,electrical,roof,cabinets,toilets,showers,etc.... so do you think i can refi, or even refi and get a line of credit for apts. d.p.?

Zillow.com is often found not to be accurate because their valuation model is different than that of a true Appraiser. For instance, Zillow does not go out to your house, a true appraiser does. Zillow does not see all the upgrades such as new: driveways, walls, plumbing, electrical, etc., a true appraiser does. These are some of the reasons that Zillow's values are usually off within $100,000.

Here are a few things to consider when refinancing so early, in your case, 6 months into the home...

1. How much value has your home appreciated since you purchased it 6 months ago?

2. Weigh it out since you will have to pay a penalty which is usually 6 months worth of interest. In your case, there is a 1st & 2nd TD.

3. How long do you think it will take to make-up the costs and fees associated with the refinance?

These are just a few questions to ask yourself to see if all this is worth it to refinance in such a short time.

my home has appreciated around 21,000,according to zillow. at this point,i'm thinking i don't mind paying the ppp,because if i can get a lower monthly payment,that'll save me quite a bit. right now,my payment is 3940.65. i have to pull out of my ira just to make some of the payment. now if i can refi,and have a lot less payment,that would save me financial hardship. I know, why did i get it in the first place? because i figured that being married and with a newborn, i wanted to get something,instead of renting. that's why i also want to see about getting some apts,so that if i have a pos.income from those,it'll help me with the duplex.

It looks like your PPP and closing costs will surpass the $21,000 equity that you have. I'd probably think again before touching your loan, but that's me, personally. With the way rates are now... it would be hard-pressed to match the rates that you have with the given parameters. If you want to look into things further, you can call your current lender[s] and see if they're willing to offer a "Loan Modification" for no/limited costs.

Good Luck,

there's one lender,Innovation Mortgage,that quoted me a monthly quote for 3450 a month. this rate will surely help me out alot. i think it's for 5 yr arm. but, i'll still look at the contract closely,see if it's true.

My home is worth 30,000 more than anything that has sold in my neiborhood acording to Zillow! Maybe they will buy it from me at that price as no lender in right mind place that value on it. Just my 2 cents on Zillow. Remember Zillow is not an an appraisal but a zestimate of price. Values may vary by 10% according to their disclosure.

I do not have the details of your current loans. But if you are looking to consolidate 2 loans into 1, and lowering your payment in the process, I would suggest getting a fixed rate loan w/ 40 yr baloon payment. You will have a fixed payment for 30yrs and your payment is going to be lower since it's amortized over 40 yrs.
It all depends on your credit and the types of loans you have now.
If you have an interest only 1st and a 30/15 baloon 2nd, you might not be able to get your payments any lower.