i am still having trouble understanding how can same lender financial offer 2.15 (p-1.24) on new purchases and renewals and 2.85 (p-0.6) on refinances?
Why so much difference?
I think the best way for me to do is one of two
1. to refy the 800K through lowest variable rate I can get (2.85%) for 30 years, pay down the 470 with my current lander and get 330K as lump sum to be used forother house's closing.
2. to renew 470K with the lowest possible variable rate (2.21%) for 30 years, and get a heloc of 330K with p+0.5 for other house's closing.
The problem with scenario 2 is I was told by few agents the p+0.5 will happen only if the same lander gives you the mortgage and the HELOC, if the HELOC lander is different (second position) it will be p +1.5. If this is true, it drastically changes the game.
Also I was told that I need T1 general and that T2 income cannot be used for mortgage. Is this true? What line(s) are looked in T2 if it is usable at all for mortgage purposes?
Why so much difference?
I think the best way for me to do is one of two
1. to refy the 800K through lowest variable rate I can get (2.85%) for 30 years, pay down the 470 with my current lander and get 330K as lump sum to be used forother house's closing.
2. to renew 470K with the lowest possible variable rate (2.21%) for 30 years, and get a heloc of 330K with p+0.5 for other house's closing.
The problem with scenario 2 is I was told by few agents the p+0.5 will happen only if the same lander gives you the mortgage and the HELOC, if the HELOC lander is different (second position) it will be p +1.5. If this is true, it drastically changes the game.
Also I was told that I need T1 general and that T2 income cannot be used for mortgage. Is this true? What line(s) are looked in T2 if it is usable at all for mortgage purposes?