Can I refinance my current mortgage and equity line into a 30 year fixed?
I took at 80%/20% loan to get into my first house. 5 year fixed ARM (4.5%) and equity line for the 20% @ 10% (adjustable). I have never missed a payment on either of these loans over the 3+ years. I would like to turn this loan into a loan to eliminate the equity line. Initial loan was 200k, I currently owe 190k on the loan.
Can I do this without putting cash down (20%)? I do not have 20-40k to put on this refinance loan as my wife and I each are full time employees and full-time graduate students. What options are there out there?