just refinanced 1st and 2nd mortgage…Help?

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we are in the 3 days “grace” to review everything from our closing….I am thinking about nixing it…..here goes: OHIO we owe 52000 on our 1st mortgage rate is 6.875..opened in 2002….2nd mortgage (debt consolidation and remodel home). opened aug 2008…owe 25,000..that is a 10 yr loan at 8.75….mortgage 1 payment w tax and ins is currently 588 a month…2nd is 326.00…..just closed w CHASE to do a total refinance 30 yr fixed….5.375 rate….we will be here prob another 5-7 yrs….new payment total is 669.00….only thing that scares me is the mortgage insurance premium of 1398.00….and closing fees….would it be best for us to rescind this…and instead perhaps refinance 1st and 2nd separately? to avoid PMI.s….any help and guidance would help me at all…thanks

1 Comment
  1. Reply
    sassy25
    January 21, 2011 at 7:58 am

    Keep that deal. No guarantee you will be able to refinance 2nd mortgage. You will be hit with the PMI no matter what. The value of your home has plummetted. Keep the deal.

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