Advice, Community & Common Sense 2nd Mortgages - Current Markets Update August 31st, 2007 10:27 AM Second mortgage fixed rates are holding up quite well.  In light of the recent blow up in the mortgage markets on Wall Street affecting Sub-Prime, "Alt-A" and now Jumbo mortgages, second mortgage rates have held up pretty well in comparison.  However, underwriting guidelines are changing frequently, and many former 100% combined-loan-to-value ("CLTV") lending sources have eliminated those programs lately. What does this mean to you?  Many Jumbo mortgage clients with ARM loans due to adjust in the next year or so, who plan on keeping their homes more than another 5 years, are converting their loans to "Piggybacks" using a Conforming 1st mortgage and a 2nd mortgage combination of 30-Year fixed rates.  The new loans simply total the balance of their current Jumbo ARM.  The effective "Blended Rate" of these Piggybacks are MUCH better than the current 30-year Fixed Jumbo market offers. Contact us for more information if this situation applies to you or your friends, family or co-workers. Posted by Rick Geary on August 31st, 2007 10:27 AMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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