pay off home with loan

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LoanSafe Member
Feb 11, 2009
Wasn't sure where to post this question. I have a great relationship with my CU but I've posted here in the past about my rental and not being able refinance. I have excellent credit and income but can never seem to get under the 75% LTV required by lenders. I was thinking of requesting a consolidation loan to pay off my home @186k over an 8 year term in which I have 16 years left to pay. I am in an ARM and have not been able to fix the rate. MY dti is about 42% and it would be about the same after the consolidation and of course it's going to save a lot of interest. This is the only way I can fix my adjustable rate. I have paid off loans totaling over 170k over the last 13 years to them as well.


LoanSafe Member
May 30, 2016
Do you know by chance the investor for the home loan? If it's Fannie or Freddie, I think you should be able to get a HARP Refinance without an appraisal. Who is your loan servicer for the first mortgage?

Fannie Mae -
Freddie Mac -

I just think a personal loan is entirely the wrong way to go about this. First - I think the Interest Rate is going to be much higher than your current interest rate on your loan. Second - The interest deduction for the mortgage interest would go away. But third, I just don't think you're going to find any personal loan over $50k, no matter how qualified you are.

Tell me more. Do you know what kind of ARM you have? LIBOR, COSI, COFI, MTA, Treasury? What's the Margin? If you don't know, what's your current rate, and I'll take a guess. Either way, I don't think the ARM is particularly bad in your case. With current economic conditions & the rate environment, you could see a potential .50 to .75 increase in the rate, but your ARM (assuming it's conventional) should be in the 3-4% range.

Do you have more than one lien / loan on the property?

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California
I'm confused, what type of investment property do you have? I have a product that will go to 85% loan to value on investment properties (conventional) via a rate & term refinance. If that's all you're looking to accomplish I can get you a slamming deal - e-mail me when you have a chance. [email protected] or call 619-379-8999.

Many loan officers don't know the differences between Fannie Mae & Freddie Mac and there's some nifty things you can do with one but not the other.

In addition, if you do want to do a cash out refinance I'm sure I can secure you a much more affordable payment than a personal loan.


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