Current Mortgage Rates 90/10 refinance with the latest cuts?

My home is worth about $210,000 and I have first loan with $140,000 at 5.75% and a 2nd at 7.5% for $50,000. I would like to combine those into a single loan and with the latest cuts, can I hit the 5.75% on a 90% home to value loan without paying a boat-load in closing costs?

Have some credit card debt, low 6 figure job, and credit score right at 700.

Thoughts before I start my own leg work? Should I wait until I get down to 80% which would be by the end of the year hopefully?

Current Mortgage Rates 90/10 refinance with the latest cuts?

My advice...don't do anything! The rate on the second should drop again today because the fed just cut the prime rate. You could refi the first, but with closing costs rolled in, you aren't really saving anything unless you get a rate of about 4% which isn't gonna happen. Keep paying on the second until you are at 80% LTV and then, if rates make sense refi. Because even if you hit the 80% line NEXT MONTH, you are obligated to pay MI for 12 months. Don't let someone sell you a loan that truly won't benefit you!

Current Mortgage Rates 90/10 refinance with the latest cuts?

First, I'm assuming that both of these loans are fixed-rate, right? If not, then refinance right now and take whatever deal you can get.

Don't refinance until you get 20% down. That means no loans for more than $168,000 on a $210,000 house. Otherwise, you'll be paying PMI (private mortgage insurance).

The net result of what you propose is that the $50,000 drops from 7.5% to 5.75%. That's about $875/year, or $75/month. Correct me if I'm wrong, but PMI probably costs more than that.

Here's what I suggest: Tackle the credit card debt first. I'm sure you're paying more than $75/month in finance charges.

You're making six-figures. That puts you in the top 20% of income earners in the country. There's no reason you should have credit card debt with your income.