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Company Loan Type APR Est. Pmt.

home equity loan or refi?

Posted on: 29th Aug, 2010 12:21 pm
i owe $80000.00 on my 30 yr mortgage. 19-20 yrs left on orignal loan.original loan was $100000.just got rid of pmi .house is in need of repair.would like extra 40000 to make repairs.house worth about 200000.my fixed rate is 5.50. about 550 a month in princ and int.another 700-800 in escrow a month for property and school taxes and insurance.can afford about 150-200 more a month in loan payments after living expenses such as high utilites,food gas and so on dont have cash for closing cost like my first mortgage,should my husband and i refi or take out a home equity loan?
hi krobles,

it will be a good option to refinance the loan and get a cash out. as you've equity in your property, i don't think it would be difficult for you to get a refinance provided you and your husband have a stable income, good credit score and debt to income ratio. if both of you don't have a down payment, you might request your friends and relatives to gift you with the money.

thanks
Posted on: 29th Aug, 2010 08:15 pm
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