Posted on: 30th Jan, 2011 12:32 pm
we need approx $80,000. as we are buying property in Florida. We have 7 years left to pay on our mortgage ($41,000 @6.25% 15 yr. fixed). We have very little debt. (under $2,000). Our home is valued at $450,000. We have always been nervous with variable rate options. But perhaps now's the time to get a HELOC? I just don't know if we have the stomach for it. Therefore, we are leaning toward refinancing for 30 years - knowing we only plan to be in this home approx. 8-10 more years at which time we would sell the home and pay off the $130,000 ($80,000 plus $41K payoff of first mort & closing fees. We have money in an annuity, my husband collects a pension ($3,000/month) we both still work (he's 54 & I am 53) Combined income of $110.000
Please advise as soon as possible
Please advise as soon as possible
hi guest,
you will be able to refinance the mortgage only if you have equity in your property. if you have equity in your property and have a good credit score and income, you will be able to get a 15 year fixed rate mortgage. if you stay in the property for the next 3-4 years, you will be able to offset the closing costs that you will be paying at the time of taking the mortgage.
thanks
you will be able to refinance the mortgage only if you have equity in your property. if you have equity in your property and have a good credit score and income, you will be able to get a 15 year fixed rate mortgage. if you stay in the property for the next 3-4 years, you will be able to offset the closing costs that you will be paying at the time of taking the mortgage.
thanks
Having an equity on your property makes it more easier for you to refinance. Note, you can release cash from your equity with a line of credit of offset mortgage.
