Posted on: 16th Sep, 2010 01:12 pm
1rst mortgage balance $33,500 interest rate 12.619%
2 years 6 months left $1,123.39 per month
2nd mortgage balance $19,500 interest rate 16.5%
12 years left $352.09 per month
we pay the house taxes and insurance ourselves
house appraises at $160,000
credit is at 760
we got these loans in the 1990's when rates were high
so we could send our girls to college.
we now owe no credit cards, no car loans, no loans only the following monthly: lights,phone,water,cable
and home
we have banked at our credit union for years.
we together make $50,000 a year.
we want a fixed rate loan that we can pay off sooner with no penalties. we will pay closing coat out of pocket. what do you suggest we do on a refinance and will we be able to do it?
2 years 6 months left $1,123.39 per month
2nd mortgage balance $19,500 interest rate 16.5%
12 years left $352.09 per month
we pay the house taxes and insurance ourselves
house appraises at $160,000
credit is at 760
we got these loans in the 1990's when rates were high
so we could send our girls to college.
we now owe no credit cards, no car loans, no loans only the following monthly: lights,phone,water,cable
and home
we have banked at our credit union for years.
we together make $50,000 a year.
we want a fixed rate loan that we can pay off sooner with no penalties. we will pay closing coat out of pocket. what do you suggest we do on a refinance and will we be able to do it?
Take the shortest term possible. 10 year with bi-weekly payments.
Thank you for the advice. We are starting the process now.
