Posted on: 04th Feb, 2013 01:01 am
we own a property which we bought 5 years ago using an 80/20 loan. we took such a loan so we could avoid pmi. our house is now worth more than we owe, but we've thankfully not missed any payments. we refinanced the first about 18-months ago, so the current rate is 5.25%. the second's rate is 9.3%, and we haven't done anything with it. are there any options for us to combine these or maybe refinance?
Hi Garry,
You have mentioned that the house is now worth more than what you owe on it. So, it means that you have equity in the property. In such a situation, you will be able to refinance both the loans into a single low interest loan. You should contact the local lenders and apply for a refinance.
Thanks,
Jerry
You have mentioned that the house is now worth more than what you owe on it. So, it means that you have equity in the property. In such a situation, you will be able to refinance both the loans into a single low interest loan. You should contact the local lenders and apply for a refinance.
Thanks,
Jerry
The second's rate is too high. You must try to refinance it to a new low rate loan.