Posted on: 02nd Jan, 2011 12:58 pm
i have a house that i have been living in for 15 years. i have a remaining mortgage balance of 60,000 with an interest rate of 7.75%. additionally i have an equity loan of 28,000 that i pay a monthly bill of 350.00. would it be wise for me to refinance my loan combining both loans (88,000) with an interest rate of 4.6%. please advise.
thank you in advance
angie
thank you in advance
angie
Welcome angiemel,
It will be a good option to refinance both the loans into one. Once you do so, you'll be liable for paying one monthly mortgage payment every month. Moreover, the low rate will also help you in saving money. However, in order to get a refinance, you should have some equity in your property.
It will be a good option to refinance both the loans into one. Once you do so, you'll be liable for paying one monthly mortgage payment every month. Moreover, the low rate will also help you in saving money. However, in order to get a refinance, you should have some equity in your property.