Posted on: 26th Mar, 2009 06:51 am
Purchased home in 2004 for $368k. The home needed alot of work, so I put about $35k into it. I would guess it would appraise for close it what I paid for it (not including the money I put into it).
I put 5% down ($18,400), mortgage for $294,400 @ 6.5%, and an installment loan for $55,200 @ 7.5%. The installment loan brought my money down to 20% to avoid PMI.
I have paid about $20k towards the principal so far.
I would love to take advantage of the lower interest rates being offered today. It would be great to combine these loans. Any guidance would be greatly appreciated.
I put 5% down ($18,400), mortgage for $294,400 @ 6.5%, and an installment loan for $55,200 @ 7.5%. The installment loan brought my money down to 20% to avoid PMI.
I have paid about $20k towards the principal so far.
I would love to take advantage of the lower interest rates being offered today. It would be great to combine these loans. Any guidance would be greatly appreciated.
It would be a great idea to take advantage of the loan interest rate in your case only if your home have not lost any value.
Have there been any foreclosures in your area? If so, the value of your home may have decreased. The only way you can tell is by an apprasail.
If you request a refinance, an appraisal is required.
Hopefully your home is worth a lot more than what you paid for it. You can combine your two payments into one monthly payment for the interest rate right now.
This is a great idea!You should go for it =)
Have there been any foreclosures in your area? If so, the value of your home may have decreased. The only way you can tell is by an apprasail.
If you request a refinance, an appraisal is required.
Hopefully your home is worth a lot more than what you paid for it. You can combine your two payments into one monthly payment for the interest rate right now.
This is a great idea!You should go for it =)