Posted on: 06th Aug, 2010 05:16 am
i have 23 years left on 30 year mortgage with $148,000 balance at 5.7%.
i have $22,000 equity loan at 6.8% with 8 years left.
i have $26,000 school loan at 6.8% with 8 years left.
should i refinance my mortage to a current $4.7% rate/20 year mortgage
adding outstanding loans?
i would think that would increase the final interest paid of the loans since the 8 year payoff would be rolled into 20 years new mortgage loan..or
should i take out new equity loan at 5.7% for school/equity loan, keeping them separate from new mortgage loan?
i have $22,000 equity loan at 6.8% with 8 years left.
i have $26,000 school loan at 6.8% with 8 years left.
should i refinance my mortage to a current $4.7% rate/20 year mortgage
adding outstanding loans?
i would think that would increase the final interest paid of the loans since the 8 year payoff would be rolled into 20 years new mortgage loan..or
should i take out new equity loan at 5.7% for school/equity loan, keeping them separate from new mortgage loan?
welcome neeliroo,
if you have a good amount of equity in your property, then you can contact your lender and refinance both the first and second mortgage into one. you can use the cash out amount to pay the school loan. thus, you would be responsible for paying one mortgage and the loan proceeds can help you get rid of the student loans as well.
if you have a good amount of equity in your property, then you can contact your lender and refinance both the first and second mortgage into one. you can use the cash out amount to pay the school loan. thus, you would be responsible for paying one mortgage and the loan proceeds can help you get rid of the student loans as well.