Posted on: 18th Aug, 2010 12:25 pm
i have my primary mortgage with 275,000 left (30 yr fixed at 5.875 312,000 original) and 25 yr 2 mo remaining. i have heloc of 46,117 (52,000 15 yr. balloon original terms) at 8.033 with 12 years remaining. with rates so low i'd like to refinance. is it worth it? am i required to do fha if i consolidate? should i consolidate?
If you can it would absolutely make sense to refinance. What the home is worth will likely be the key factor.
What is the approximate value?
What is the approximate value?
I would hope 340,000 to 350,000 (all depends on appraisal I guess!)
I am hoping somewhere between 340,000 to 350,000 (or more!) but all depends on the appraisal. Was up around 400,000 when we bought but the market hit hard here!
Then yes it would absolutely be worth your time to look into refinancing. Was the second loan taken out at time of purchase or subsequently? Where are you located?
certainly look into refinancing.
if the second mortgage and first mortgage were both acquired at the time of purchase, it may be possible to do a rate and term conventional loan refinance with pmi.
an fha loan is a possibility of property is located in a county that allows fha mortgages that high.
if the second mortgage and first mortgage were both acquired at the time of purchase, it may be possible to do a rate and term conventional loan refinance with pmi.
an fha loan is a possibility of property is located in a county that allows fha mortgages that high.
I agree with both John and Nic, there's no better time than right now and seems that you have several options. The value of your home will determine which avenue you're going to take.
