Posted on: 21st Oct, 2010 07:38 am
i would like to refinance at a lower interest rate. i currently owe $106,000.00 on my home which is at a rate of 5.65% and is a 30 year loan. i would like to go to a 20 year loan. should i refinance or get a home equity loan to cut the closing costs? i do also have a home equity/2nd mortagage owing $16,000.00 do i combine these? please help! my home was appraised 2 years ago at $153,000.00.
You should just refinance the whole thing to a rate that is more than 1% lower than what you have now.;
Thank you for responding, but I don't think I have enough equity to put both together?
