Posted on: 11th Oct, 2012 03:25 pm
Hello! We are in the process of refinancing our home mortgage. We have 3 loans: 1st loan-bank A with $170K bal @ 5.5% 20 more years left; 2nd loan- bank B with $50K bal @ 6.5% fixed equity loan 15 years left; and 3rd loan- bank A HELOC with $8K balance. Our home was appraised for $220k but our total loan is almost $230. Our loan officer said that we are not qualified for the HARP program and they can only refi the first loan due to the low appraised value. We need to pay $400 for a subordination approval which is required for refinancing the 1st loan. If we refi the first loan for another 30 years, we will have a savings of $400 a month. If we decide for 20 years, it will be a $200 saving a month. Please advise if we are in the right direction. We are planning to stay in our home for a long time. Thanks!
hi hopia,
as you're planning to stay in the property for a long period of time, it will be a good idea to refinance the mortgage. you can refinance the loan for a 30 year term and save around $400. with time, you will be able to offset the closing costs that you will pay at the time of refinancing.
thanks
as you're planning to stay in the property for a long period of time, it will be a good idea to refinance the mortgage. you can refinance the loan for a 30 year term and save around $400. with time, you will be able to offset the closing costs that you will pay at the time of refinancing.
thanks
Welcome Hopia,
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html