Advice on When it Makes Sense to Refinance

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Advice on When it Makes Sense to Refinance

colleenzielske

Posted on: 14th Jul, 2009 11:08 am

i owe $13,500 @ 6.385 on my first mortgage and $11,500 on my equity line. i need home repairs and was considering a refinance to consolidate both mortgages. i have a quote of 6.185 on a 10 year fixed. is this wise or should i just use my equity line for the repairs.

Total Reply : 4

6.185 sounds very high. Try bankrate.com for a better rate. Personally I would refi. If you can get a rate closer to 5 - 5.25% your payback should be less than two years.

colleenzielske

Posted on: 14th Jul, 2009 11:22 am

Does bank rate .com provide correct rate?

catharin9

Posted on: 15th Jul, 2009 10:00 am

SHALL I GET BELOW 5?
IS IT POSSIBLE?

catharin9

Posted on: 15th Jul, 2009 10:01 am

in foreclosure, it's usually not likely that anyone is going to refinance the mortgage.