Posted on: 22nd May, 2009 01:36 pm
I have a home valued at $310,000
1st mortgage at 6.00% Interest only 5 year I'm going into year 3 $165,000 balance- We plunk money on top of interest a lot
2nd mortgage $15,000
Quoted 4.875 with excellent credit with 0 points- Fixed 30 year
1st mortgage at 6.00% Interest only 5 year I'm going into year 3 $165,000 balance- We plunk money on top of interest a lot
2nd mortgage $15,000
Quoted 4.875 with excellent credit with 0 points- Fixed 30 year
thats really a good rate. i think you should go with refinance.
check what is your closign cost would be.
alos to make sure at the end of 30 years you are not goign to be paying more ( if you are plannign to keep the house for 30 years).
compare the two loans ( one which is for 27 years and the new one which is 30 years.
also get some competative quote if possible.
looks like you have lot of equity in the house and also you are current and probably you have a good credit score(i guessing).
check what is your closign cost would be.
alos to make sure at the end of 30 years you are not goign to be paying more ( if you are plannign to keep the house for 30 years).
compare the two loans ( one which is for 27 years and the new one which is 30 years.
also get some competative quote if possible.
looks like you have lot of equity in the house and also you are current and probably you have a good credit score(i guessing).
Hi mattglore,
Refinance is a good option if you are planning to stay in the property for the next 5-6 years at least. If you are planning to stay in the property for around 1-2 years, then I would suggest not to refinance it.
Rates are going quite low these days and the rate that you're getting is quite good in my opinion. I hope you're refinancing both the loans into one single mortgage. In my opinion it is a good deal and you should go for it.
Thanks
Refinance is a good option if you are planning to stay in the property for the next 5-6 years at least. If you are planning to stay in the property for around 1-2 years, then I would suggest not to refinance it.
Rates are going quite low these days and the rate that you're getting is quite good in my opinion. I hope you're refinancing both the loans into one single mortgage. In my opinion it is a good deal and you should go for it.
Thanks
Refinance is best option in this recesion period as you want to keep property for 30 years you will definately get benefited.
Definately present situation you have to choose refinance option
Definately present situation you have to choose refinance option
Matt
The best scenario for you would be to refinance both loans into one and then continue to make the same payments that you are making now. If you can, stretch yourself into a 15 or 20 yr loan.
The best scenario for you would be to refinance both loans into one and then continue to make the same payments that you are making now. If you can, stretch yourself into a 15 or 20 yr loan.
remarkable how many responses the easy questions get, isn't it? at least mr x responds to virtually everyone.
