I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys.
Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks
if you have enough equity in your home you should try wrapping these loans together into one 1st mortgage at the lowest rate possible. If you can afford the payment on a 15 year fixed loan, those are probably the best rates available right now. Some banks will even let you amortize the new loan for the amount of years remaining you currently have, especially the small local private owned banks.
I think your nuts. Keep paying the first the way it is, since you've already paid most of the interest, and refi the second into a fixed home equity. I think if you have a COMPETENT loan officer work out the numbers, your not saving that much by refinancing and adding closing costs. http://answers.yahoo.com/question/accuse_write?qid=20080318155315AAoZGx1&kid=TIcvKGnYNGNXMvqo_aFE&s=comm&date=2008-03-25+17%3A23%3A05&.crumb=
whatever you do, i'd say don't take extra money out for cryin out loud, that's what got people into the current mess.
Yes but before you lock in a new rate you should watch the markets and the fed carefully. They just lowered prime rates 3/4%. That should filter out to the mortgage market too.
Home Equity loans are dirt cheap....wait and see what shakes out of the latest cut........
Definitely refinancing home mortgage is a good idea for many reasons. Most importantly because you are paying high rate of interest currently, another reason people often opt for mortgage refinancing is to get rid of mortgage payments quickly. You can easily pay off your home mortgage loan by just adding an extra $100 to your monthly payments. Learn more on the subject, log into: http://www.4refinancemortgage.com/torefinancemortgage/mortgage_refinance.html
To get a home mortgage loan you need to work hard especially if your credit record is bad and if you don’t have a regular source of income. Start your search for home mortgage loan by taking quotes from lenders. You can take quotes from online lenders as well. Know more: http://www.4refinancemortgage.com/refinancemortageloan/homerefinancing.html
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