Refinance Mortgage Equity
Should I refinance to roll my first mortgage and home equity loan together?
First mortgage balance is $ 115,000 5.75% 5. year for 30 years mortgage. Home equity loans recorded last year added to the home for $ 43.000 8.0%, 15-year
In most situations I recommend that you refinance and put them together but I need to know how much you think your home is worth and get some other information to be more precise. Right now you pay a total interest rate of 6.875. If you have good credit, you can more than likely qualify for anything less than that and would be able to stretch it beyond 30 years. You pay more than you have to because on your HELOC is a 15 year payment (which is obviously higher.) If you can get into a 30 year payment would it may be worth it, but it's all hypothetical until more information is given. If you want a free no obligation consultation you can fill out an application at my web site, email me or give me a call and I will be glad to answer any questions you have.