I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?
4 Comment(s)
Yeah you can as long as it’s seasoned. Email me if you need more info.
Yes, but i’d go 30 years with a fixed rate and open end which means you can pay down the morthage anytime. Also request an amortization so you’ll have a break down between the principle/ interest.
That would be the start financial move. 15 year fixed rates are as low as 4.875% currently. Get rid of that high HELOC rate and lower your mortgage rate in one move.
Yeah you can as long as it’s seasoned. Email me if you need more info.
takeme2thebnk | May 19, 2009 | Reply
Yes, but i’d go 30 years with a fixed rate and open end which means you can pay down the morthage anytime. Also request an amortization so you’ll have a break down between the principle/ interest.
stan c | May 22, 2009 | Reply
That would be the start financial move. 15 year fixed rates are as low as 4.875% currently. Get rid of that high HELOC rate and lower your mortgage rate in one move.
GVD | May 25, 2009 | Reply
Unsure how to answer since we don’t know what the interest rate is on either of the loans.
Steve R | May 28, 2009 | Reply