By Admin on Jan 31, 2009 in Personal Finance
Ray F asked:
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?
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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?
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Yeah you can as long as it’s seasoned. Email me if you need more info.
takeme2thebnk | Feb 2, 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 | Feb 4, 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 | Feb 5, 2009 | Reply
Unsure how to answer since we don’t know what the interest rate is on either of the loans.
Steve R | Feb 9, 2009 | Reply