 Re: Put money down on 1st loan or second loan.
Steve,
thanks much for your inputs.
I hear you that cash is king, and I totally agree with that...Hence, I wanted to know what would be best use of this cash. Of course I want to bring the interest rate down as well as build some equity on the property.
You wrote:
You might consider this. Contact the lender of the 2nd. Tell them that you will pay the 2nd down to 100% combined loan to value if they will lower the interest rate down to the 6%-8% range
but then the interest rate I am paying right now on the mortgage (252K) is 5.85percent. The other home equity loan is variable. The lender for both the loans are Wells Fargo. And the other day I got a call from them asking me if I wanted to refinance the second loan (home equity). In fact, right now I have the cash reserve to pay off the entire second loan ( 62K)...
could you please tell me what is combined loan to value and which loan's interest rate should come down to 6% to 8% range?
I am little confused. But forgive me for my ignorance.
I much appreciate your time and help in this regards, Steve.
Avani |