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| Refinance Looking to refinance your mortgage? Learn what loan products are still available from lenders and what mortgage is best for you. |
This is a discussion on Is refinancing worth it for me......... within the Refinance forums, part of the Home Loan Section category; Hello. I am in the beginning stages of researching whether or not it is worth it to refinance my home ...
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| Junior Member Join Date: Dec 2008
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Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Is refinancing worth it for me......... Hello. I am in the beginning stages of researching whether or not it is worth it to refinance my home mortgage at this time. Here is my story: I bought my house in 4/05 for $180K. At the time of purchase I decided to get two loans to avoid PMI. I have a 30 year fixed rate standard loan with a rate of 5.875%. My second loan was originally a 15 year variable interest rate loan that I eventually cashed out and opened up a home equity line of credit through my credit union. This home equity loan has a fixed rate of 3.5% until 11/2009 and it will be variable after that. I owe $135K on my 30 year loan and $27K on my home equity loan and I would like to consder combining all into one standard 30 year loan. In addition, I would like to amortize the loan so that I do not go back to 30 more years of payments, instead I would like to continue my years of paying and only pay for 26 more years or less. I plan on living in my house for a minimum of two years. I would like to live in it longer but I think I will probably get transferred. I am not opposed to buying down my interest rate if it can pay for itself in 2 years or less. Thanks in advance for any advice. Sincerely, S |
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