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Open Question: Refinancing advice needed (esp. mortgage professionals) what is the be

Open Question: Refinancing advice needed (esp. mortgage professionals) what is the be

This is a discussion on Open Question: Refinancing advice needed (esp. mortgage professionals) what is the be within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; My husband and I bought our home a little over two years ago with 80/20 financing. 1st mortgage rate is ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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09-22-2008, 06:11 PM

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Open Question: Refinancing advice needed (esp. mortgage professionals) what is the be

My husband and I bought our home a little over two years ago with 80/20 financing. 1st mortgage rate is 7%, 2nd is about 9 or 10%. We don't have much equity in our home because of the present market, 5% possibly. We really want to snowball our debt and eliminate 2nd mortgage entirely and get a 15year loan. What makes the most financial sense? 1) Refi now into one low-rate fixed loan (either 15,20, or 30yr) We would have to pay PMI on top of that because we don't have 20% equity. 2) Snowball debt including 2nd mortgage and don't rush to refi.

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advice, esp, mortgage, needed, open, professionals, question, refinancing

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