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Open Question: refinancing question related to the dropping interest rates?

Open Question: refinancing question related to the dropping interest rates?

This is a discussion on Open Question: refinancing question related to the dropping interest rates? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; How do you go about it? We've lived in our home approx. 18 mos. The mortgage we took out was ...

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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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02-01-2008, 07:08 PM

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Open Question: refinancing question related to the dropping interest rates?

How do you go about it? We've lived in our home approx. 18 mos. The mortgage we took out was an 80/20... which means 80 % mortgage, and 20% home equity. So the mortgage is a fixed 30 yrs @ 6.5 %; however, the equity is a variable 15yr at about 7.25% right now. Is it possible to refinance, at least the variable rate. Is it worth it to try a refinance or will it not make much of a difference, and does refinancing affect your credit in any way? I don't want to ruin my credit. Thanks

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