Posted on: 08th Oct, 2010 10:11 am
:roll: We'd love to consolidate loans to possibly save money each month or pay down loan sooner...not sure what to do...as we have 8 yrs paid on a 30yr fixed...have been paying extra ea.month to make 1 extra payment a year...($1502/mo.@5.393 interest rate)completed 1 yr of that. We also have a fixed HEL inwhich we owe an est.$61,000@6.49% payments are $651/mo. and that matures 6/15/2021 (11yrs to go)...as well as, an open line of credit for $50,000 which is just about maxed out and it's an interest only loan of prime minus .5%...payments are just under $400/mo. We get paid bimonthly.
Are we better off staying with what we have...but struggling...or consolidating to a 15 or 20 yr loan...We didn't really want to start over with a 30yr. but we fear we may cut ourselves to tight to make a stiff 15yr fixed payment??? Please advise!!! Thanks!!! :roll:
Are we better off staying with what we have...but struggling...or consolidating to a 15 or 20 yr loan...We didn't really want to start over with a 30yr. but we fear we may cut ourselves to tight to make a stiff 15yr fixed payment??? Please advise!!! Thanks!!! :roll:
We owe an est.$110 on our mortgage....The house was worth about $450,000 but after housing drop in our area...maybe at $350,000. We have about 12,000 in credit card debt. Paying out about $2500/mo in loan payments plus paying on the credit card debt....but we are often overdrawn...and without cash. Really feel as though we need to consolidate our loans.??? This is referenced to the above...Thanks!
Based on your description I think your best bet is to consolidate with a new mortgage by refinancing. Keep in mind that rates are at all time lows, and you'll get an excellent rate (assuming very good-excellent credit) at this time. You ought to be able to obtain a fixed rate that will approximate (or better) what you're paying now, still leaving yourselves equity in the home, etc.
I don't see any reason for you to delay.
I don't see any reason for you to delay.
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Not sure what that has to due with consolidating loans, but there's some truth to it.