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Transfer Mortgage

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marlene Guest 0.10 Dollars($)	Posted: Tue Sep 18, 2007 6:35 am    Post subject: Transfer Mortgage My 65 year old aunt has a $30 000 mortgage that is up for renewal. She also has a $8000 outstanding balance on the line of credit. Is it to her advantage to transfer the mortgage to the existing home equity, or is the advantage only to the bank? thanks Marlene
miller_st Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)	Posted: Tue Sep 18, 2007 6:58 pm    Post subject: Quote: My 65 year old aunt has a $30 000 mortgage that is up for renewal. Marlene, by renewal do you mean that the rates are going to adjust on the mortgage or did you mean refinance? Miller
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Wed Sep 19, 2007 12:12 am    Post subject: Hi Marlene, The interest rate on a HELOC is usually high. So, I think, it will be of no use if your aunt transfers her first mortgage to the existing HELOC as in that case, she may have to make higher monthly payments.
liaoyu03 Joined: 09 Sep 2007 Posts: 177 4.80 Dollars($)	Posted: Sun Sep 30, 2007 10:45 pm    Post subject: It's not advantage to her to transfer the mortgage to the existing home equity.

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