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Should I refinance or pay more towards original principal?

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heyward Guest	Posted: Thu Jun 30, 2011 5:39 am    Post subject: refiniancing Like 0 Dislike 0 I am thinking of refinancing by combining a mortgage and equity loan. Morgage is 80,000 at 6.5 and equity loan is 55,000 a 2.25. Is it a good to combine and refnance at 4.875?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jun 30, 2011 8:14 am    Post subject: Like 0 Dislike 0 Heyward, that's too little information for a proper answer. You didn't indicate the term of the proposed loan. Nor did you note the existing length of time you have remaining on each of these two loans. That's information that would allow someone here to reasonably comment on your question. Certainly, the shorter the term of the new loan, the better your situation would be. You most definitely don't want to be refinancing for a 30-year period, for example; which would cost you many thousands of dollars in interest costs over time. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
wally Guest	Posted: Thu Oct 27, 2011 10:11 am    Post subject: should i refinance ? Like 0 Dislike 0 currently owe 143,000 with 5.625% rate at 11 years left. at 4.00 rate for 15 years refi. with $4000 closing fees would it make sense. planning to stay forever at current location.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Oct 31, 2011 12:34 am    Post subject: Like 0 Dislike 0 If you plan to stay in the property for a longer span of time, then you can refinance your mortgage and take advantage of the low rates. However, you should also note that refinance will increase the time period of paying off the loan. If you're comfortable with that, then you can definitely refinance your mortgage. _________________ Good is the Enemy of Great.
Catherine Blair Guest	Posted: Thu May 24, 2012 12:28 pm    Post subject: only 20,000 left on 15 year and 20,852 0n home equity line Like 0 Dislike 0 I have $19,882.00 left on a 15 year mortgage I took out in 2001-I already am paying the equivalent of an extra payment each year. it is at 6.5%fixed -also did improvements with a home equity line of credit-20,852.oo at3.5 %variable. I'm retired-my new car paid off-should I just pay these off as is--or refinance the 41,000-do not know if they will refinance such a small amount-don't really want extra money--thanks
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu May 24, 2012 11:08 pm    Post subject: Like 0 Dislike 0 Hi Catherine, I think it won't be a good option to refinance such a small amount now. It will be better if you could continue paying off the existing mortgage and get rid of it so that you can own the property free and clear. Thanks

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