 maggiejohnson
Joined: 03 Jun 2009
Posts: 1
1.00 Dollars($)
|
 Posted: Wed Jun 03, 2009 7:28 am Post subject: Can you give us an idea as to whether we would be better off |
|
|
Can you give us an idea as to whether we would be better off refinancing/consolidation...We are looking to refinance and consolidate high interest high balance credit cards. We have received an off from Advanced Financial Services for a preapproved loan of up to 271,000.00 at a fixed rate of 5% (5.458%apr).
My husband has been at his job for 7 years. I am a Registered Nurse. I have been working per diem but start a new fukk time job on Monday. My starting hourly rate is $25.00 per hour. My current house payment is 1300.oo month.
Any help you can offer will be appreciated.
Sincerely,
Margaret Johnson |
|
jameshogg
Joined: 20 Dec 2005
Posts: 5157
Location: nevada
644.20 Dollars($)
|
| Posted: Wed Jun 03, 2009 10:30 pm Post subject: |
|
|
Hi maggie,
Are you planning to stay in the property for a longer period of time? If you plan to stay in the property for say 5-8 years, then refinancing the property would be a good idea. You'll be able to recover the closing costs within this period of time. However, if you do not intend to stay in the property for so long, then I don't think refinancing is a good idea.
Thanks |
|
