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Looking at refinancing - should I?

Looking at refinancing - should I?

I have a home mortgage of 47,000 at 6.1 for 30 years 20 years left.. I have a home equity loan that was for 30 years that has 17,000 left. I pay 392.00 on the first mortgage and only have to pay 77 per month on the equity loan. I have been over paying on principal on the equity loan for a total of $300.00. I talked to a lender who suggested combining the loans and refinancing for 10 years, but the payments are a little too high. Should I bother refinancing at all? It seems that if I keep going I will have the equity loan paid of in 5 years. Which way to go?

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2 Answers

Run the numbers and see what makes sense - 20 years is a long time if you are paying the minimums if you are adding to it you can knock off the balance quicker Since it is a smaller loan size it may make more sense to just hold out - the cost to refi may make it a waste of time and energy   Brian Barnes Nationwide Mortgage lender

brian1 | Asked on 2016-01-18

Whether you should borrow or not will depend on your mortgage loan affordability as per your present financial health. Do evaluate how much mortgage you can afford before taking the final plunge. 

Caron | Asked on 2016-01-19

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