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Should I bother with refinance

Should I bother with refinance

I have a mortgage at 6.1 interest that has 20 years left to go. I pay 396.00 per month 47,000 left to go. I have an equity loan that has 17,000 left on it, 11% interest. I pay 77.00 on it but I pay additional on the principal for a total of 300.00. It seems that if I keep going on the equity loan I should have it paid off in 5 years. I spoke with a lender who wants to combine both loans into a 10 year loan, but it seems that the payments would be too high. Should I bother? Credit Good.


Anonymous's picture
Anonymous (not verified)
15-01-2016

1 Answers
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A refinance should come at an interest rate of 4% or lower. If it does in your case, then you may go ahead. Still, consult with a mortgage broker before refinancing.

Caron | Asked on 2016-03-08 03:17:23

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