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Ok, I have a question regarding 15 year mortgage [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. We owe 145,000 @ 5.5 % on our first mortgage and have a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] for 21,000 @ 8.5 %. Our value 188,000 according to Willow web site. Should we be refinancing to a 15 year mortgage?
we pay extra on our loans totaling 1750 a month already.

tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

How many years are you into your mortgage? What are your taxes and insurance come to annually?

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jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should refinance to something if you can. 15 Year fixed is fine, but 20 year fixed and 30 year fixed are ok also.
Did you get the equity loan at purchase, same time as the first mortgage, at purchase? If yes, it will be a rate and term refinance. If not, it is cash out refinance for a conventional loan and cash out to over 85% of value is probably not available.
An option is to combine the two into an FHA mortgage. That will eat up some of the savings you could have with a conventional loan if you were at 80% of value or less, but you are not. Rates are so low, even an FHA mortgage could make sense.
To provide a better answer to you, need to know:
1. Did you get the first and [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] at the same time at purchase?
2. What is the term of the equity loan---15 or 20 or ????years.
3. What are present required monthly P&I payments, or what balance did the existing mortgages start at?
4. You pay $1,750 monthly. Does that include taxes and home insurance? I can not tell what your required payments are nor what extra you are paying monthly toward principal. Whatever you are paying extra, the entire extra paytment should be made on the equity loan at 8.5%. When that is gone, you can then pay extra on the first mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a 30 year mortgage of 65k at 6% interest i am only 3 years in on payment but my credit is good (didnt have any credit then) my payments are only 508 a month but saving is saving and should i change payments to bi-weekly?

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jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The data you provided confuses me, so, I can not answer your question.

If your payment is $508 monthly, does that include taxes and home insurance and private mortgage insurance?

If $508 is only the principal and interest at 6% on a 30 year mortgage, then your principal started at $84,730.
Did your mortgage start at $84,730 three years ago?

If it did and you paid $508 principal and interest monthly, the balance after 36 months would be $81,412. But, your balance is $65,000.

The numbers do not add up unless you have been paying extra every month.

I can answer your wquestion if you tell me the following:
1. What balance did the mortgage start at?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a high interest rate - 6.2% and am 6 years into a 30 year fixed rate mortgage. Will it be a good option refinancing to a 15 year mortgage? After some home improvement, the property value has increased and I have a stable job at present. I also need to know the rates on 15 year fixed mortgage [url=http://www.mortgagefit.com/refinance.html]refinance[/url].

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Keeping in mind the interest rates available these days, 6.2% is really quite high. You can refinance your existing mortgage into a 15 year fixed rate mortgage and take advantage of the low rates. I hope you have a good credit score in order to get the loan. As of today, the rates on 15 year fixed mortgage refinance is 2.92%. However, this rate keeps on changing on a daily basis.

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opondo_moses1's picture
opondo_moses1 | Joined: October 22, 2012 12:16 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The decision to go for 15 year fixed mortgage should be informed by your ability to afford the repayments now and in the future.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what would be the monthly payment if a bank offers a 15 year mortgage at an apr of 6.2%

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tyler,

Check out the given page in order to know what your monthly mortgage payments will be like:
http://www.mortgagefit.com/calculators/howmuch-pay.html

Thanks

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