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KittyCat
Happy Summer !
Member since 5/05 2241 total posts
Name:
Kathleen
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Re-finance Question
Which is best:
re-finance a 15 year and the payment is $25 a more a month.
OR
re-finance 25 year and put in home equity loan in there also ($30K)
so confused.
Also - what about paying off a car loan $26K is that worth it ?
T.I.A.
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Posted 10/20/11 4:06 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Re-finance Question
Posted by KittyCat
Which is best:
re-finance a 15 year and the payment is $25 a more a month.
OR
re-finance 25 year and put in home equity loan in there also ($30K)
so confused.
Also - what about paying off a car loan $26K is that worth it ?
T.I.A.
Not sure what you mean by the refi 25 year with HELOC. What are the principal amounts for both loans?
And if you refi down to 15 year for only $25 more a month... i assume you are getting a huge interest rate reduction?
I would never use a HELOC to pay off a car loan. Or a credit card. Or any other sort of unsecured debt.
I like 15 year loans personally... if you can swing the paments. You build equity much faster. You pay far less mortgage interest over the life of the loan.
I am refinancing into a 15 year loan. I love the idea of having my house paid off by the time I am in my early 50s, especially considering what my house is worth.
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| Posted 10/20/11 4:35 PM |
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KittyCat
Happy Summer !
Member since 5/05 2241 total posts
Name:
Kathleen
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Re: Re-finance Question
I mean consolidate the $30K HELOC into the Mortgage $223K left
and make it one payment - don't think I could swing a 15 year with that, but maybe a 20
or just go with refinancing our reg. mortgage for 15 year about $25.00 more a month
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| Posted 10/20/11 4:40 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Re-finance Question
It depends on what the HELOC rate is. Most likely it's probably lower than what you would get in a refinance. Plus if you refi the HELOC you will probably pay closing costs on that. Closing costs plus an interest rate INCREASE? Nah.
I would refinance the primary mortgage and leave the HELOC alone.
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| Posted 10/20/11 4:55 PM |
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