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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Should I refi?
I have a mortgage...and 2 different HELOC's. The first mortgage is not a 30 year fixed...
Should I refi all 3 of the various loans into 1 big jumbo 30 year fixed? The 2 HELOC's rates have increased and are now almost 9%...which is why I want to get rid of them.
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Posted 2/24/06 3:26 PM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Should I refi?
would you like me to ask my DH - he owns a mortgage company
I am not soiliting business for him- but he can offer you advice
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| Posted 2/24/06 3:43 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Should I refi?
what is the rate of the new loan? What will your new payment be? If you can save a couple of hundred $$$'s a month then I say go for it. You can always pay more to the loan payment each month. 
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| Posted 2/24/06 3:52 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Should I refi?
Posted by Beth1210
would you like me to ask my DH - he owns a mortgage company
I am not soiliting business for him- but he can offer you advice
Absolutely! I am in NJ if that makes any difference. Thanks much!
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| Posted 2/24/06 3:52 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Should I refi?
Posted by Lisa
what is the rate of the new loan? What will your new payment be? If you can save a couple of hundred $$$'s a month then I say go for it. You can always pay more to the loan payment each month.
I haven't actually spoken to anyone yet...just been playing with the online calculators and such. Yes, I could probably save close to $500/month.
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| Posted 2/24/06 3:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Should I refi?
I emailed him- I will get back to you with an answer
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| Posted 2/24/06 3:55 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Should I refi?
if you can save that much you should refi
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| Posted 2/24/06 3:56 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Should I refi?
My bank does Heloc that allow you to fix the rate Maybe they offer something like that 
Message edited 2/24/2006 4:01:00 PM.
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| Posted 2/24/06 4:00 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Should I refi?
The problem is...we just totally re-did the house...so I don't know if getting it reappraised will do anything. Since I used the HELOC to pay for the remodeling, I don't know if it's worth it to refi.
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| Posted 2/24/06 4:04 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Should I refi?
Posted by luvsun27
The problem is...we just totally re-did the house...so I don't know if getting it reappraised will do anything. Since I used the HELOC to pay for the remodeling, I don't know if it's worth it to refi.
If the house is completely renovated, would it not definitely appraise for higher than you paid for it? We did major improvements to our house that increased the value significantly and we are refinancing to lower the term of the mortgage.
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| Posted 2/24/06 4:09 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Should I refi?
Posted by ODonnell
Posted by luvsun27
The problem is...we just totally re-did the house...so I don't know if getting it reappraised will do anything. Since I used the HELOC to pay for the remodeling, I don't know if it's worth it to refi.
If the house is completely renovated, would it not definitely appraise for higher than you paid for it? We did major improvements to our house that increased the value significantly and we are refinancing to lower the term of the mortgage.
Yes...that is exactly what I'm trying to accomplish. Did you just refi like you would for anything else...or is there something special I need to do? I assume the bank will come and appraise it to see all the work that was done to increase the value?
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| Posted 2/24/06 4:10 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Should I refi?
Posted by luvsun27
The problem is...we just totally re-did the house...so I don't know if getting it reappraised will do anything. Since I used the HELOC to pay for the remodeling, I don't know if it's worth it to refi.
im sending you FM
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| Posted 2/24/06 4:44 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Should I refi?
Posted by luvsun27
Posted by ODonnell
Posted by luvsun27
The problem is...we just totally re-did the house...so I don't know if getting it reappraised will do anything. Since I used the HELOC to pay for the remodeling, I don't know if it's worth it to refi.
If the house is completely renovated, would it not definitely appraise for higher than you paid for it? We did major improvements to our house that increased the value significantly and we are refinancing to lower the term of the mortgage.
Yes...that is exactly what I'm trying to accomplish. Did you just refi like you would for anything else...or is there something special I need to do? I assume the bank will come and appraise it to see all the work that was done to increase the value?
A refinance is not like getting the mortgage all over again. I never refinanced anything else so I have nothing to compare it to, but do call your bank and they will explain what you will have to pay in your closing costs. We actually brought our mortgage down from a 30 year to a 15 year, so our payments are higher per month but at a lower rate.
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| Posted 2/24/06 5:00 PM |
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