I have a first and a second on my duplex I occupy. Combined loans of $465k at less than 3% variable rate. My credit is excellent & no lates.

What would be the best plan to combine as the value of property is about 900k?

Asked by Ron

1 Answer

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Answered by Matthew Mcfadden, Financial Adviser in Philadelphia, PA
Ron,

After reading your comment about your duplex, 3% is a very good rate. The only problem is that it's a variable rate not a fixed rate. Furthermore, The Fed plans on raising rates sometime in late 2015, so that 3% will become much higher once that happens. I would suggest locking in a 30/15 year fixed rate to eliminate interest rate risk. After looking at my interest rate table for nonconforming loans, you should be able to refinance at 4% and not have to worry about rates going up or down. Call me if you have want to discuss further. My contact information is in my profile.

Matt McFadden | 02.17.15 @ 17:15
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 14:07
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