If I have a 4.875% first loan at $635k and a $100k loan at 7% interest and the home is worth $1.3m - would you refinance now?
Answers | 14
Mark - thanks for the post / question
Yes - depending on your goals - refinancing is likely to be easily beneficial to do .....market rates are lower than 4.875% so if you want to lower rate to decrease payment - should be possible ( assuming you qualify) .....if you want to shorten the debt life- this could be possible too without much impact on payment amounts .....feel free to contact us for more detailed options
Mark - thanks for the additional information ....what county are you in ? San Diego ? if so - high balance limit is $562,350 for 2015 I believe
Assuming you are interested in a new 30yr fixed rate loan ....these rates are in the high 3% to mid 4% range ( depending on fees/ costs ...so likely soem decent options to consider
key question - is the heloc / 2ndf mortgage a loan you took out when you purchase the home or is it one you took out after you alredy owned the home ??
2 new loans to replace present loan - either make the new 1st mortgage the max high balance conforming amount or a new jumbo sized loan ......the new 2nd mtg would be in the 4.75%- 5.25% range
No doubt there are lower interest rates and better terms available to you.
Do you need any additional cash out? Or are you looking to combine the 2 mortgages?
You have several options and we can review these in detail if you have time for a call.