I enjoy a current mortgage rate of 5.5 & an equity loan rate of 7.79. Is in attendance a loan where on earth I can combine them?
Answers:
As a former loan officer, first of all I would need to know if the home equity loan or the current mortgage is adjustable. If they are grasp out of them. Look for a mortgage with zero or no points. If you do want to re-finance the second mortgage loan will hold to be added to the new mortgage. What did you use the funds for? Vacation, car or credit card balance and do you want to spread them out over a long period of time. I suggest that you talk to your local edge. I do not like mortgage companies and I do not like adjustable mortgages.
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Yes you can refinance and combine them both into one but you might be better off in the treaty you have now. Call a mortgage broker for an analysis.
You can refinance but near has to be a benefit for you - such as reduction within payment, rate (effective rate), term or currency out. You should evaluate the costs of doing a refi vs your current situation. Even when lenders do not charge origination or Discount points, there are fees to complete the mortgage, docs stamps, title etc.
I would welcome the opportunity to discuss your situation and provide you beside a fair, honest and accurate evaluation. I have be in mortgage banking for 5 years and financial accounting for over 15.
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Shannon Source(s): http://www.rbccentura.com/personal/mortg…
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