I'm looking to refinance my mortgage, I enjoy 96 months departed to income on my existing one and i enjoy a home equity
line of credit.Im wondering if I should just refinance the mortgage singular? the mortgage and home equity together?I have an 8.25 interest rate on the first mortgage,7.20 on the equity, I was looking into an enhanced refinancing prospect.Also i took the equity to fix/remodel some of the house,if i add that to the refinancing I havent the money to use to do the much needed repairs,,,any help
Answers:
Depending on your credit ranking and other financial considerations, you might do well (save money) by refinancing them together.
They will not allow you to refinance a mortgage with a home equity line still overt, because that is considered a second mortgage. However if you do refinance you can wrap what you owe into the first mortgage and open a rank of credit at the same time, Chase will even lower your closing cost if you do a line of credit at alike time. Plus your interest rate is high, so you will do better to refinance both together, call a loan agent they will turn over your options, with no hassle that you "have" to refinance.
Good luck.
Suggest you also do some calculation on the effect of the refinance. If you took the money that you'll probably have to pay surrounded by fees and put that directly against the mortgage you may end up with a network savings in interest. With individual 8 years to go (didn't specify the original term) the amount of interest you are paying on the first is probably relatively low.
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Answers:
Depending on your credit ranking and other financial considerations, you might do well (save money) by refinancing them together.
They will not allow you to refinance a mortgage with a home equity line still overt, because that is considered a second mortgage. However if you do refinance you can wrap what you owe into the first mortgage and open a rank of credit at the same time, Chase will even lower your closing cost if you do a line of credit at alike time. Plus your interest rate is high, so you will do better to refinance both together, call a loan agent they will turn over your options, with no hassle that you "have" to refinance.
Good luck.
Suggest you also do some calculation on the effect of the refinance. If you took the money that you'll probably have to pay surrounded by fees and put that directly against the mortgage you may end up with a network savings in interest. With individual 8 years to go (didn't specify the original term) the amount of interest you are paying on the first is probably relatively low.
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