Combine mortgage and home equity loans
Hi Terry–Single man 67 years old (good health)–I bring home about 4000 per month. I have 27 years left on a 181600 mortgage at 3.8 percent–have a home equity loan left 16000 @ 3.3. My mortgage is 1365 per month (I add 135 extra to make it a 1500 mortgage–Home Equity I put another 500 towards that. Credit cards total about 600. My savings are pretty slim. Question is stay put or combine both at 3.3 with a broker I know. Thank Terry
Terry Says
You should definitely combine both loans — And at your age, since you’re unlikely to pay off the mortgage in your lifetime, you should take out a 30-year loan! Yes, it’s a long time, but the lowest payment.
Now your mortgage broker is not your friend — unless he can get you a 30 year fixed rate mortgage AT UNDER 3%. That is the max you should pay! Start now — and if your friend say you have to pay fees or costs, then go to MY mortgage broker friend, Leslie Struthers at Guaranteed Rate. Her email is Leslie@rate.com. (You don’t have to use my name; I get nothing out of this except the knowledge that you will be treated well!)
