HI Terry. I owe 30000 on home equity. My mtg. Is 230000. The bank wont let me refinance mtg. And equity together. Im 2 years into a7year arm.Should I refinance the 230000 ? Also what is best ..save liquid emergency or pay down home equity or do a little of both..also im a city worker im 54.i have 21 years on job. Is it better at my age to put into deferred comp or Roth ira?am i too old to put my money in a higher risk
Terry Says: If you have $70,000 equity and a good job, you should be able to refi your mortgage. Contact Leslie Struthers (Leslie@guaranteedrate.com) and give her the details. I’m betting that unless there are other circumstances you did not mention, you can lower your rate and have more4 money to save. Use a Roth IRA — better to have some on the side, especially if you are a city of Chicago worker!