Ask Terry Questions home equity enough for refi?

home equity enough for refi?

By Terry Savage on April 29, 2015 | Housing / Real Estate

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 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  ( 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!

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