Ask Terry Questions Refinace two mortgages

Refinace two mortgages

By Terry Savage on August 21, 2018 | Housing / Real Estate

Have one mortgage at Bank of America at 8.5 for 61,000 another at Citi bank at 3.5 for 135,000 would like to combine them in one. What do you think of Quicken Loans? They are offering me 200,747 loan at 3.75% fixed loan type FHA 15 year fixed refinance, a savings of $435.00! Have 19 more years to pay on 61,000 and 20 years on 135,000.

Terry Says

I’d suggest you grab it! That’s a very low rate, and you’ll have the loan paid off in 15 years. But are you sure you can afford the monthly payments, which will likely be higher than the total of the two you are paying now?



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