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remortgage or refi or anything else?

By Terry Savage on September 22, 2022 | Housing / Real Estate

Hi Terry

Just watched your segment and my wife and I hoping you could help. We have a great 15 year mortgage, owing 116k @2.25 with 6.5 years left. We also have an adjustable home eauity of 120k and just paying interest. That was great for a while but now with interest rates rising, not usre if we should refi both loans, wait for interest rates to lower or just do a fixed loan on the home equity.

Any advise would be greatly appreciated.

Thank you

Terry Says

Oh my goodness. This is a horrible problem. How on earth did you get into this situation? You should have refinanced it all into one loan at least a year ago. Now rates have doubled!
Right now, there are no good solutions. Contact my friend Leslie Struthers at Guaranteed Rate (Leslie@rate.com) and she will let you know what your best options are — depending on your home equity and income, etc.

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