Wondering if Ishould refinance with a New Mortgage
Hi Terry , I love listening to you ! I was wondering if it would be Ok to refinance and get a New Mortgage .
As of now I recently got a HELOC loan for $48,000 at a rate of 5 %, My mortgage is at
5% and I just recently had to replace all of my water pipes including the Sewer pipes to the street . That is another loan of $23.000 at 12.9 % over 10 years. I want to see if there is a way to combine loans and make a big payment once a week . Please advise if you can . I would appreciate it – Thank you so much
Terry Says
With mortgage rates dropping, and considering that high rate you are paying on a HELOC, it might be worthwhile to refinance them all into one 15 year loan — assuming you could qualify based on income and credit score.
If you’re a regular WGN listener, you’ve heard mortgage expert David Hochberg. Go to his website here.
You won’t be making weekly payments, but you might ask for a twice-a-month payment schedule to repay this loan more quickly.
