|
#1
04-12-2005, 06:02 PM
| |||
| |||
 Re: another refi question jmck231[at]yahoo.com wrote: - quote - > We have a first mortgage (5.5% 30yr fixed) and then a second mortgage
What about refinancing with a 15 year fixed? Your rate would probably> (currently 4.75% adjustable)... took the second so that we could avoid > PMI. We are confident that 80%LTV is no longer an issue. Homes in this > area have greatly appreciated in the past two years. We had considered > refinancing, rolling both loans together, and ridding ourselves of the > second. But interest rates are slightly higher now.... our new loan > would likely be around 6%. Is it ever worth refinancing to a higher > interest rate? be lower and it would be paid off in half the time. |
|
04-12-2005, 06:01 PM
| |||
| |||
| Re: another refi question In article <1113243818.028189.245120[at]o13g2000cwo.googlegroups.com> , jmck231[at]yahoo.com wrote: - quote - > We have a first mortgage (5.5% 30yr fixed) and then a second mortgage
Yes, if the threat of a future rate hike outweighs the cost> (currently 4.75% adjustable)... took the second so that we could avoid > PMI. We are confident that 80%LTV is no longer an issue. Homes in this > area have greatly appreciated in the past two years. We had considered > refinancing, rolling both loans together, and ridding ourselves of the > second. But interest rates are slightly higher now.... our new loan > would likely be around 6%. Is it ever worth refinancing to a higher > interest rate? of the refi and the higher interest. But if you took a 2nd for 20%, I doubt that will be the case. Your better option would be to work your butt off for the next year or two and pay off that 2nd. -john- -- ================================================== ==================== John A. Weeks III 952-432-2708 john[at]johnweeks.com Newave Communications http://www.johnweeks.com ================================================== ==================== |
|
#-1
04-12-2005, 02:59 AM
| |||
| |||
| another refi question We have a first mortgage (5.5% 30yr fixed) and then a second mortgage (currently 4.75% adjustable)... took the second so that we could avoid PMI. We are confident that 80%LTV is no longer an issue. Homes in this area have greatly appreciated in the past two years. We had considered refinancing, rolling both loans together, and ridding ourselves of the second. But interest rates are slightly higher now.... our new loan would likely be around 6%. Is it ever worth refinancing to a higher interest rate? |
| Tags |
| question, refi |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Refi count for adjusting basis? Steve: I believe the original costs involved at closing affect the adjusted basis of a house I recently converted to a rental. How about points/legal... | Taxes | 1 | 04-14-2005 04:50 PM | |
| Mortgage Refi Donna Ford: This is my first experience with refinancing a mortgage. Any suggestions on the process? I cannot find any decent info in the user's guide's index... | Microsoft Money | 1 | 03-30-2005 09:25 PM | |
| From a Refi closing, what fees can be deducted? Jennifer D: Hi, I have perused the internet, but I can't find an answer to a question that I have. I understand that points associated with a refinanced loan... | Taxes | 25 | 02-18-2005 10:36 AM | |
| Taxes on cash out during refi? Dan Kennedy: If I decide to refi my house, do I pay taxes on the cash I take this year? If not, I know the IRS is going to take their money at some point, so... | Taxes | 11 | 11-06-2004 11:19 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
