Question about Mortgage.............(m)
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Question about Mortgage.............(m)
| Thu, 06-19-2003 - 4:29pm |
We got our first mortgage almost a year ago. My question is, do I have to wait a whole year until my mortgage comes up for renewal to re-mortgage? We have a ton of equity in the house and we want to pay off debt and we can borrow up to 95% of our appraised value.
Thanks
Laura
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The best board for your question is our Real Life Real Estate board. We have real estate and mortgage people there. :o)
http://messageboards.ivillage.com/iv-mlrealestate
Ms Joe
Ms Joe
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HTH and best of luck!
Jill
you get them for 15 or 30 yr.
You have either fixed or variable interest depending on what the market is at, at that time.
Pre payment penalties, check your amortization schedule make sure that there is no balloon payment I have seen a lot of these lately and people don't even know it is there till I pointed them out. Balloon payment is one lump payment like one friend has in 2 more years of 40,000 when you don't make it they auction off the house.
Pre payment willbe listed around that schedule if you have it I don't have a prepayment penalty, some companies do and some don't.
Check your interest on the loan if it is 6% and you can get 4.5% then go for it if not and it is only 1% point stay where your at it will cost more in closing costs than it is worth.
Another thing see if your company offers biweekly payment plan where you can pay half of your mortgage every two weeks and you make an extra house payment each yr. The extra payment goes to the principal and you pay off sooner on the house.
Some places charge up to 500 cheaper than refinancing considering you can probably pay off faster.
I don't know how much equity you have, but wouldn't use a second mortgage just for bills,
use a consolidation loan for that. Unsecured loan to pay off your bills and If one of them is the credit card then they take them and cut them up on the spot usually.
They didn't have to with us we already had them cut up.
hope that helps.