Should we refinance?
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Should we refinance?
| Tue, 12-23-2008 - 11:44am |
Here's our situation: We bought our house in April 2007. 80% is financed with Loan 1- 30 year fixed at 6.0%. 15% is financed with Loan 2
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Alex 3'9 1/2"
Sherry
happily married since 2003...a blended family with 4 kids, 1 grandchild and second grandbaby due in September
Sherry<with 3 kids, 2 beautiful granddaughters
You'll need to make sure that you don't end up having to pay PMI. In order to avoid that, your house needs to appraise for at least 20% more than the amount you owe in order to stay within the 80/20 ratio. If you can keep within that guideline and get a better interest rate, it may be worth it. One more thing to consider is closing costs. Even on a loan that has no fees up front, there may be any number of things that they can roll into the loan. Again, your main goal is to stay within that 80/20 ratio and lower your payments.
Good luck!
Laura
Laura