I can refi and cashout about $10,000 and add the loan costs to my loan and still have same payment, or less, as now with same type loan just lower interest. I'd owe about $17,000 more than before though and start a new 30 yr period. My current loan I've only had for 14 mo's. Is it worth it to do? Is there a formula that tells you when it pays to do this?
2007-03-17 13:15:00 · 6 answers · asked by MARK S 2 in Business & Finance ➔ Renting & Real Estate
Try this calculator:
http://cgi.money.cnn.com/tools/cutmortgage/cutmortgage.html
My thought is that I wouldn't do it unless you need the $10k. If I understand correctly this implies $7k in refinance fees and that seems steep to me.
2007-03-17 13:21:17 · answer #1 · answered by Billl 2 · 0⤊ 0⤋
The housing "bubble" is a reality in SOME markets. In others (like mine) RE is appreciating at a nice clip (5-9%/yr) and is projected to do so for at least another 10 years. Don't assume you'l be upside down. Your house may well be worth more if your market is stable.
2007-03-17 13:47:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First, contact the non-public loan organisation and see in case you are able to set your self up on an pastime-in person-friendly words plan, the position you at the instantaneous are not paying down the critical yet you're staying present day. 2d, get a 2d pastime or do in spite of it takes to shop your head above water. in case you lose your living house it ought to financially wreck you and also you want to take this heavily and do something NOW. Mow lawns once you may.
2016-11-26 19:34:45 · answer #3 · answered by jorelus 4 · 0⤊ 0⤋
You might want to compare costs of a Home Equity Loan to what you are doing.
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2007-03-17 17:28:26 · answer #4 · answered by annalisa.fontana 2 · 0⤊ 0⤋
It is worth if you use the money to invest and make some profit out of it. But if you use the the money for your own expenditure then you will be in debt forever. The faster you are out of debt, you will be better off.
2007-03-17 13:29:46 · answer #5 · answered by Carol T 2 · 0⤊ 0⤋
why do you need the Cash? Do you want to be upside down?
http://www.breakingbubble.com/
IF you do this you will not be able to sell except for a loss in the next seven years.
2007-03-17 13:31:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋