2007-11-30 11:27:56 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
PPssst... your house isn't paid for anymore. You will owe again.
The advantages of having a house payment (deductible interest) will be lost on you because the amount you pay would be less than the standard deduction.
2007-11-30 11:33:02 · answer #1 · answered by beckoningsubstitutes 5 · 0⤊ 0⤋
We need more details really. If your house will be then be payed and you want to reinvest the money you get from your new mortgage then I don't think it a good idea you would be much better off saving and investing in ISA,s If you have to remortgage because you only got the mortgage for fixed rate for so many years then,you just need to shop around for the best deals, The disadvantage is that sometimes you have to pay a penalty if you change your lender you can check this out first.
2007-12-01 05:05:32 · answer #2 · answered by lucy 4 · 0⤊ 0⤋
The end of a mortgage is when you have paid the mortgage in full. The disadvantage of re-mortgaging is you no longer own the house free and clear, and you have a monthly payment you would not otherwise have.
I will GUESS you have an adjustable rate mortgage and are actually asking about refinancing when the rate adjusts (probably up). If this is the case, don't wait, a TRUE fixed rate loan is ALWAYS better than an adjustable rate.
2007-11-30 23:03:13 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
1. Closing costs-2k-7k
2. Interest rate on the money borrowed
3. Most likely a longer term
4. Most likely higher payment
5. Market not so good right now, you may go through the whole process just to find out you can't even get approved
6. The goal of buying anything should be to pay it off
Basically, unless you are paying off some crazy high interest credit cards and can't find any other way to put your daughter through medical school you may want to reevaluate if you even need a loan. If you are paying off some high interest credit cards you should be careful still because most likely your credit is not in the best shape either.
2007-11-30 22:45:02 · answer #4 · answered by Anne W 1 · 0⤊ 0⤋
What do you mean "at the end of my fixed rate mortgage"? Your question is unclear.
2007-11-30 19:34:46 · answer #5 · answered by Anonymous · 0⤊ 1⤋
What is the term of your mortgage and what is the interest rate?
2007-11-30 22:04:21 · answer #6 · answered by !!! 7 · 0⤊ 1⤋
It all depends on what you use the money for.
Your mortgage on your primary residence is your best tax deduction. If you can find a good safe investment then refinancing can help you to have your cake and eat it too!
2007-11-30 19:34:10 · answer #7 · answered by Rob Kosberg 2 · 0⤊ 3⤋
chances are the rates will have gone up since you got your fixed rate so you'll have to pay more for the same amount of lending. bummer
2007-11-30 19:39:44 · answer #8 · answered by anybody 2 · 0⤊ 1⤋